Cash Declaration at Customs Not a Risk for Macau Gaming, but Potential Capital Control Measures Are
In our view, the Macau government’s proposal for declaration of cash and cash equivalents over MOP 120,000, or USD 15,000, at the border will not have a meaningful impact on gaming revenue. High-end players most commonly pay commissions to pawnshops to withdraw cash in Macau, or they use underground banks to wire money; therefore, they do not necessarily have to risk bringing cash across the border. We maintain our fair value estimates for the six Macau gaming stocks under our coverage: Sands Ch...Galaxy Entertainment is an investment holding company, engaged in operation in casino games of chance or games of other forms, as well as the provision of hospitality and related services in Macau. In addition, Co. manufactures, sells and distributes construction materials through its Construction Materials Division across Mainland China, Hong Kong and Macau. Co.'s segments include gaming and entertainment, and construction materials.
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