Good Morning. Why have money if you can’t use it? That’s the question millions of Chinese people in China have been working to solve, with a smorgasbord of options for how to shift funds out of the country, and into the hands of the punters seeking to use them. Speaking of which, Macau authorities aim to criminalize illicit money exchange activities, in a move to rein in the sector. Meanwhile, G2E Asia is set for its return in June, with the Asian IR component, but no Singapore event planned so far.
What you need to know
- Under the Scope: expert Ben Lee looks at how money is still able to move out of China, despite capital outflow measures.
- Gaming insiders have shown some concerns over the potential criminalization of illicit money exchange activities in Macau.
- G2E Asia 2024 Macau set for June, with new Asian IR Expo to be maintained, no Singapore event announced by the organizers.
On the radar
- LET Group amends agreement to sell Hokkaido land plot.
- Macau records $1.49 billion in GGR for the first 24 days of September.
- Wynn introduces a new resident show by teaming up with Broadway Asia.
From crypto to casino chips, real estate and life insurance, China is hard-pressed to stem the ways that money can flow out of the country. In this week’s Under the Scope, Ben Lee looks at how individuals and firms can manage to redirect capital to the desired locations, avoiding scrutiny and taxation, and maintaining anonymity. And while multiple crackdowns by various jurisdictions aim to cut off the currency avenues, proclivity and ingenuity are likely to prevail.
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