Long-term tailwinds offset short-term volatility for Melco Crown in Macau.
In our view, the government’s cut of the withdrawal limit to MOP 5,000 from MOP 10,000 (to USD 626 from USD 1252) per transaction in Macau effective Saturday Dec. 10 will have insignificant impact as players can withdraw cash multiple times per day to skirt the new rule. UnionPay’s daily and annual withdrawal limit continues to be CNY 10,000 and CNY 100,000, respectively. High-end players most commonly pay commissions to pawnshops to withdraw cash in Macau, or they use underground banks to wire ...
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