Macau is cracking down on the unlicensed currency traders that help gamblers skirt China’s strict capital controls, raising fears of a fresh regulatory clampdown that could hurt the Chinese territory’s mega casinos.
Macau is the world’s largest gambling hub, with the government forecasting total gaming revenue of 216bn patacas ($27bn) in 2024, likely to be well ahead of the entire state of Nevada.
The former Portuguese colony operates a separate legal system from that of the mainland and is the only place within China where casino gambling is legal. The territory’s casinos rely on the business of tens of millions of mainland Chinese visitors every year.
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