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”