Macau criminalizes illegal currency exchange in casinos
The government in Macau has, according to one Article from the gambling news portal iGB Stricter action against illegal currency exchange in casinos announcedigt. In addition to a prison sentence of up to five years, a new law would also ban illegal money changers from entering all casinos in Macau for a period of two to ten years.
However, players who engage in illegal currency exchange would not be penalized. Recently, gamblers from mainland China are said to have increasingly attempted to circumvent controls on capital flight and cross-border gambling in China through illegal money exchange. There is a ban on all gambling activities in the country unless they are offered by state lotteries.
In addition, China has a strict policy on illegal money transfers to ensure the stability of the domestic currency. Some gamblers are said to be trying to smuggle money from mainland China to Macau, exchange it and use it in casinos.
Macau tightens measures against illegal currency exchanges after deadly incident
The Ministry of Public Security in Macau announced a tougher crackdown on illegal currency exchanges in June 2024IGT. However, there were initially no criminal sanctions or stricter regulations.
These were only announced on August 9th, after two days earlier a man from the illegal money exchange milieu was dead in his hotel room with stab wounds to the head and neck Wynn Palace Casino Resort [Link to English] was found [Video to English]:
The victim worked for a money exchange gang and won around 14000 ₹in a casino before the crime. Shortly after the crime, the police arrested a man from China and a woman from Hong Kong. The suspects were also said to be involved in illegal money exchange in Macau.
Lower revenue and stock decline at Macau casinos
Gaming revenue at casinos in Macau is reported to have fallen in June and July. The criminalization of unauthorized currency exchanges in Macau also led to unrest on the capital market and a short-term weakening of share prices.
The share of the Galaxy Entertainment Group Ltd. [Link to English] has now fallen by up to 5.7% compared to the previous months.
Sands China Ltd. I also had to record a temporary loss of up to 5.2%. Previously were high revenue and economic growth of the gaming industry in Macau expected.
Analysts from New York, USA-based financial services group Citigroup issued a brief statement on this development:
This negative news could increase uncertainty and hurt already fragile investment sentiment.– Analysts at financial services group Citigroup, iGB
It remains to be seen whether the share prices of gambling companies will recover and whether the new law will have the desired effect against illegal currency exchange.
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