Macau Casino Shares Fall After Chinese Bank Pulls Cash Machines
Leading Chinese Bank Pulls ATMs from Macau
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Las Vegas Sands Corp., Wynn Resorts Ltd. and other Macau casino operators tumbled in New York Monday after a leading Chinese bank pulled its ATMs from the world’s biggest gambling market as part of a corruption crackdown.
Union Pay will replace the devices with new ones requiring more customer identification including facial recognition technology, Instinet LLC analyst Harry Curtis said in a research note. ATM customers in Macau withdraw as much as 10 billion Hong Kong dollars a month ($1.28 billion), according to the South China Morning Post. The move could crimp spending in the short run, Curtis said.