Macau government officials met with representatives of all six major casino gambling establishments in the Chinese territory before an important meeting between the Chinese President Xi Jinping and Donal Trump which is scheduled to take place later this month.
The government officials discussed the issues related to growing loan-sharking and illegal money laundering and trade. Macau’s casino gambling industry has been equally infamous for powerful loan sharks and casino-related kidnappings.
Earlier in the year in May, a casino player was found beaten to death at a guest house in Macau. The investigators have confirmed that it all happened over unpaid gambling debts and the perpetrators were loan sharks.
The victim, aged 40, was confined in a guest house by three loan sharks after he had allegedly failed to pay off his gambling debts. The victim had borrowed HKD50,000 ($6,373) from the lenders but had lost all at the gambling venue – following which he was taken into custody for nearly two days and was beaten to death.
Macau’s casino gambling industry remains the single largest contributor to Macau’s GDP and generates over 80 percent of the city’s tax revenues. However, amidst the ongoing Sino-US trade war, the industry has underperformed and has been shrinking in terms of revenue-generating capacity.