Macau is on course for its first year-on-year decline since the ending of Stanley Ho's monopoly seven years ago.

The enclave has reported a 12.4 per cent decline in first-half casino revenues and the trend looks set to continue into the second half because of a 20 per cent drop in visitor arrivals.

However, some gaming analysts are predicting that there could be a rebound in the second half of the year. “The key factor is what happens in July,” said one. “A good month could act as a springboard for the rest of the year.”