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China – Tighter controls on outbound cash flow restricting Macau’s bounce back

By - 25 August 2020

With Macau’s August GGR coming in at around 95 per cent less than last year, research firm Credit Suisse has highlighted how a tightening of regulations regarding outbound capital flow from the mainland is hindering revenues.

Credit Suisse’s Kenneth Fong, Lok Kan Chan and Rebecca Law said: “Our recent checks with junket agents show the situation is ongoing. A lot of junket agents were detained in China. The agents are afraid even to collect gambling debt, not to mention bringing players to Macau.”

“Pawn shops we spoke to said they need much longer time to wire money (3 days for an amount that historically just need 15 minutes),” they added. “As Macau runs low on HKD notes, junket agents are even willing to take a five to 10 per cent discount to cash out their cash chips – hurting premium mass players’ accessibility to capital.”

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