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The Central Bank of Macau Clarifying Policy After Casino Shares Tumble
- December 12, 2016 By Samantha A. -
The Macau’s Monetary Authority stated that on Friday that they would in fact clarify the policy after a report was filed that claimed the gambling mecca would actually limit certain ATM withdrawals sent the casino shares tumbling down hill.
The South China Morning Post reported that the SAR or special administrative region was in fact planning to place as well as enforce an ATM withdrawal daily limit from the current amount of 10,000 down to 5,000 patacas or averaging 1,250.00 down to $626.00.
After clarifying the policy on Friday it will take effect on Saturday, after they found that a total of 10 billion patacas was withdrawn from China CreditPay ATM’s in a single month.
The reaction of the listed casino companies was blatant. The Wynn Macau fell a total of 7.8 percent, the Melco International plummeted a total of 8.79 percent, The Sand China also dropped a total of 6.4 percent as well as the Galaxy dropped a total of 6.37 percent. This also followed the losses that were encountered by their US listed counterparts as much as a total of 10 percent overnight.
While it was noted that the government actually has in the past issued former restrictions on machines that were UnionPay, It would in fact actually be difficult to analyze the hit from these new measures as well as other factors that have been affecting the market, for example: the crackdown on corruption on the mainland as well as the general economic fundamentals.
This new policy just may in fact have an impact on the revenues and that they just may have to reassess the forecasted revenues for the year of 2017, but at this point in time it is really hard to do so.