Chinese Government Card Swipe Crackdown Hits Macau

Chinese Government Card Swipe Crackdown Hits Macau

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…)

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Two bwin.party Execs Acquitted of Gambling Charges in France

Two bwin.party Execs Acquitted of Gambling Charges in France

bwin.party exec Norbert Teufelberger and former co-CEO Manfred Bodner (r) have finally been acquitted of fees in France. (Image: SN / APA / HERBERT PFARRHO)

The battle over whether bwin now referred to as bwin.party violated the rules of France’s online gambling industry was battled for more than a decade now, with legal proceedings having begun nearly eight years back. But finally, after it seemed as though the situation might never be resolved, a court that is french come to the conclusion that two executives who were with bwin during the disputed time duration are perhaps not guilty of the crimes they’ve been accused of.

Bwin.party leader Norbert Teufelberger and former bwin co-CEO Manfred Bodner have actually both been acquitted of charges that they violated the appropriate gambling monopolies set up in France between 2003 and 2005. At that time, only two organizations La Francaise diverses Jeux (FDJ) and Pari-Mutuel Urbain (PMU) were offered a monopoly on the country’s gambling industry, with the two accusing bwin of violating their rights by offering online gaming products to French citizens.

Very Long Wait for Verdict

Teufelberger and Bodner were initially arrested right back in September 2006 while at a press seminar announcing a partnership between bwin and AS Monaco, a soccer club that is french. The pair was charged with illegally offering Internet gambling services and products, illegally receiving b (suite…)

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