All 31 banks in the city taking part in new pataca-only scheme; officials eyeing transfers to Hong Kong dollars and renminbi for next phase.
Business
Four agreements already signed with Macao institutions; company working with Singapore casino on facial recognition project but does not plan to do so locally.
New CEO will assume command on 31 January, at a time when the gaming industry is facing hitherto unknown challenges.
Dramatic development follows arrest of junket king Alvin Chau and landmark ruling by High Court last month.
Macao-based media executive believed to be close to Alvin Chau, troubled founder of Suncity Group who is currently remanded in custody.
Troubled chairman, currently remanded in custody, quits as casinos sever ties with group; trading in shares resumes this morning.
News doubly welcome in wake of Suncity debacle, however, government still 40 per cent short of its MOP 130 billion gross gaming receipts target.
Stock plunged to HK$0.13 yesterday; further announcement from board of directors expected soon. Salaries halted for one-third of company’s staff.
Decision follows disastrous day on Hong Kong Stock Exchange; analysts forecast thousands of job losses in Macao.