Macau: Suspicious Transaction Reports from casino operators down by 15% year-to-date
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According to local media reports, the number of Suspicious Transaction Reports (STRs) in Macau has seen a 13.4% year-over-year decreaseto 1677 in the first nine months of 2022. According to a report from the Financial Intelligence Office, STRs proceeding from casino operators fell by 15.5% year-over-year to 866 during the period from January to September. The total represents 51.6% of all the STRs, down from 52.9% the prior year.
According to the Office, during the third quarter, the number of STRs from casino operators was 248, higher than the 180 cases reported during the second quarter. However, that total was considerably below the 413 reported in the first quarter of the year. Out of the 1,677 total STRs reported during the year, 429 were from financial institutions, while 144 came from other institutions.
In August, Macau’s secretary for security informed that the number of gaming-related crimes had seen a significant drop during the first half of 2022, stating that the cases of casino fraud were down by 56%, with a total of 54 cases during the first half of the year. This drop, along with the decrease in STRs, could be partially attributed to a lower flow of visitors to the gambling hub and Macau's slow road to recovery.
Another 13 cases pertained to theft that happened on the premises of casinos. Overall, the police apprehended 2,725 and branded them as illegal money changers. However, the overall number of crimes dropped noticeably during the period, down 45% from the first half of 2021.
It is worth mentioning that Macau has, as of late, enforced stricter measures on the industry. Earlier this year, Macau’s gaming regulator, the Gaming Inspection and Coordination Bureau, slashed junket license issuance by almost half to 46 licenses. A smaller roster of junkets is expected to “help reduce problems” in the industry, according to officials.
Additionally, Macau is also undergoing a revamp of its gaming industry rules with concessionaires looking to renew their licenses, facing new requirements to be eligible. Seven companies have submitted their tenders for Macau’s six gaming concessions. The list of firms vying for the 10-year licenses includes the city’s six current operators –Wynn Macau, Sands China, MGM China, SJM Holdings, Galaxy Entertainment and Melco Resorts– and a seventh company, GMM Limited, part of the Genting Group.
Authorities have not said when the new licensees will be announced, with negotiations expected to last weeks. However, analysts cited by Reuters believe the six winners could be announced by the end of November or early December.
