Mainland police have cracked down on an online fraud group who was found running an investment scam using the name of one of Macau’s casinos, arresting seven.
According to the police authority in the Guizhou province, the fraud group used social media to seek potential victims, purporting to be investment experts.
They recommended victims invest in an app called “Wynn Macau” which could turnover high profits.
Around 200 people fell victim to the scam in a fortnight, leading to losses of around RMB 55 million (US$7.9 million).
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
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Kenanga Research expects Malaysia's casino operator to rebound more swiftly than its number forecast operators, as border restrictions ease. The sector valuation remains attractive as gaming stocks were still 15-26 percent cheaper than a year ago.
Las Vegas Sands has revealed that Chairman Sheldon Adelson has taken medical leave, though analysts say his departure is not a concern in terms of changes in strategy at the casino operator.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
