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Macau VIP casino industry out of luck as China cracks down on capital flows | Malay Mail

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HONG KONG, Aug 18 — China’s move to stamp out online gambling to help contain capital outflows is hitting liquidity in Macau’s VIP segment, at a time when the world’s No. 1 gambling hub is hobbled by slowing economic growth, Sino-US tensions and coronavirus lockdowns. In June, Beijing...

Tuesday, 18 Aug 2020 07:45 AM MYT

Authorities have frozen thousands of bank accounts and seized more than 229 billion yuan , according to government statements, while illegal gambling rings across the country have been purged on a near weekly basis. Gambling is illegal on the mainland and junkets operate in a grey area, luring big spending gamblers with luxury perks and lines of credit, often using underground banking networks and payment channels.

“The junket sector in Macau has been living on borrowed time for years, and the end is drawing nearer,” says Anthony Lawrance, managing director of Greater Bay Insight, a consultancy. The speculation saw around 900 players withdraw deposits from Suncity’s VIP clubs across casinos in Macau between July 9-11, according to an internal email sent among operators.

 

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