China – Proposals to limit Macau ATMs would hamper mass market growthBy Phil - 9 December 2016
New daily limits on how much can be withdrawn from ATMs in Macau by China UnionPay customers will be clarified later on today.
Analysts believe the mass market will be severely affected by proposals to half the daily withdrawal limit from 10,000 to 5,000 patacas (US $1,250 to $626). Macau operators saw their shares fall by as much as ten per cent following the report.
The Monetary Authority of Macau said it would confirm any new polices later on today. If they materialise, the new policies will be introduced with immediate effect.
Alex Bumazhny, Senior Director of gaming, lodging and leisure at Fitch Ratings, said the move would impact revenues and that his company would have to change its forecasts for the year ahead. He said it would affect the mass market which had been pitched as the growth market of 2017.