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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 per cent of mass market turnover. (Image: wikipedia.org/Brenden Brain)

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

Macau’s casino economy has soared over the last couple of years, so much so that it now eclipses vegas while the gambling money worldwide, nevertheless the Chinese government’s unexpected enforcement of a ban on illegal money transfers has investors worried; Wynn Resorts Ltd. fell recently to 8.5 percent at the close in Hong Kong trading, while MGM China Holdings Ltd. dropped 8.2 % for the same period. The Galaxy Entertainment Group Ltd., meanwhile, fell 7.6 percent, while Sands Asia Ltd. dropped 4.6 per cent, and SJM Holdings Ltd., 6.6 per cent.

Visitors to Macau from the mainland are permitted to bring only 20,000 yuan ($3,200) into the gambling hub and may also just withdraw 10,000 yuan per time, per card, from cash devices. To swerve the restrictions, tourists have the ability to purchase goods from local pawn shops making use of their debit cards then trade them for local money with the pawnbroker that is same.

Illegal Card-Swiping Amounts to $6 Billion

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

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Nevada State Gaming Revenue Up As Las Vegas Recovery Continues

Nevada State Gaming Revenue Up As Las Vegas Recovery Continues

The Las vegas, nevada Strip enjoyed a healthier revenue spike in March. (Image: Wikipedia.org/Lasvegaslover)

Signs that nevada continues on the road to recovery that is financial as the Nevada Gaming Control Board announced that statewide income had increased 7.6 percent, to $982.2 million, throughout the month of March, and by 10.9 percent on the Strip, to $560.7 million.

The figures reverse a two-month decrease in gaming revenue thus far in 2014, with table games, and baccarat in specific, yielding a robust turnover. Year-over-year, baccarat revenue increased by 39.9 percent in March, while craps revenue grew by 36 percent, and blackjack up by 6.1 percent.

Slot machine turnover, meanwhile, was up 3.8 percent, showing an increase for the third month in a row. Baccarat, a high roller game which analysts believe had been instrumental in keeping the casinos afloat in the wake of the economic crisis, grew to $101.8 million in income, with the cards favoring the home 4 % more than they did last year. However, even without baccarat, statewide revenues would still be up 4.8 percent across the board.

Brand New Demographic

The figures reveal signs that customers are spending and gambling once again, although additionally they recommend a brand new Vegas that is affluent demographic emerging one that spends money on table video gaming, nightlife, restaurants and destinations, rather than funneling money into ju Continue reading “Nevada State Gaming Revenue Up As Las Vegas Recovery Continues”