Casino money exchange licenses renewed

The Macau government has granted renewals of money exchange licenses to the territory’s six casino operators, according to a dispatch in the Official Gazette. The six concessionaires will continue to offer foreign currency and travelers check exchange services at their properties as part of long-standing pacts with authorities. However, the new legislation under consideration aims to criminalize illegal money changing and money laundering networks with up to five years’ imprisonment. Analysts warn this proposed clampdown could dampen investor sentiment for the gaming industry in the short run as it recovers from pandemic impacts, but believe any negative effects will be short-lived.