Macao Takes Aim at Currency Exchange Services for Gamblers
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Macao plans to criminalize offering currency exchange services to gamblers in a move to further crack down on the underground banks used to circumvent the Chinese mainland’s stringent foreign exchange controls.
A legislative committee of the special administrative region, which is home to some of East Asia’s biggest casinos, has proposed adding a clause to its law on criminal gambling activity, according to a Friday report from Macao Daily. The change would make offering unlicensed currency exchange services to gamblers in casinos and their connected hotels and shopping malls punishable by up to five years in prison.
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- Macao plans to criminalize unlicensed currency exchange services for gamblers, with penalties up to five years in prison.
- The law aims to combat underground banking that circumvents Chinese foreign exchange controls, leading to a drop in casino stocks.
- The new legislation is part of broader efforts by Beijing to target illegal money exchange rings, which support various crimes and generate significant profits.
- Galaxy Entertainment Group Ltd.
- Galaxy Entertainment Group Ltd. (00027.HK) experienced a stock drop of up to 4% following the news about Macao's plan to criminalize unlicensed currency exchange services in casinos. This proposed legislative amendment is part of efforts to curb underground banking activities that help mainland Chinese gamblers bypass strict foreign exchange controls.
- MGM China Holdings Ltd.
- MGM China Holdings Ltd. (02282.HK) saw a drop in stock value, sliding as much as 4% during trading on Monday, following news that Macao plans to criminalize offering unlicensed currency exchange services to gamblers. This legislative change is part of a broader crackdown on underground banking activities in the region.
- 2023：
- The border between the mainland and Hong Kong reopened, aiding the recovery of Macao’s gambling industry.
- July 2024：
- At a press conference, Chen Shiqiu, deputy director of the Ministry of Public Security’s criminal investigation bureau, noted the growth of illegal money-exchange rings.
- August 9, 2024：
- A legislative committee of Macao proposed adding a clause to the law on criminal gambling activity to criminalize offering unlicensed currency exchange services to gamblers.
- Monday, August 12, 2024：
- Casino stocks, including Galaxy Entertainment Group Ltd. and MGM China Holdings Ltd., dropped as much as 4% during the trading day.
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