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Macau takes another hit amid casino heist reports

Maca

Macau
u has been rocked by reports of a multi-million dollar theft from one of the region’s junket operators.

According to the Financial Times, which cites a report from investment banking subsidiary Daiwa Capital Markets, staff at VIP room operator Dore Holdings are suspected of making off with between HK$200m and HK$2bn belonging to the company.

Daiwa Capital Markets analyst Jamie Soo is quoted by Bloomberg as saying: “The balance in this instance, even at the low end, is material and quite significant.

“Our on-the-ground checks point to the possibility that other junket operators may share some of Dore’s existing stakeholders which may exacerbate this contagion impact.”

Junkets operate as middle men for operators in the Macau market.

Given that the finances high rollers from the Chinese mainland can bring into Macau are limited by the government, junkets will lend these players money and organise casino trips, collecting any debts upon their return to China.

Dore Holdings operates within Wynn Macau, a holding of Wynn Resorts.

A Wynn spokesperson told the FT: “The current reported concerns with respect to Dore, one of Wynn Macau’s junket operators, have no direct financial impact on Wynn Macau.

“Dore owes no money to the company and continues to operate in Wynn Macau.”

Macau’s gross revenue from games of fortune entered its 15th straight month of decline in August, with the market squeezed by a corruption crackdown courtesy of China’s Jinping government.

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