There’s no doubt that Macau casinos have seen better days, and as revenue continues to fall at almost all Macau casinos, there’s been another hit on their cash. In what could be the biggest casino heist in history, a massive $258 Million was stolen from a casino junket inside the Wynn Macau Casino, and fingers are being pointed at casino employees.
The money was stolen from Dore Entertainment, a company that operates two VIP and high roller rooms at the Wynn Casino, and it’s thought that a former manager of the company committed the theft. In a brief statement Dore said that the former employee had behaved in a way that, “severely impacted the company’s interests and reputation,” and “Due to the seriousness of this event, which involved fraud, the group has filed a police report.”
A group of Dore customers congregated at the Wynn on Saturday evening claiming that their withdrawals had been declined and although the theft has nothing to do with the Wynn Macau its security has been put in question, and even more worrying is that on the back of this news and continuing falling revenues its stock fell by 9%.
Wynn was fast to add that none of its money was at risk, or taken, however the association with Dore and the fact that the theft took place from its own property has of course done the damage. Junkets in Macau are already under scrutiny and this will no doubt bring them under even closer watch however Credit Suisse have stated that the whole episode should not be cause for too much concern by adding that Dore generates only 3% of the rolling chips monthly volume and that VIP business continues to be steady.