Macau’s economy contracted 17.2 per cent in the fourth quarter of 2014 due to a decline in gross gaming revenue and visitor spending.
As the Chinese government clamps down on corruption among the elite, the decline of gaming services has dragged on the economy and is testament to Macau's need to diversify from its core industry.
Gross gaming revenue fell 28.9 per cent year-on-year in the fourth quarter, an increase on the 12.3 per cent drop in the third quarter, according to government data.
Visitor spending also decreased, causing exports of other tourism services to drop by 15.7 per cent.
