Macau Casino Revenue Plunges Record 23% as Austerity Bites

Macau's casino revenue took a drastic drop since the city started monthly records in 2005, as China's fight against corruption caused gamblers to cut back on big spending. According to Macau's Gambling Inspection and Coordination Bureau, the total casino revenue fell 23.2% to $3.5 billion in October, dropping for the fifth straight month. The previous record drop was in January 2009, when revenue fell 17.1% after the global credit crisis. Macau casino slumped for seven months straight from December 2008 to June 2009. The anti-corruption campaign has taken its toll on the gaming sector as casino revenues make up about 80% of Macau's income.