CASINO WORLD NEWS Macau’s VIP gaming sector facing cash crunch 4 years ago Iwo Bulski Post Views: 569 Macau’s VIP gaming sector is undergoing a cash crunch as customers withdraw billions of dollars in deposits due to concern about Beijing’s crackdown on capital flows for gambling purposes, Reuters reports. The report said the stampede to withdraw funds from junkets had begun in July, but has now spread to the wider casino industry. Citing unnamed casino executives, the report said the amounts were in the billions of Hong Kong dollars and while the operators have cash in the bank, the withdrawals are a problem. Casinos have reacted by putting limits on the amount of cash chips that can be withdrawn, the report cited the executives as saying. In some casinos, customers can now only withdraw HK$1m ($129,039) compared with HK$5m in recent months and only the account holder can withdraw, it said. China has said the transfer of funds offshore for gambling purposes is a national security risk and has begun clamping down on such transactions. It has also warned it’s drawing up a blacklist of countries which target its nationals for gambling. The latter issue was not seen as being directed at Macau. Source: Asia Gaming Brief About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: gaming sector, Macau Continue Reading Previous A venue fit for a queen!Next Operators interested in gambling market of Ukraine More Stories CASINO UGANDA NSoft Unveils Revolutionary Crash Cash Game in Admiral Bet Uganda Retail Shops 13 hours ago Samuel CASINO WORLD NEWS NOVOVISIONTM improves business at the Venice Casino 4 days ago Samuel ONLINE WORLD NEWS Kajot start cooperation with Betfounders in Africa 7 days ago Iwo Bulski CASINO WORLD NEWS UAE creates gaming authority in sign it could be on verge of allowing gambling 1 week ago Szarlot ONLINE WORLD NEWS The Legality of Crypto Gambling Around the World 1 week ago Szarlot EXPERTS WORLD NEWS The evolution of online gaming in the USA 1 week ago Szarlot ONLINE WORLD NEWS Pragmatic Play further expands LatAm footprint by going live with Betsala 2 weeks ago Iwo Bulski ONLINE WORLD NEWS Pragmatic Play Bolsters African Market Presence Through Betfounders Collaboration 2 weeks ago Iwo Bulski ONLINE WORLD NEWS Slotegrator Partners with Turbo Sportsbook 2 weeks ago Tools CASINO UGANDA Kampala`s Underworld in Casinos 2 weeks ago Szarlot EXPERTS WORLD NEWS Entain to review brands and units after reporting £879m loss 2 weeks ago Szarlot ONLINE WORLD NEWS Slot Games Dominate Online Casino Market – SoftSwiss Reports 3 weeks ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.