Japanese junket considers legal action against former president

The former president of NINE & PICTURES used company funds to gamble in Macau.

Japan.- The Osaka-based casino junket NINE & PICTURES may take legal action against its former president for spending JPY150m (US$1.4m) of company funds at a Macau casino.

The company’s founder and former president, who was not named in media reports, used company funds to pay for gambling trips to Macau between 2014 to 2016.

His erratic spending caused him to file for bankruptcy in September 2019 after running up $4.8m in personal debt on top of what he took from the junket.

While the company is looking to press charges against the former exec, it cannot expect to receive any sort of financial reimbursement.

Despite financial strains, the company continues to grow, with licences in Macau, Nevada, the Philippines and Queensland, Australia, and agreements with more than 20 casinos globally.

Meanwhile, Wynn Resorts continues to closely monitor the integrated resort situation in Japan, saying that it remains interested in the market.