Last October casino mogul Steve Wynn told analysts on an earnings call that it was unclear whether Macau’s unexpected summer lull in revenue growth had been a “squall or the rainy season”.
Three months on, the answer is clearer: for the gaming industry in the southern Chinese territory, the dark clouds are here to stay.
Macau’s explosive, decade-long boom appears to have run out of road, thanks to Beijing’s anti-corruption campaign. High rollers have been scared off, double-digit revenue growth has gone into reverse and casino shares have switched from darlings to duds.
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