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 end 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 within the final couple of years, so much so that it now eclipses vegas while the gambling capital of the world, but 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 during the close in Hong Kong trading, while MGM China Holdings Ltd. dropped 8.2 percent 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 %.
People to Macau from the mainland are permitted to bring no more than 20,000 yuan ($3,200) into the gambling hub and may only withdraw 10,000 yuan per time, per card, from cash machines. To swerve the limitations, tourists have the ability to purchase goods from local pawn shops utilizing their debit cards and then trade them for neighborhood currency with the same pawnbroker.
Illegal Card-Swiping Amounts to $6 Billion
However, the increasing use of card-swiping machines in casinos has not only caused a slump in Macau’s pawnbroking indust Pokračování textu Chinese Government Card Swipe Crackdown Hits Macau