GAMBLING revenue in Macao fell 34.5 percent in July from the previous year, hovering around five-year lows as wealthy Chinese punters stay away from the world’s biggest gambling hub.

    The decline, however, was narrower than the 36 percent drop in June and in line with analysts’ estimates for a fall of around 34-35 percent.

    Gambling revenue fell year on year to 18.6 billion patacas (US$2.3 billion), according to data released by the Macao government yesterday. In June, revenues fell to 17.4 billion patacas.

    Macao is the only legal casino hub in China, and the mainland accounts for nearly 70 percent of all visitors to the special administrative region, but gambling revenues have fallen for the past 14 months amid a broader government crackdown on corruption.

    VIP customers, who once accounted for the bulk of gaming revenues, have stayed away from Macao to avoid scrutiny, say junket agents who organize these gamers trips. Some have also been hard hit by China’s slowing economy, the agents added.

    Despite the drop, the former Portuguese colony still rakes in over five times more than rival Las Vegas.

    Analysts expect revenues to improve in the second-half of the year due to the opening of Melco’s Studio City integrated resort, which will feature a ferris wheel and Batman-themed amusement ride, but caution that betting from wealthy gamblers is likely to remain subdued.

    Government data shows the share of VIP gaming revenue fell to 55 percent in the second quarter from around 70 percent before early 2014.(SD-Agencies)