2 arrested for illegal money exchange at Macau casino
The arrests were made in the smoking area of a casino in Cotai.
Macau.- Two people, a man and a woman, have been arrested for allegedly exchanging money with gamblers in the smoking area of a casino in Cotai. Police seized HK$51,000 (US$6,560) in cash chips. The case will be forwarded to the public prosecutor’s office.
A new bill on Combating Illegal Gambling Crimes came into effect on Wednesday (October 29). The legislation criminalises unauthorised currency exchange when carried out for gambling purposes regardless of whether it occurs inside or outside casinos. Any gambling-related foreign exchange activity considered part of a business operation could fall under its provisions. Police need to obtain evidence, such as testimony from the unlicensed currency trader or the client, to prove that a transaction is for gambling
A week ago, 42 alleged unlicensed currency traders were arrested at hotels and residential units in Macau and Cotai. The Judiciary Police said that two of those arrested were non-resident workers. One had overstayed in Macau by nine months.
See also: Gaming-related suspicious transaction reports in Macau up 30.2% in first 9 months of the year
Fitch ratings expects Macau GDP to rise 15% this year
Fitch Ratings has forecast Macau’s gross domestic product (GDP) will grow by 15 per cent this year and 8 per cent in 2025 amid the resurgence of the gaming tourism sector. It said the sector would be boosted by travel policy adjustments that favour tourism between Macau and Hengqin Island allowing mainland residents with a business visa to stay for up to 14 rather than seven days.
Fitch has reaffirmed Macau’s long-term foreign-currency issuer default rating at AA, with a stable outlook highlighting the city’s “exceptionally strong public and external finances, and demonstrated fiscal prudence even during periods of economic and gaming revenue shocks.” It noted however that the continued reliance on gaming tourism from mainland China remains a risk, given the potential influence of policy changes affecting tourism.
Macau gross gaming revenue (GGR) for the first nine months of 2024 was MOP169.3bn (US$21bn), up 31.3 per cent year-on-year. This revenue level represents about 77 per cent of pre-pandemic figures.
The Financial Services Bureau reported that Macau collected MOP66.40bn (US$8.31bn) in taxes from casino operations in the first nine months of the year. The figure was up 45.1 per cent when compared to the same period last year. According to the 2024 budget plan, the government aims to collect MOP83.61bn (US$10.4bn) in gaming tax this year.
