Chinese High Rollers Moving Money to Manila
With the constant threat of police raids on illegal gambling dens in large cities within mainland China, Chinese high rollers have been moving their money around in an effort to avoid the confiscation of their hard-earned gambling dollars.
One area of Asia that the big spenders are taking their money to is Manila, the capital of the Philippines. Manila makes a good stopping point for high rollers for several reasons. First, high rollers can move their money to the Philippines quite easily because of the lax banking laws in the island nation. Second, high-dollar gamers are fleeing mainland China because of gambling raids. The Chinese police have been using drones throughout the cities to find and bust illegal gambling rings because gambling is illegal in mainland China. The raids have taken place in many large cities in China, including Wuhan, Xiantao, Shenzhen, Guangzhou, and Jieyang. In one of the latest raids, police arrested 12 gang members and 49 gamblers and confiscated 50,000 yuan. Another raid conducted in Guangdong province netted 43 gang members, 250 gamblers, and 750,000 yuan. It has been speculated that the Chinese are cracking down on illegal gambling rackets because a rash of sports betting is expected to take place during the FIFA World Cup in Russia in the summer of 2018. The World Cup is one of the most highly anticipated and highly bet on sporting events. It is estimated that $200 billion may be bet on the World Cup.
Third, the Philippines is cash poor and willing to look the other way when Chinese money comes into the country in return for money gathered in financing and banking. Finally, the Philippines operates casinos that are land-based and online, so gamblers in China do not have to be physically present for their money to be used for gambling.
Attracting High Rollers
Perhaps the biggest reason Manila is now a popular destination for high rollers is that it has casinos that are exclusively meant for them, with all the luxuries and amenities a high roller would expect: food and beverages, playing in high-end VIP rooms, and the best hospitality. That means that whatever the customer wants, the customer gets.
In the past, Macau has been the top gambling site in the world and the premier destination for high rollers. The city was legendary for its service. But, the Chinese government has been cracking down on corruption, which means the systems of bribery and kickbacks that assured clients got whatever they were looking for has disappeared.
Increasingly, high-end gamblers are choosing the Philippines because their money goes farther, banking laws are laxer, and the gambling companies are willing to cater to them and treat them as they feel they should be treated. This represents a huge problem for Macau. The Chinese territory makes 60 percent of its money from high rollers, and if they leave for greener pastures, revenues for Macau will drop severely. In addition, Macau, which sponsored tourism junkets for high rollers from China, is feeling the pinch with the absence of high rollers in its tourism industry, as well as its gaming industry. With large gambling houses come additional jobs and additional opportunities for tourists to spend money. But, this year, it appears many gamblers are taking their money to a different destination. If Macau cannot find a way to attract and keep high rollers, the high-end gamblers will find somewhere else to gamble, take advantage of lax banking laws, and revel in the luxurious perks afforded them because of the amount of money they spend on gambling each year.
As an avid video poker player and lover of real money online blackjack, Thomas is the founder and guiding voice behind the Rick’s Picks community. A project manager at a London based Fortune 500 tech company, Thomas is an online casino enthusiast who founded TCP as a hobby to help other players avoid the headaches and hassles he has encountered when trying to find the best real money online casinos.
Tipwin as Premium Partner at Eintracht Frankfurt
As Germany embraces the culture of sports betting, Eintracht Frankfurt has signed Tipwin as its…
Chinese Police Seize $1.5B in Crypto Gambling Crackdown
Police in Southern Guangdong province in China conducted a successful raid on what they termed…
Italian Football Uneasy with the Gambling Ads Ban
Italy’s Council of Ministers approved the Decreto Dignita policy July 16, which effectively bans gambling…
Executive VP of Wynn Resorts Steps Down
Wynn Resorts has been plagued by negative publicity over the past several months because of…
Century Casinos Gets Eighth Police License
U.S.-based Century Casinos has bagged yet another license for its Polish unit, Casinos Poland Ltd.…
Galen Hall Earns $888 Crazy Eights Title
Galen Hall, from New York City, has finally gotten his first WSOP (World Series of…