1000 Gamblers Are Upset With China
China's insistence that gamblers in its Macau region use UnionPay ATM cards to withdraw money will limit the cash it gets from premium gamblers, according to a Morgan Stanley note.
The firm based its conclusion on a survey of 1,000 gamblers in the region. Premium gamblers are an important part of Macau's overall viability, but the Chinese government has imposed tighter cash withdrawal limits on UnionPay cards in recent months.
"The dependence on UnionPay cards (both debt and credit) relative to cash on hand as a source of gambling funds has increased compared to the last two years," the note stated. "As much as 70 percent of gambling funds are sourced through UnionPay cards for customers gambling higher sums, compared to 66 percent in 2016 and 60 percent in 2015."
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