Gambling funds obtained through illicit card-swiping in Macau are estimated to 12 percent of mass market turnover. (Image: wikipedia.org/Brenden Brain)
The 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 throughout the last couple of years, so much so that it now eclipses Las vegas, nevada because the gambling money of the world, but 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 at the close in Hong Kong trading, while MGM China Holdings Ltd. dropped 8.2 percent for the same duration. 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 percent.
Visitors to Macau from the mainland are permitted to bring no more than 20,000 yuan ($3,200) into the gambling hub and might just withdraw 10,000 yuan per time, per card, from money machines. To swerve the limitations, tourists have the ability to buy goods from local pawn shops using their debit cards then trade them for regional currency with the pawnbroker that is same.
Illegal Card-Swiping Amounts to $6 Billion
However, the use that is increasing of machines in gambling enterprises has not only caused a slump in Macau’s p Read More