Wednesday, June 29, 2022

Dore scandal should not trigger capital flight: HSBC

The Dore junket theft scandal should not trigger the same chain events that unfolded in the wake of the Huang Shan incident, HSBC Global Research said in a note.

Reports indicating that Dore Holdings has promised to honor the deposit by its investors and agents has provided comfort to the agent community.

“We think this has contributed to minimizing the impact on the system at large. Therefore we should not look at this incident and the Huang Shan incident (Macau weekly numbers; update on Kimren junket) under the same light as this event should not trigger the same capital flight impact we saw 17 months ago.”

“The incident appeared to have a minimal impact on the Macau revenue trend which suggested that the amount stolen is likely considerably lower than the "reported" number.”

Huang Shan was a Macau junket that disappeared last year owing up to HKD10 billion ($1.29 billion) to investors.

Sterne Agee said according to its checks the female cage employee accused of stealing from junket operator Dore may have colluded with others to abscond with several hundred million Hong Kong dollars, far from the HKD$2 billion in some reports.

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