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 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 throughout the last several years, so much so that it now eclipses Las vegas, nevada since the gambling money worldwide, but the Chinese government’s unexpected enforcement of a ban on illegal 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 percent for the period that is same. 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 per cent.
People to Macau from the mainland are permitted to bring a maximum of 20,000 yuan ($3,200) into the gambling hub and may also just withdraw 10,000 yuan per time, per card, from money devices. To swerve the restrictions, tourists have the ability to buy goods from local pawn shops utilizing their debit cards and then trade them for local currency with the exact 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 […]