Category: Casino News

Portugal’s news agency Rusa, citing Macau police sources, reported that transactions using unregistered China Union Pay terminals reached 180 million MOPs ($202.5 million) in Macau from January to mid-May.

Rusa said police identified 41 suspects who made illegal transactions, all from mainland China. They have investigated 19 cases since the beginning of this year.

According to Macau law enforcement police, traders who legally use the China UnionPay Limited system for transactions in Macau must pay the parties up to a maximum fee of 1.4 percent of the transaction amount. UnionPay International Limited, a subsidiary that focuses on transactions outside the borders of the People’s Republic of China, including Macau and the Hong Kong Special Administrative Region, receives 0.2 percent of that fee.

UnionPay International missed $360,000 in transaction fees for transactions allegedly made at unregistered terminals in Macau between January and mid-May, police told Rusa.

According to media reports, Macau’s Union Pay sales totaled $22.5 billion last year.

Macau authorities and China’s UnionPay are reportedly cracking down on the old system in Macau, but official sources have not confirmed it. Using unregistered terminals in the process is considered the most egregious example of avoiding strict cross-border funding controls in mainland China.

The Macau Monetary Authority has urged Macau banks to tighten supervision over UnionPay transactions. The financial regulator has also ordered jewellers and pawnbrokers operating in casinos to remove UnionPay card terminals. Media reports have not confirmed a deadline but have referred to a July 1 deadline.

Visitors to the mainland can only take 20,000 yuan ($3,211) out of mainland China in cash per day. Gamblers, however, get over this by regularly using their UnionPay cards to purchase items at pawn shops or jewelry stores in Macau and return them immediately in cash. This is a non-illegal transaction. 파워볼사이트

Authorities are now more focused on cracking down on unregistered portable UnionPay handsets. The devices are registered in mainland China and illegally smuggled into Macau, allowing payments to be recorded as domestic transactions within China, and thus incurring lower fees.

Multimedia Games Holding Company Inc announced on Wednesday that its shareholders have overwhelmingly approved the merger with Las Vegas-based Global Cash Access Holdings Inc (GCA).

GCA, which supplies cash processing technology and related services to the gaming industry, announced in September it was acquiring Multimedia Games for US$1.2 billion in cash.

Multimedia Games makes and supplies systems, content and electronic gaming units for Native American and commercial casinos. The firm also supplies the central determinant system for the video lottery terminals installed at racetracks in the U.S. state of New York.

“More than 99 percent of the votes represented and cast at the meeting, or approximately 87 percent of the total outstanding shares of common stock eligible to vote as of the October 21, 2014 record date, were voted in favour of the adoption of the merger agreement,” Multimedia Games said in a statement.

Shareholders also approved the non-binding advisory proposal regarding merger-related named executive officer compensation “with a vote of approximately 90 percent of the votes represented and cast at the meeting”.

Upon the closing of the transaction, Multimedia Games shareholders will be entitled to receive US$36.50 in cash, without interest, for each share of Multimedia Games common stock owned at the time of the transaction’s closing. That is a 31 percent premium to the closing stock price as of September 5. 바카라사이트

The merger is still expected to be completed later this month, the firm said in Wednesday’s statement.

The combined company’s headquarters will remain in Las Vegas and its game development operations will be based in Austin, Texas, where Multimedia Games has its headquarters, New York-listed GCA said in previous filings.

China Vanguard Group Ltd, a company providing lottery-related services to the mainland China market, announced this week it expects to complete a share sub-division exercise by January 27.

In an earlier filing to Hong Kong’s Growth Enterprise Market on November 6, the firm proposed that its existing and unissued shares of share capital denominated at HKD0.050 (US$ 0.0064) per unit should be subdivided by four, with each unit worth HKD0.0125.

The company said the exercise would “result in downward adjustment to the trading price ”. 슬롯사이트

China Vanguard’s shares closed on Friday down 1.96 percent at HKD3.50 each.

On November 13 the company reported revenue of HKD19.9 million (US$2.6 million) for the third quarter of 2014, up 63.2 percent from the prior year period.