China to test digital yuan in Macau casinos

Chinese authorities could introduce experimental implementations of the digital yuan through Macau casinos.

Macau.- The year 2022 will undoubtedly be challenging for the gaming industry. 

While the majority of Macau’s casino operators are confident that current casino licences will be renewed, it seems that to get the long-awaited renewal, operators will have to accept the experimental use of the digital yuan.

According to a government consultation paper, as Macau is not under the control of the Chinese capital, the authorities believe this is the perfect environment for further testing of different technologies. 

According to Reuters, although there are concerns that operators may be afraid of such plans, the process of re-licensing has left companies such as Wynn Macau and Galaxy Entertainment “eager to please”.

Bernstein analysts added, “high rollers no longer dominate the standings, despite losing over $27,000 on average at each table visit.”

In addition, official data added that the mass market currently accounts for two-thirds of gaming revenue and nearly 90 per cent of revenue.

In addition to monitoring payments, the Chinese authorities are also studying the introduction of digital payments in casinos as a means of combating corruption.

Last April, Sanford C. Bernstein had said that the possibility of using a virtual currency could benefit Macau’s gaming market.

Analysts had stated: “The cleaning up of Macau’s money flows, easier access to RMB transactions in the city, and disintermediation of junkets would be a positive driver for continued growth in stable mass and premium mass in Macau.”