Description
Macau's government plans to criminalize unlicensed currency exchange in casinos to counter gambling crimes, which has intensified its crackdown on informal financial practices that have long been a bustling gray area of the casino industry.
As Chan Chak Mo, a veteran lawmaker who leads a committee scrutinizing the bill, announced, Macau has introduced strict measures in its latest draft of the Anti-Gambling Crime Act. The new provisions target unlicensed currency exchanges that occur inside casinos, including those in non-gaming areas, with up to five years in prison for criminals. The decision represents a shift in the position of Macau authorities, which have previously shown reluctance to impose such strict restrictions.
The legislator revealed these details after a closed committee meeting held at the city's legislative council. In addition, people convicted of running an unlicensed currency exchange may be banned from entering Macau casinos for a period of two to 10 years. Interestingly, the proposed amendment did not specify punishment for customers using these unlicensed services.
Chan noted that the revised legislation is expected to undergo a second and final reading before the end of the year during the next legislative period, although no exact date has been confirmed. The legislative changes come amid a broader effort by Macau to improve its regulatory framework and strengthen the integrity of its game operations.
industry response and broader implications
According to David Katz, an analyst at Jefferies Equity Research cited by CDC Gaming Reports, the crackdown on illegal currency exchanges is already affecting gambling volumes in Macau. Katz describes the current casino activity in Macau as "steady but unglamorous," and attributes part of the downturn to macroeconomic pressure from China and stepped-up law enforcement measures he observed on his recent visit.
However, casino giants such as MGM Resorts International and Galaxy Entertainment continue to find favor in Katz's analysis of the Macau casino sector despite the challenges. In contrast, the focus of Win Resorts seems to be on managing the fallout from the recent tightening of restrictions, particularly regarding its impact on VIP and Premium Mass players during the peak summer holiday season.
Amid these regulatory changes, major casino operators are also strategically positioning themselves. For example, Wynn Resorts is reportedly focused on maintaining market share in Macau and has additional interest in exploring new integrated resort opportunities in regions such as Thailand and New York. Katz also expects future discussions to address Wynn's development at Almazan Island Resort in the United Arab Emirates, which seeks updates on investment levels and regulatory progress. 카지노사이트