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Chinese Government to Increase Macau Regulation

The Chinese authorities are putting pressure on Macau casinos to increase their scrutiny of money transfers as part of efforts to combat corruption and promote “responsible gaming”.

The Chinese authorities are putting pressure on Macau casinos to increase their scrutiny of money transfers as part of efforts to combat corruption and promote “responsible gaming”.

China’s new leadership has sent out clear signals that tougher regulation is on its way.

Last month a number of people who work in the junket business (people who find and ferry around high-rollers, arranging their credit and collection debt) were detained at the Wynn Macau casino last month amid speculation about links to disgraced Communist Party high-flyer Bo Xilai.

Deputy Chairman of Success Universe Group, Hoffman Ma, said that “the Chinese government has requested to strengthen the governance of money flows”.

The Group is part of the joint venture which operates the Ponte 16 casino. Ma went on to say that the government “don’t want to  take away from Macau, they want to control it more and alert people, telling them to behave.”

Over the last few months updated internal guidelines have been given to Macau’s VIP and junket operators. The new guidelines require that junket operators report accurate monthly lists of players, including details of when they were playing and how much they won or lost.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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