China Urges Macau Casino Halls to Implement Anti-Corruption Drive

Macau Casino Halls Urged By China To Take An Anti-Corruption Drive

To combat corruption and promote "responsible gaming" in the casino halls of the world's largest gambling hub enticing lots of gamers and tourists, Chinese authorities are pressing Macau to heighten scrutiny of money transfers.

Macau's gambling industry has received clear signals that stricter regulation is on its way as China's new leadership makes it as a main concern in tackling corruption. It was highlighted by the recent fall from grace of Bo Xilai, a Communist Party high-flyer where British businessman was murdered by Bo Xilai’s wife.

A half a dozen or more people runs in the junket business were detained at U.S. gaming tycoon Steve Wynn's Wynn Macau casino late last month, in the midst of local speculation about links to the disgraced Bo. A spokeswoman for Wynn Macau refused to comment.

As Beijing tenses misunderstanding of civil servants and keeps an ever closer watch on flashy luxury spending, Macau is an obvious focus. The former Portuguese cooperative is the only place in China where citizens can legally bet in casinos. A cash cow for local billionaires and U.S. tycoons such as Wynn and Sheldon Adelson, Macau's annual revenue from gaming is expected to hit $38 billion this year - six times that of Las Vegas.

"The Chinese government has requested to strengthen the governance of money flows," said Hoffman Ma, deputy chairman of Success Universe Group, which has a joint venture with Macau kingpin Stanley Ho's SJM Holdings to operate the Ponte 16 casino. "They don't want to take away from Macau, they want to control it more and alert people, telling them to behave."

Posted by Sophia Andrews on Thursday December 06 2012, 2:05 AM EST. Ref: Yahoo. All trademarks acknowledged. Filed under Travel. Comments and Trackbacks closed. Follow responses: RSS 2.0