Macau plans China UnionPay restrictions, SJM says

    The Macau Monetary Authority plans to restrict the use of China UnionPay cards at casinos, Bloomberg reported SJM Holdings CEO Ambrose So as saying in an email.
    The regulator has ordered jewelry shops and pawnshops on casino floors to remove their UnionPay card terminals by July 1st, the report said.
    The cards are used to buy expensive goods, which are then returned for cash to circumvent China’s currency controls.
    “It has come to our knowledge that individual shops in the casinos have received such notification from Macau Monetary Authority,” SJM Chief Executive Officer Ambrose So said in an e-mail responding to a Bloomberg inquiry. So said the change won’t much affect SJM, because the company doesn’t have any on-premises pawnshops, only watch and jewelry sellers.
    Success Universe Group Deputy Chairman Hoffman Ma told the news agency that he had been verbally told about the plan by the regulator.
    “Restricting the use of UnionPay cards will tighten VIP liquidity,” he said.