Macau Casinos Slump on Reported China Crackdown on Money
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Macau casino stocks plunged in Hong Kong trading after the South China Morning Post reported China will start cracking down on illicit money channeled through the city’s casinos.
China’s Ministry of Public Security is leading the move, the newspaper reported today. The Post also cited documents it saw which confirmed the government action and which it said were sent to Macau’s banks late yesterday by the city’s monetary authority. The ministry had met Macau regulators last month to discuss “criminal activities” related to mainland bank cards and point of sales machines, according to a Nov. 21 statement from the Monetary Authority of Macao.