The anti-corruption drive in China has lead to many wealthy Chinese staying away from the tables in all major casinos.
On the Las Vegas strip, the baccarat earnings have fell close to 40 percent, which is a big time loss for the casinos throughout the area. This is just an echo from what is happening throughout the Macau casinos that have lost much of their revenue due to the anti-corruption drive that is going on throughout China. All high-end play has gone to a low since many people are starting to stay away from the tables.
Overall revenue throughout the casinos has fallen close to 6 percent, leaving the casinos to wonder where their revenue is going, and why. Where have the players all gone? There are less VIPs filling the tables, and not so many slot machine players.
Many speculate that the drop in Chinese spending has come from the poor economy that they currently have. This leaves many of the Chinese to stay home, stay away from the tables and stay away from the normal high end spending that they would do when visiting the states during their travels. This not only cripples the Las Vegas strip, but it is showing throughout the Macau casinos that are now seeing a large decline.
As for the smaller slot machines, these are still getting played, but those that would frequent many of the higher end, big wager tables such as baccarat are no longer a part of this. Those visitors rarely come around and you would generally see the tables sitting there empty, waiting for the VIPs to show up again.
It is a global VIP problem and without the right economic stimulation, it is not going to be able to fix itself, which is also a problem for many of the casinos throughout the area. They do not want to close their doors like so many casinos have recently done, but many of them feel that if they do not get the necessary VIPs or additional income to supplement the lost income, they are going to be out of jobs and out of the casino itself.
This is news to many casinos that felt they were doing really well throughout the last quarter. Only time will tell from here on out.
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