Macau’s economy has suffered the sharpest contraction in more than a decade as the corruption crackdown in mainland China extends the unlucky streak for its Hong Kong-listed casino operators.
The former Portuguese colony, which is the only part of China where casinos are allowed, said on Monday that annualised gross domestic product shrunk by 26 per cent in the second quarter, the fourth consecutive quarter of negative growth.
Corporate filings earlier this month showed that profits at Macau’s six biggest casino companies slumped by 40 per cent in the first half of the year. Pressure on the gaming groups is set to grow as they are scheduled to open more than $20bn worth of new casinos and entertainment facilities this year and next.
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