While a large number of casinos are still awaiting renewal of their casino license in Macau, the Chinese government is planning to set up an experiment for the introduction of a digital Yuan as a means of payment in the casinos in Macau.
For the first time in 20 years, casinos, including a number of American ones, have to renew their license. Analysts expect China to use this opportunity to impose this digital Yuan on casinos as a means of payment in the casino as conditions for a new license. This is about the physical casinos and not about the online casino games .
Payments in casinos as an experiment
As Macau is a special region within the people's Republic of China, Macau offers the perfect opportunity to experiment with this new technology. These tests can provide interesting insights to China regarding digital currencies. Even though the casinos are not expected to be eager to introduce this digital Yuan, they will probably come across the bridge to please the regulators for renewing for the casino license.
Digital Yuan to fight corruption
In addition to the digital Yuan as an experiment, the Chinese authorities are also looking for opportunities to tackle corruption within the casino industry. Recently, the head of the Suncity Group, the largest casino operator in Macau, was arrested on suspicion of having connections with a large international money laundering syndicate. Before the Covid pandemic, the Suncity Group was in Macau for 8 billion in revenue.
During the pandemic, visitor numbers in the casinos collapsed completely. in 2021, however, the road was taken up again. This growth in visitors and turnover is expected again in 2023.
