Singapore casinos will be the first direct victim of China’s wrath after the Chinese authorities issued a ban on the purchase of the casino chips using yuan. According to the Chinese authorities, “resort entertainment vouchers” which could be used as gambling chips, are purchased in yuan denominations using China’s UnionPay network have been deemed illegal.
Xie Zhong, a director at the China’s central bank, People’s Bank of China, told South China Morning Post: “China UnionPay’s bank cards should certainly not be used in casinos.”
Singapore Casino Regulatory Authority rejected request for comments three times and refuse to address the new ban by China. In February 2015, Singapore casinos heavily advertised the usage of UnionPay. Marina Bay Sands defended the promotion saying that it complies with terms and conditions of China UnionPay cards.
Officially, China said that the move is to crackdown on capital flight and illegal movement of the Chinese currency.
In June 2016, casino Resort World Singapore reported massive losses and went into retrenchment.