“As soon as we catch up on our cash flow, we will also catch up on payroll,” a spokesperson for the casino resort in the Commonwealth of the Northern Mariana Islands told reporters.
One could be forgiven for assuming the above quote was made this week in reference to the beleaguered Imperial Pacific International (IPI), but, in fact, it comes from an Asia Gaming Brief report published in April 2013 in reference to the Tinian Dynasty Hotel & Casino.
That same month, US government agents temporarily shut down Tinian Dynasty, arresting two executives, charging the casino with failure to file reports on large cash transactions with its customers. In June 2015, the US government fined the Tinian Dynasty and its owner, Hong Kong Entertainment (Overseas) Investments, US$75 million for “willful and egregious” violations of anti-money-laundering rules.
Tinian Dynasty, which had opened in 1998, finally sputtered to a close in the following months,...
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.
Sociedade de Jogos de Macau, S.A. says its eligible employees will receive Living Subsidies equivalent to 2 months or 1.5 months of salary. The Living Subsidies will be made in two equal payments in January and July respectively, with the first payment to be made on 6 January 2021.
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.