When Macau’s Gaming Inspection and Coordination Bureau (“DICJ”) released the June 2014 casino revenue numbers a couple of months back it caused somewhat of a stir.

For the first time in a long time, the figure was lower than the same month from the previous year. Falls in casino revenue happen in Las Vegas. They certainly happen in Atlantic City. They even happen in Singapore. But Macau? For many years now the only question on Macau monthly revenue numbers has been what the size of the increase will be.

The drop was a big talking point in casino industry circles. Speculation ranged from this being a one off seasonal anomaly, to a World Cup pause, to a harbinger of a more serious downturn, perhaps liked to slowing credit and general economic conditions in China. Also mooted as a possible cause, is China’s crackdown on corruption and VIP junkets operators. China has also changed VISA requirements, restricting the length of time mainland Chinese can spend in Macau.

Whatever the reason, June was not a one-off. July also saw a drop.

One monthly decrease…unusual. 2 in a row…unheard of.

Apart from June and July 2014, you won’t find another red entry in one of these tables at DICJ going back 5 years.

Is the Macau’s amazing growth run coming to an end?

We await the August number with great interest. And this time the question isn’t just, ‘how big the increase?’, it’s ‘increase or decrease?’