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 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 last several years, so much so that it now eclipses Las Vegas because the gambling capital worldwide, nevertheless 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 at the close in Hong Kong trading, while MGM Asia 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 percent, and SJM Holdings Ltd., 6.6 %.
People to Macau from the mainland are permitted to bring a maximum of 20,000 yuan ($3,200) into the gambling hub and may just withdraw 10,000 yuan per time, per card, from cash devices. To swerve the restrictions, tourists are able to buy goods from local pawn shops making use of their debit cards and then trade them for local money 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 pawnbroking industry, bu (suite…)