In a significant move to combat gambling crimes, the Macau government is set to criminalize unlicensed money exchange activities within casino premises, escalating the crackdown on informal financial practices that have long been a gray area in the region’s bustling casino industry.
As announced by veteran legislator Chan Chak Mo, who heads the committee scrutinizing the bill, Macau is introducing stringent measures in its latest draft of the ‘Law to Combat Gambling Crimes’. The new provision targets unlicensed money exchanges occurring inside casinos, including non-gaming areas, with penalties reaching up to five years of imprisonment for offenders. This decision marks a change in stance by the city’s authorities, who had previously shown reluctance to impose such strict regulations.
The legislator revealed these details following a closed-door committee meeting at the city’s Legislative Assembly, according to GGRAsia. Additionally, individuals found guilty of operating unlicensed money exchanges could face a ban from entering Macau casinos for a period ranging from two to ten years. Interestingly, the proposed amendment does not specify penalties for patrons utilizing these unlicensed services.
Chan noted that the amended bill is expected to undergo its second and final reading before the end of the year during the next legislative term, although no exact date has been confirmed. This legislative change comes amid broader efforts by Macau to refine its regulatory framework and enhance the integrity of its gaming operations.
Industry Reactions and Broader Implications
According to David Katz, an analyst from Jefferies Equity Research cited by CDC Gaming Reports, the clampdown on illegal money exchanges is already impacting gambling volumes in Macau. Katz describes the current casino activity in Macau as “steady but unspectacular,” attributing some of the downturn to macroeconomic pressures from China and enhanced law enforcement measures which he observed during a recent visit.
Casino giants like MGM Resorts International and Galaxy Entertainment, however, continue to find favor in Katz’s analysis of the Macau casino sector, despite these challenges. In contrast, the focus for Wynn Resorts seems to be on managing the fallout from the recent regulatory tightening, especially concerning its impact on VIP and Premium Mass players during the peak summer holiday period.
Amid these regulatory changes, major casino operators are also strategically positioning themselves. For instance, Wynn Resorts is reportedly focusing on maintaining its market share in Macau, with additional interests in exploring new integrated resort opportunities in locations like Thailand and New York. Katz also anticipates that upcoming discussions will likely cover Wynn’s developments in the Al-Marjan Island resort in the United Arab Emirates, looking for updates on investment levels and regulatory progress.
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