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Philippines junket operator Dowinn postpones reopening to July 19th

Dowinn Group, a leading junket operator in the Philippines, failed to fulfill its commitment to resume operations on Monday at 2pm. According to a report from Korean news portal Daum, the operator has postponed its reopening until July 19th.

This delay has heightened industry suspicions amid rumors of potential collapse.

Dowinn Group ceased operations on the evening of June 17th, 2024, at prominent casinos such as Solaire, Okada Manila, City of Dreams Manila, Clark D’Heights Resort & Casino, and Royce Hotel & Casino.

Despite announcing a reopening at 2pm on Monday the 24th, the scheduled resumption did not take place. A notice sent to clients via WhatsApp indicated that the reopening would now be postponed for approximately 25 days.

In a previous statement provided to AGB, Dowinn Group described the closure as an emergency temporary cessation, denying any suggestion of permanent closure.

According to the report from the Korean media outlet, this cessation has caused confusion among numerous customers and foreign exchange dealers who had deposited funds with Dowinn, fueling speculation about bankruptcy and rumors regarding management fleeing overseas. The report also noted that Dowinn Group employs over 700 staff from Korea, China, and the Philippines.

An unnamed investor quoted in the report stated: “The industry has nearly lost faith in Dowinn’s reopening, and the rescheduling of the opening date has severely undermined market and customer trust.”

It is known that many Korean customers were affected in Dowinn’s venues due to the company’s targeted marketing towards Korean VIP customers, along with numerous foreign exchange dealers who had deposited funds. Additionally, many individuals in the Seoul area ventured into multi-level investment funds, using convenient apps for deposits and withdrawals to capitalize on high returns from Philippine casino investments.

In another report from the same media outlet last week, an insider mentioned that “Dowinn has developed a more user-friendly app compared to other junket operators, earning praise from local currency exchange dealers, although these dealers are expected to face losses due to a large-scale withdrawal situation. Consequently, Dowinn’s junket rooms in Clark and Manila are effectively closed.”

Furthermore, Korea’s Kangwon Land signed a contract in March this year to export 30 slot machines to Dowinn. According to Kangwon Land, they received a down payment but have yet to export any machines due to delays in receiving the balance.

AGB has reached out to sources close to the matter, but as of publishing this article, Dowinn has not issued any comment.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

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