Gambling funds obtained through illicit card-swiping in Macau are estimated to 12 percent of mass market turnover. (Image: wikipedia.org/Brenden Brain)
The end 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 over the last several years, so much so that it now eclipses Las vegas, nevada because the gambling capital worldwide, however the Chinese government’s sudden enforcement of a ban on unlawful 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 % for the period that is same. The Galaxy Entertainment Group Ltd., meanwhile, fell 7.6 percent, while Sands China Ltd. dropped 4.6 per cent, and SJM Holdings Ltd., 6.6 per cent.
Visitors to Macau from the mainland are permitted to bring only 20,000 yuan ($3,200) into the gambling hub that can just withdraw 10,000 yuan per day, per card, from money machines. To swerve the restrictions, tourists are able to purchase goods from local pawn shops making use of their debit cards then trade them for regional money with the exact same pawnbroker.
Illegal Card-Swiping Amounts to $6 Billion
However, the increasing use of card-swiping machines in gambling enterprises has perhaps not only caused a slump in Maca Continue reading