Gambling funds obtained through illicit card-swiping in Macau are estimated to 12 % of mass market turnover. (Image: wikipedia.org/Brenden Brain)
The result of Asia’s imminent crackdown on the usage 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 last couple of years, so much so that it now eclipses vegas while the gambling money of the world, nevertheless the Chinese government’s sudden enforcement of a ban on unlawful 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 per cent for the same duration. The Galaxy Entertainment Group Ltd., meanwhile, fell 7.6 percent, while Sands China Ltd. dropped 4.6 %, and SJM Holdings Ltd., 6.6 per cent.
Visitors to Macau from the mainland are permitted to bring a maximum of 20,000 yuan ($3,200) into the gambling hub and could only withdraw 10,000 yuan per time, per card, from money devices. To swerve the limitations, tourists have the ability to buy goods from local pawn shops utilizing 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 perhaps not only caused a slump in Macau’s pawnbroking indus Continue reading Chinese Government Card Swipe Crackdown Hits Macau