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The Chinese gambling hub of Macau reported its first year-on-year economic contraction since 2009 in the third quarter as President Xi Jinping tackled corruption and lavish government spending.
Gross domestic product fell 2.1 percent from a year earlier, the government said in a statement today.
Xi’s austerity campaign has deterred high-stakes gamblers from ostentatious displays of wealth in Macau, the only place in China where casinos are legal.
SJM Holdings Ltd., Asia’s largest casino operator, is bearish about gaming revenue in the city from high rollers over the next six months, Chief Executive Officer Ambrose So said in an interview this month.
To contact the reporter on this story: Michelle Yun in Hong Kong at firstname.lastname@example.org To contact the editors responsible for this story: Tan Hwee Ann at email@example.com Paul Panckhurst, Matthew Oakley.