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Macau Sees Gaming Revenue Slump, Government Eases Travel Limits

7/01/15 12:25 PM EDT
Macau appears to be on a losing streak. China's gambling city and casino hub saw its gross gaming revenue fall to its lowest level in four years. For June, revenue dropped 36.2 percent to $2.2 billion dollars. China's slowing economy and government crackdown on corruption have both been blamed for Macau's drastic slowdown. Revenue has now fallen for 13 months straight but the numbers are still better than initially predicted. Analysts had been expecting to see revenue declines of 39-40 percent. Investors are now speculating that government easing of visa restrictions will help to boost the flagging market. Back in February, Macau saw its worst monthly drop ever, with revenue plummeting 48.6 percent. Starting July 1st, visitors from mainland China will be able to stay in Macau for longer and visit more frequently. New visa regulations will allow visitors second entry to Macau within 30 days as opposed to 60 and can now stay for 7 days at a time, up from 5. TheStreet's Amelia Martyn-Hempill reports from New York.
Stocks in this video: MPEL
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