Macau left Portugal in 1999 and became part of China, but under the stipulation that it would be a financial tax haven and free port, with no foreign exchange rules. VIP touring companies provided customers who purchase expensive trips to Macau with “free” money, an arrangement that is thought to have been a creative way for China’s elite to move money out from under the People’s Republic control.<\/p>\n<\/div>\n
China’s communist government requires that anyone making over $13,000 a year pay 45 percent of their wages to the regime.<\/p>\n
Financial analysts in China are mixed on the possible customs disclosures. Investors aren’t, as many are unloading their stakes in Macau casino stocks.<\/p>\n
Sands China, Sheldon Adelson’s Macau holdings company, dropped nearly four percent on the news. Galaxy Entertainment plunged almost five percent, MGM China lost over three percent, and Wynn Macau traded 4.5 percent lower.<\/p>\n
But not everyone is ready to walk away from Macau casinos. “Negative knee-jerk reaction on this headline would provide an even better buying opportunity for investors,” JPMorgan Chase analyst DS Kim said.<\/strong><\/em><\/p><\/blockquote>\nCasino resorts in Macau have slowly begun a transformation of sorts to cater to the mass market over the VIP gambler. Sands’ Parisian and Wynn’s Palace both opened recently and come with, in addition to casinos, family friendly attractions like water parks, shopping, and performance lakes that feature light shows, a la Bellagio.<\/p>\n
So far it’s worked. Gaming revenues were up over 14 percent in November, the region’s fourth month of growth in a row.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Macau casinos could suffer the most from a proposed regulation that would require incoming guests to disclose how much cash they have on them when arriving at customs in the Special Administrative Region of the People’s Republic. Teledifus\u00e3o de Macau, a leading television network in the area, is reporting that inbound travelers from international countries, […]<\/p>\n","protected":false},"author":42,"featured_media":42484,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,60,18],"tags":[],"acf":[],"yoast_head":"\n
Macau Casinos Face Proposed Stranglehold Regulation<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n