Good Morning. Going underground. Chinese underground banking networks, or “shadow bankers,” have become key players in global organized crime, utilizing cryptocurrency and online gaming for money laundering and facilitating various illicit activities, according to a report by TRM Labs. Meanwhile, investment bank Morgan Stanley has downgraded Genting Singapore to underweight, citing a deteriorating mass market share and margin structure issues. On the other side, CBRE and Jefferies analysts commented that Wynn Resorts has outperformed its Las Vegas peers in the summer quarter, while its Macau properties posted solid volume gains.
What you need to know
- Chinese underground banking networks have become essential for global organized crime, particularly in money laundering through crypto casinos and online gaming.
- Weak earnings, market share drop, and capex strain push Morgan Stanley to downgrade Genting Singapore.
- Wynn Resorts has outperformed its Las Vegas peers in the summer quarter, while its Macau properties posted solid volume gains.
On the radar
- Analysts say Wynn Macau’s EBITDA missed estimates in 2Q25.
- South Korea’s Paradise Co. net income surges 43.5% YoY in 2Q25.
- Macau per-capita visitor non-gaming spending drops 12.8% in 1H25.
- Casino revenue drives Paradise SegaSammy’s 5.1% sales increase in 2Q25.
- Equatorial Guinea launches regulated online gambling framework.
AGB Intelligence
ONLINE GAMING
Chinese underground key players in global money laundering via online gaming
Chinese underground banking networks have become essential for global organized crime, particularly in money laundering through crypto casinos and online gaming, a report from blockchain intelligence company TRM Labs alleges. The report highlights a complex web of international collaboration among criminal organizations, underscoring the challenges in tracking illicit financial flows. Triad gangs have increasingly utilized these networks to launder funds, leveraging both physical and online casinos for integrating cryptocurrency into their operations.
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