Gambling funds obtained through illicit card-swiping in Macau are estimated to 12 % of mass market turnover. (Image: wikipedia.org/Brenden Brain)
The end result of Asia’s imminent crackdown on the use 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 final couple of years, so much so that it now eclipses Las vegas, nevada due to the fact gambling money of the world, however 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 during 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 China Ltd. dropped 4.6 per cent, and SJM Holdings Ltd., 6.6 percent.
People 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 cash machines. To swerve the restrictions, tourists have the ability to buy goods from local pawn shops using their debit cards then trade them for regional currency with the same pawnbroker.
Illegal Card-Swiping Amounts to $6 Billion
However, the increasing usage of card-swiping machines in casinos has perhaps not only caused a slump in Macau’s pawnbroking indust Continue reading “Chinese Government Card Swipe Crackdown Hits Macau”