Finance experts from Bernstein have analyzed how going cashless might affect Macau’s gambling economy. The analysts believe that it will revitalize the sector – something it desperately needs right now. Bernstein Spoke about Macau and Digital RMB Bernstein finance specialists have commented on the prospects of introducing China’s virtual currency, the digital renminbi (digital RMB) […]
A new report reveals tax revenue from gambling activities in Macau decreased significantly last month. Gaming Tax, Gross Gaming Revenue Continues to Go Down The Financial Services Bureau has announced tax proceeds from gambling activities in April hit MOP$1.48 billion ($183 million). This result marked a significant decrease of nearly 54% when compared to the […]
The news that the US Department of Justice (DoJ) is opening a civil lawsuit against casino mogul Steve Wynn to make him register as a foreign agent of China has prompted a response from Chinese officials who were once again critical of the US “witch hunt.” The accusations, Chinese Foreign Ministry senior official Wang Wenbin […]
China is intent on restricting the outflow of people from the mainland to gambling destinations such as Macau. A new set of visa restrictions has kicked in and analysts aren’t too happy with the results. According to Credit Suisse, the overreaching Chinese government may lead to a 20% reduction in gross gambling revenue for the […]
The Court of Final Appeal in Macau has decided that MGM China and Wynn Macau share liability in nine cases related to lost deposits at VIP rooms. The nine cases were recorded at Dore Entertainment Co LTD’s VIP room and the former VIP room belonging to Sun City Gaming Promotions Co LTD located at an […]
Macau’s gaming laws have been the main topic of discussion in the recent period and now, it has been revealed that the government of this special administrative region will have the power to alter the minimum required GGR that concessionaires need to reach based on economic conditions. Macau’s Gaming Law is Facing Several Amendments Apart […]
Two men were charged with offering bribes for HK$1.5 million ($190,000) by the Independent Commission Against Corruption (ICAC) in Hong Kong, China. The men allegedly offered to bribe a former Wynn Macau director for air-conditioning maintenance contracts. Two Men Face Criminal Charges, Offered to Bribe Wynn Macau Director The ICAC launched an investigation after it […]
Macau’s Legislative Assembly Second Standing Committee has discussed the possibility of reducing tax rates for concessionaires who attract foreign players on their grounds. This comes shortly after the government of this special administrative region introduced stricter rules for the gambling industry at the start of April. Visitors Have a Hard Time Going to Macau During […]
Gamblers in China were dealt yet another blow by COVID-19-related government measures. Along with restricting all outbound travel, the Chinese National Immigration Administration (NIA) requests the same stringent rules apply to all “gambling-related persons”. The cited reasons all revolve around the new severe waves of COVID-19 cases in Beijing and Shanghai. A few policies about […]
Troubled junket operator Suncity Group filed with the Hong Kong Stock Exchange (HKSE) Tuesday to inform the exchange that the company had reached an agreement to sell Goal Explore Investment Limited and Boshing Investments Limited Selling Indebted Businesses for Nominal Value Suncity Group, which recently had its junket license suspended by the Philippine Amusement and […]
