According to published reports, Macau is likely to experience single-digit year-on-year revenue growth this month after reporting a 44 percent and 42 percent revenue rise in July and August, respectively.
Revenue for the first half of September came in at 3.6 billion Macau patacas (about $1 to 7.9 patacas), prompting concerns in the Chinese media that the sector is shrinking and job security is at risk.
"Gaming revenue growth slowed down . . . but there are no signs that the sector is shrinking, and the layoffs are not common for the current stage," Tam Pak Yuen, the special administrative region's economic secretary, was quoted by Xinhua News Agency as saying Tuesday.
Xinhua, the official press agency of the People's Republic of China, said over 70 percent of Macau's revenue derives from gaming duties, making it vulnerable, therefore, should the worsening global economic climate continue to play havoc with its six licensed casino operators.
In related news, Galaxy Entertainment Group has been downgraded by Moody's Investors Service from "stable" to "negative," while Standard & Poor's dropped the credit rating of Las Vegas Sands Corporation one notch to four levels below investment grade.