Melco Resorts Chairman and CEO Lawrence Ho has played down the impact a recent crackdown by authorities on Macau’s illegal money exchange activities has had on the gaming market, describing seasonality and the Euro 24 football championships as more meaningful contributors to recent softness.

He also noted that gaming volumes have shown steady improvement since mid-July, with the impending completion of upgrade works at both City of Dreams Macau and Studio City expected to further support growth for the remainder of 2024.

Ho was asked about the impact of the money exchange crackdown – first announced by mainland authorities in May – during Melco’s 2Q24 earnings call overnight. The issue again hit the news late last week when Macau’s Legislative Assembly unveiled plans to criminalize money exchange gangs by classifying them as “Illegal Gaming Offences”, which are punishable by up to five years imprisonment.

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