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 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