ATM withdrawals in Macau top HK$10 billion a month, as authorities ensure machines never run dry, source says
But surge has sparked concerns over money laundering and capital flight
The total amount of cash withdrawn from ATM machines in Macau has topped an “eye-watering” HK$10 billion a month as the world’s No 1 gambling hub basks in what appears to be a casino revenue renaissance after several years of negative numbers.
The hole-in-the-wall cash flood has prompted monetary chiefs in the former Portuguese enclave to order banks to make sure the city’s 1,300 cash dispensing machines never run dry.
However, ahead of a high-profile visit to the city next Monday by top Chinese leader Zhang Dejiang – during which Beijing’s top man on Hong Kong and Macau affairs is expected to make an “important announcement” – concerns have emerged that money laundering and capital flight could be a significant factor in the ATM withdrawal surge.
The Monetary Authority of Macau would neither confirm nor deny the HK$10 billion-a-month figure. But a source with knowledge of the situation told the South China Morning Post: “The amounts are eye-watering – HK$10 billion-a-month is a conservative estimate. The banks have been told to make sure every ATM is monitored on a 24-7 basis so as soon as cash levels get low, a team is ready to fill the machine back up, on a 24-7 basis.”
Macau’s gambling revenue rose for the ninth straight month in April. Shares in casino firms have rallied strongly, with the top three Hong Kong-listed stocks – Sands China, Wynn Macau and Galaxy Entertainment – adding HK$20 billion in market value.