Wynn to record US$7.9m as provision on Dore court judgement

Wynn Macau has confirmed in its annual report that the group has set aside approximately HK$9.3m for plaintiffs in the lawsuit.

Macau.- Wynn Macau Ltd has recorded a provision of HK$62m (US$7.9m) for litigation costs related to a case that found Wynn Resorts and junket operator Dore Entertainment Co jointly responsible for HK$6m (US$747,482) owed to a VIP player.

In 2015, Dore Entertainment Co was victim of an internal theft by casino cage manager Mimi Chow Ioc Mei, who left after stealing HK$700m. In 2016, the court ordered Mimi Chow Ioc Mei to repay approximately MOP103m.

Last November, the company appealed against the ruling but the Court of Final Appeal dismissed the appeal.

The company stated: “We believe most remaining cases are without merit and unfounded and intend to vigorously defend against the remaining claims pleaded against us in these lawsuits.”

Macau casinos may have to cover US$6.37bn in junket debts

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 Suncity Group and Tak Jun‘s junket operations.

Its estimate of the operator’s liability is based on a 50 per cent cut of a possible HKD100bn total industry-wide liability. The lower figure is because some agents were unable to travel to Macau to recover funds, possibly due to lack of documentation, and some recovered money over the past two years. Credit Suisse said it believes the Macau government was able to recover a small amount of cash before junket-operator cooperations ended.

Macau’s Legislative Assembly has recently approved the first reading of the new bill on junket businesses and satellite casinos. Some 30 MPs voted in favour while one voted against the bill.