Macau's gaming revenue fell 32.3% to just $2 billion pouring cold water on what little hope for recovery was left for the world's casino capital.

A Forbes report broke down hard facts and revealed that Macau casinos' year on year revenue is at its 18^th consecutive month decline. The numbers also showed that it's down 35.3% compared to the same month last year and has revealed that the November revenue is the lowest since September 2010.

Experts are baffled over this after series of crowd-engaging events were launched such as the Melco Crown's $3.2 billion studio city gala opening and the Galaxy Phase 2 and Broadway Macau expansions. Other than that, efforts on reducing transit visa rules for Chinese visitors were also raised, to no avail.

However, according to The Motley Fool, the decline from the October gaming revenue could be attributed to a series of holidays such as the Golden Week, which immediately followed China's National Day. The Golden Week is the time of the year when most Chinese business establishments are closed and people take a time off.

According to BBC, Macau's economy depends so much on gambling and shopping especially from big spenders from the mainland. The bad news is President Xi Jinping has ordered a crackdown against luxury spending and corruption making officials wary of gaming or spending big amounts of money in the city. China's Communist Party prohibits officials from gambling but this has not stopped Chinese officials to gamble away, until Jinping's campaign that started on December 2012.

China has encouraged Macau to diversify its economy other than gambling. General tourism is expected to be driven towards Macau what with the new constructions of new hotels and resorts. However, experts have said that Macau will have difficulty building high earning revenue from non-gambling or gaming streams in the near future.