In a conference in Beijing last week, Liao Jinrong, Chief at the International Cooperation Department, controlled by the Ministry of Public Security, said that about “One trillion Chinese Yuan Renminbi (RMB) – US$145 billion – in gambling funds flow out of China each year, posing a threat to China’s national security.”
“There are so many casinos overseas, and details of the assets of many domestic entrepreneurs, individuals, and related parties would have been investigated thoroughly… This is very unsafe for us,” added Liao, in reference to casino industry background checks on Chinese national gamblers.
This is only the latest in a series of signs that the Chinese government might be preparing major policy changes toward the gaming industry, which would affect Macao primarily, where US companies MGM, LVS and Wynn Resorts are major stakeholders.
In June, the People’s Bank of China issued a statement stating that combating cross-border gambling-related financial crime would be a “major political mission” for its organization.
Liao added that Beijing needed to “severely crackdown in accordance with the law,” and last month, the Ministry of Culture and Tourism announced that it would establish a “blacklist” of cross-border gambling tourism destinations, restricting the ability of Chinese citizens to travel to these locations.
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