The Court of Final Appeal has dismissed an appeal by Wynn Resorts and against a ruling that found it jointly responsible for a HK$6m debt to a VIP player.<\/p>\n\n\n\n\n\n\n\n
Macau.- The Court of Final Appeal has confirmed a ruling by the Court of Second Instance that found Wynn Resorts<\/a>\u00a0and junket operator Dore Entertainment Co jointly responsible for the repayment of HK$6m (US$747,482) owed to a VIP player.<\/p>\n\n\n\n According to TDM Radio Macau, in 2015 Dore Entertainment Co, Ltd., was victim of an internal theft by casino cage manager Mimi Chow Ioc Mei, who\u00a0left after stealing HK$700m <\/strong>which related to Wynn Macau. In 2016, the court ordered Mimi Chow Ioc Mei to repay approximately MOP103m.<\/p>\n\n\n\n Several people claimed that they had invested in Dore Entertainment Co based on promises of higher returns than regulated banks but lost money due to the incident. Four of them filed claims totalling HK$64m, but three failed to provide the required documents. The fourth was able to show a receipt showing that a deposit of HK$6m had been paid to the cage manager.<\/p>\n\n\n\n Since the deposit contract was concluded between Dore and the individual, the Court of First Instance ruled that the intermediary had the responsibility<\/strong> to ensure that the debt was repaid from September 2015, including court fees and deposit interest.<\/p>\n\n\n\n However, in 2018, the Court of Second Instance ruled that\u00a0Wynn Macau was jointly liable for the HK$6m refund<\/strong>. The Court of Final Appeal has now upheld this decision.<\/p>\n\n\n\n Wynn Resorts<\/a> <\/strong>has shared its financial results for the quarter ended September 30. Its properties in Macau<\/a> registered a decline of 34 per cent quarter-on-quarter in total operating revenue, down from US$354.5m to US$312m.<\/p>\n\n\n\n However, the figure was up from US$67.1m in Q3 2020, when the company was deeply affected by Covid-19 countermeasures. Wynn Macau Ltd registered operating costs and expenses of US$405.7m for the quarter and operating losses of US$93.7m.<\/p>\n\n\n\n It reported US$130.7m in operating revenue while adjusted property EBITDA was US$1.9m, compared with US$34.5m for the third quarter of 2020. <\/p>\n","protected":false},"excerpt":{"rendered":" The Court of Final Appeal has dismissed an appeal by Wynn Resorts and against a ruling that found it jointly responsible for a HK$6m debt to a VIP player.<\/p>\n","protected":false},"author":176,"featured_media":24802,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Court of Final Appeal in Macau has upheld a ruling finding Wynn Resorts jointly responsible with junket operator Dore Entertainment Co for a HK$6m debt owed to a VIP player, stemming from an internal theft in 2015. This decision sets a significant precedent for operator liability within the B2B junket model. Separately, Wynn Macau reported Q3 operating revenue of US$312m, a 34% decline quarter-on-quarter.","focusai_entities":"Wynn Resorts, Dore Entertainment Co, Ltd., Mimi Chow Ioc Mei, Court of Final Appeal, Court of Second Instance, Court of First Instance, TDM Radio Macau, Wynn Macau Ltd","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), investor_analyst (1.0), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Junket Liability Impact?","query":"What are the broader implications of this Court of Final Appeal ruling for the B2B junket model's operational and financial viability in Macau and other regulated gaming verticals?"},{"label":"Contractual Framework Review?","query":"How will this legal precedent necessitate adjustments to due diligence processes and contractual frameworks between integrated resort operators and B2B junket partners to mitigate future liability?"}],"footnotes":""},"categories":[16338,439],"tags":[20777],"class_list":["post-24791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","tag-wynn-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=24791"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24791\/revisions"}],"predecessor-version":[{"id":24807,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/24791\/revisions\/24807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/24802"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=24791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=24791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=24791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Wynn Macau posts operating revenue of US$312m for Q3<\/h2>\n\n\n\n