Chinese Government Card Swipe Crackdown Hits Macau

Chinese Government Card Swipe Crackdown Hits Macau

Gambling funds obtained through illicit card-swiping in Macau are estimated to 12 percent of mass market turnover. (Image: wikipedia.org/Brenden Brain)

The effect of Asia’s imminent crackdown on the use of hand-held card swipers is being felt in Macau, with the Wynn Macau witnessing its market decline that is biggest since October 2011.

Macau’s casino economy has soared over the final few years, so much so that it now eclipses Las Vegas due https://casino-bonus-free-money.com/royal-vegas-casino/ to the fact gambling capital of the world, nevertheless the Chinese government’s unexpected enforcement of a ban on unlawful cash transfers has investors worried; Wynn Resorts Ltd. fell recently to 8.5 percent at the close in Hong Kong trading, while MGM Asia Holdings Ltd. dropped 8.2 percent for the period that is same. The Galaxy Entertainment Group Ltd., meanwhile, fell 7.6 percent, while Sands China Ltd. dropped 4.6 percent, and SJM Holdings Ltd., 6.6 percent.

Visitors to Macau from the mainland are permitted to bring no more than 20,000 yuan ($3,200) into the gambling hub and may also just withdraw 10,000 yuan per time, per card, from money machines. To swerve the limitations, tourists are able to buy goods from local pawn shops using their debit cards and then trade them for neighborhood money with the same pawnbroker.

Illegal Card-Swiping Amounts to $6 Billion

However, the use that is increasing of machines in casinos has perhaps not only caused a slump in Macau’s pawnbroking Continue reading “Chinese Government Card Swipe Crackdown Hits Macau”