A recent survey by Citigroup suggests that concerns about Macau police’s recent intensified crackdown on illegal cash exchanges might be exaggerated.
Analysts George Choi and Timothy Chau noted that ‘The fact that these wagers happened in front of our eyes suggests that concerns about the Macau police’s recent intensified crackdown on pawn shops that conduct illegal cash exchanges may be overdone (as players are still able to get cash to the gaming tables).’
The comments refer to a criminal case uncovered at the end of last month, in which two illegal money exchange syndicates were dismantled. The groups had been operating through eight jewelry and pawn shops located near Macau’s casinos.
As reported by AGB, the joint operation, conducted in cooperation with mainland Chinese authorities, led to the arrest of 42 individuals, including key ringleaders and syndicate members.
Investigations revealed that the suspects used the businesses as fronts to carry out illicit currency exchanges targeting gamblers through fraudulent transactions. The scheme is believed to have involved nearly HK$800 million ($103 million), generating illegal profits exceeding HK$21 million ($2.7 million).
The case also reportedly involves employees of some casino operators, raising concerns about a potentially broader impact on mass-market wagering.
