Macau Further Restricts UnionPay Card Use at Casinos
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Macau’s government plans to further restrict the use of China UnionPay Co.’s debit cards at casinos, curbing money flows to the world’s largest gambling hub by making it harder for bettors to buy expensive items that they exchange for cash. Casino stocks slumped in Hong Kong.
The Macau Monetary Authority ordered jewelry stores and pawnshops operating on casino floors to remove their UnionPay card terminals by July 1, according to the head of SJM Holdings Ltd., the city’s biggest gambling company. The banking regulator didn’t reply to e-mails or answer calls seeking confirmation.