Tuesday, September 27, 2022

Dragon Corp’s link to Macau thrown into doubt


Further questions are being raised over Dragon Corp’s ICO and its plans for a Macau floating casino after DICJ director Paulo Martins Chan said he was unaware of the company or its relation to the local gaming market, Macau Business reports.

“[Both Dragon Corp. and Wi Holdings] are not gambling companies or companies responsible for the production of slot machines, and for the time being it is not possible to find the connection between these two companies and the gaming industry in Macau,” said Chan.

The mystery company’s $500 million ICO first came to light this week in a report from CNBC, with Dragon Corp saying it is looking to raise funds to develop a floating casino hotel in Macau.

“This is the first time anybody has allowed the public to invest in a public junket or become a shareholder of a casino," said Chakrit Ahmad, CEO of Wi Holding in an interview with CNBC.

However, Chan said that local regulations have “very strict proceedings” regarding how to become a shareholder and that local authorities would “never allow such an easy way to become a junket operator shareholder”.

The deal is likely to draw further scrutiny from regulators after it was revealed that it is backed by former triad boss “Broken Tooth” Wan Kuok-koi earlier this week.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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