World Cup Beats Slots as Macau Gambling Revenue Drops

Macau, the hot gambling spot off mainland China, reported its first drop in casino revenue since the government began publishing figures in 2010. Over June, total gambling revenue at the region's 35 casinos slipped 3.7% to around $3.4 billion, slightly narrower than a 4% to 6% drop many analysts had expected. The main reason for the fall was the effect of the World Cup, with many bettors putting their stake in the soccer tournament instead of at casinos. Macau police broke up an illegal betting ring in mid-June which had amassed $645.2 million in betting slips in one week alone. TheStreet's Keris Lahiff reports from New York.