China Lowers ATM Allowance in Macau

Macau casino share prices took a tumble on Friday after it was reported that China will be limiting the amount of money that can be withdrawn from UnionPay ATM transactions in the gambling destination.

The announcement revealed that ATM cash withdrawals will be limited to 5,000 patacas ($626 USD), down from the current limit of 10,000 patacas. The limit will be a big concern for Macau casinos, who are attempting to cater toward more middle-class gamblers who would be apt to use the machines. The move is the latest blow for the industry, as China previously cracked down on corruption and extravagance, causing the Macau industry to drop for more than two years.

An analyst speaking about the issue said, "The Chinese government has been very consistent about this and continues to do things aimed at limiting the problems of corruption, and that suggests that the lower levels of demand seen in Macau are fairly permanent."

Casino shares tumbled on the news, but recovered a bit as the day went on.

Casino Listings will update this story as more developments arise.

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bgsharpe
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16 December 2016 - 9:50pm
#1

Maybe Chinese government doing that to prevent some frauds and so on.. but it's not very logical to me..they really put obstacles on Macau's gambling business and it seems to me this is on purpose..don't know exactly why but it seems that way.

auCL-Ed
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19 December 2016 - 12:45am
#2

Oh yes it is definitely a deliberate move by the government to curb the Macau industry. It is because Macau is a favourite destination for corrupt party officials and businessmen looking to launder their money. They are trying to make that much more difficult as there is widespread anger from the common people towards people like that who are milking the system. Just like everywhere else really!

sharpe

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