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: Brain)

The effect of Asia’s imminent crackdown on the use 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 few years, so much so that it now eclipses vegas due to the fact gambling capital worldwide, however the Chinese government’s sudden enforcement of a ban on illegal money transfers has investors worried; Wynn Resorts Ltd. fell recently to 8.5 percent during the close in Hong Kong trading, while MGM Asia 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 percent, 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 might only withdraw 10,000 yuan per time, per card, from money machines. To swerve the limitations, tourists have the ability to purchase goods from local pawn shops using their debit cards then trade them for neighborhood currency with the pawnbroker that is same.

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 indus Weiterlesen

Court Rules Michigan Cannot Sue to Block Indian Casino

The Supreme Court has granted a 5-4 ruling that stops Michigan from suing to block an off-reservation casino. (Image: Wikimedia Commons)

The rules casinos that are governing by Native American tribal groups are varied and complex, depending on both federal laws and the compacts signed between states and the tribes that reside within them. This plays out in legal battles across the country, including one which ended up being just settled in the highest court regarding the land.

The Supreme Court of the United States ruled this week that Michigan cannot sue a tribe to stop the opening and operation of a casino that is indian as tribal sovereign immunity overrules the state’s legal challenges. The decision was a divisive one, as the justices were split 5-4 in support of the Bay Mills Indian Community.

Off-Reservation Casino in mind of Case

The situation revolved around a casino that the Bay Mills tribe integrated 2010 about 90 miles south of its reservation, that will be situated on Michigan’s Upper Peninsula. The tribe had purchased land there with money it received as part of a settlement aided by the government over allegations they gave up in 19th century treaties that they had not been properly compensated for land.

Because the casino was built on off-reservation land, Michigan had argued that its procedure was in violation of the state compact and without permission through the state or governments that are fede Weiterlesen