{"id":29235,"date":"2022-04-25T07:10:52","date_gmt":"2022-04-25T10:10:52","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=29235"},"modified":"2026-04-23T09:21:03","modified_gmt":"2026-04-23T12:21:03","slug":"wynn-to-record-us7-9m-as-provision-on-dore-court-judgement","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/wynn-to-record-us7-9m-as-provision-on-dore-court-judgement","title":{"rendered":"Wynn to record US$7.9m as provision on Dore court judgement"},"content":{"rendered":"\n<p>Wynn Macau has confirmed in its annual report that the group has set aside approximately HK$9.3m for plaintiffs in the lawsuit.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Macau.-\u00a0<strong>Wynn Macau Ltd<\/strong>\u00a0has recorded a provision of HK$62m (US$7.9m) for litigation costs related to a case that found Wynn Resorts and junket operator\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/wynn-to-seek-legal-advice-on-dore-court-judgement\" target=\"_blank\">Dore Entertainment Co<\/a>\u00a0jointly responsible for HK$6m (US$747,482) owed to a VIP player.<\/p>\n\n\n\n<p>In 2015, Dore Entertainment Co was victim of an internal theft by casino cage manager Mimi Chow Ioc Mei, who<strong>\u00a0left after stealing HK$700m<\/strong>. In 2016, the court ordered Mimi Chow Ioc Mei to repay approximately MOP103m.<\/p>\n\n\n\n<p>Last November, the company appealed against the ruling but the Court of Final Appeal&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/wynn-loses-appeal-against-junkets-debt-to-vip-player\" rel=\"noreferrer noopener\">dismissed the appeal<\/a>.<\/p>\n\n\n\n<p>The company stated: \u201cWe believe most remaining cases are without merit and unfounded and intend to vigorously defend against the remaining claims pleaded against us in these lawsuits.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Macau casinos may have to cover US$6.37bn in junket debts<\/h2>\n\n\n\n<p>Credit Suisse (Hong Kong) has revealed that Macau casino operators could be jointly liable for up to HKD50m (US$6.37bn) in outstanding liabilities and uncollected debts following the sudden closure of&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/suncity-group-closes-all-vip-rooms-in-macau\" rel=\"noreferrer noopener\">Suncity Group<\/a>&nbsp;and&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/casino-concessionaires-suspend-operations-with-tak-chun-junket\" rel=\"noreferrer noopener\">Tak Jun<\/a>\u2018s junket operations.<\/p>\n\n\n\n<p>Its estimate of the operator\u2019s liability is based on a 50 per cent cut of a possible HKD100bn total industry-wide liability. The lower figure is because&nbsp;<strong>some agents were unable to travel to Macau to recover funds<\/strong>, possibly due to lack of documentation, and some recovered money over the past two years. Credit Suisse said it believes&nbsp;<strong>the Macau government was able to recover a small amount of cash&nbsp;<\/strong>before junket-operator cooperations ended.<\/p>\n\n\n\n<p>Macau\u2019s Legislative Assembly has recently approved the first reading of&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/authorities-in-macau-unveil-details-about-new-vip-gaming-promoter-law\" rel=\"noreferrer noopener\">the new bill on junket businesses<\/a>&nbsp;and satellite casinos. Some&nbsp;<strong>30 MPs voted in favour&nbsp;<\/strong>while one voted against the bill.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wynn Macau has confirmed in its annual report that the group has set aside approximately HK$9.3m for plaintiffs in the lawsuit.<\/p>\n","protected":false},"author":176,"featured_media":25750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Wynn Macau has provisioned HK$62m for litigation costs, including HK$9.3m for plaintiffs, stemming from a 2015 junket theft and a VIP debt case where its appeal was dismissed. Concurrently, Credit Suisse estimates Macau casino operators face up to US$6.37bn in joint liabilities from defunct junket operations like Suncity and Tak Jun, coinciding with the Macau Legislative Assembly's approval of a new junket bill.","focusai_entities":"Wynn Macau, Wynn Resorts, Dore Entertainment Co, Mimi Chow Ioc Mei, Credit Suisse (Hong Kong), Suncity Group, Tak Jun","focusai_location":"Macau, Hong Kong","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 specific mechanisms will the new Macau junket bill introduce to mitigate future operator liabilities stemming from junket failures, and how will this impact existing debt recovery efforts?"},{"label":"Wynn's Legal Strategy","query":"Given the dismissal of Wynn Macau's appeal, what is the projected financial impact of the remaining \"unfounded\" claims, and what legal strategies are being deployed to defend against these liabilities?"}],"footnotes":""},"categories":[16338,439,158],"tags":[20777],"class_list":["post-29235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","category-slider-home","tag-wynn-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29235","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=29235"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29235\/revisions"}],"predecessor-version":[{"id":29247,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29235\/revisions\/29247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25750"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}