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Macau ATM withdrawal limits impact Crown

AAP logoAAP 9/12/2016 Trevor Chappell

Shares in James Packer's casinos operator Crown Resorts have fallen sharply amid reports authorities in Macau are planning to tighten ATM withdrawal limits in a bid to gain greater control over money flowing out of China and into the Macau gaming sector.

Crown's joint venture in Macau, Melco Crown Entertainment, operates the City of Dreams and Studio City casino-resorts in Macau.

Crown shares dropped 64 cents, or 5.3 per cent, to $11.40.

The South China Morning Post has reported that Macau is set to cut by 50 per cent the amount of cash that holders of China UnionPay bank cards can take out of ATMs in Macau.

The cut aims to help curb the illicit movement of money out of the Chinese mainland to Macau.

The reduction on withdrawals takes effect on Saturday.

Crown was not immediately able to comment.

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