Will Macau finally see the light at the end of the tunnel after three years of suffering from economic contraction?
Macau Chief Executive Fernando Chui has made a bold prediction that former Portuguese enclave’s economy will rebound to growth in 2017 after a 25-month long gaming revenue drop, as its casino industry diversifies into mass market.
Gross domestic product in Macau plunged by 20.3 percent in 2015 from the 0.9 percent drop the year before, as the world’s largest gambling hub was hurt by China’s anti-corruption campaign that scared off high-rollers.
Chui, however, expressed optimism that the casino industry’s shift to attract recreational gamblers and tourists will buoy Macau’s ailing economy to growth by next year.