Macau, the special administrative region of China and former Portuguese colony, had a six-year hot streak between 2007 and 2013. But with gaming revenues in a year-long decline, it appears that streak is ending, and the glitzy peninsula is in dire straits.
A few factors have contributed to Macau's plummeting revenues and tourism, but most experts point to China's anti-corruption campaign, which is making Chinese high rollers think twice about going on gambling sprees in Macau.
But that hasn't stopped new development on the peninsula. Just recently, Galaxy Macau launched a $3 billion casino expansion — and there's more where that came from.Macau is the only place in China where gambling is legal. As China's middle class has risen, Macau has in turn become the largest gambling mecca in the world.
With 31.5 million visitors in 2014 — mostly from mainland China — Macau has solidified its status as the ultimate playground for high rollers. However...
Revenues in the glitzy peninsula reached $44 million in 2014, but 2015 has not kept pace. New visa restrictions have cut down on tourism from mainland China and put pressure on the casinos to make up for lost visitors.
Casino revenues in Macau have been in decline since last summer. Visitors are down and gambling revenues have fallen 37% over last year.
See the rest of the story at Business Insider
See Also:Here's how Li Ka-shing became the richest man in Hong KongChinese gangster ‘Broken Tooth’ is back in Macau, and no one understands how it happenedWe beg to differ, GQ — George Clooney is still incredibly stylish and these 15 photos prove it
SEE ALSO: 2 massive casinos are about to open in Macau, and they could end up being one giant disaster
DON'T FORGET: Follow Business Insider's lifestyle page on Facebook!