I bet the thieves don't have half the class that these guys had!
Posted on 09/14/2015 11:26:39 AM PDT by Kartographer
Some more bad news for Macau's high rollers — or what is left of them.
On Thursday, the Hong Kong-based investment bank Daiwa Capital Markets published a report saying that as much as $258 million had been stolen from a junket operating inside Wynn Macau.
In Macau, junkets operate as third parties within casinos, bringing in cash that high rollers — the VIPs who bet big at the casino — use to leverage their bets.
It is suspected that employees of Dore Holdings, the junket working inside the casino, made off with the cash.
(Excerpt) Read more at finance.yahoo.com ...
Oh my goodness .. THIS IS ONE OF MY FAVORITE MOVIES.
If true, the thieves had better have a really good escape plan and unbreakable new IDs. In addition to the business men, I’m sure a lot of tong bosses and Chinese government bigwigs are really angry.
Unless, of course, those are the guys that stole the money in the first place.
This spring (2014) a $1.3 billion heist rocked Macau’s VIP gambling world, and now we're seeing how that impacted the massive casinos that operate there.
The short story is that it hasn't been great.
According to Morgan Stanley, VIP revenue dropped 2% in May and 17% in June. That's the first time that revenue has slowed since 2012.
What the heist did was disrupt the normal operations of the junket system. When it's working smoothly, China's real high-rollers head to Macau’s VIP rooms to bet big. Those rooms are operated by junkets (the junkets can also be called VIP junket operators or VIP room promoters).
The gamblers get treated like royalty, and the junkets make money from their games. Win or lose, the junkets take a cut of every wager placed in a game. That's called “rolling chip volume.”
In this model, investors in these junkets make 1% to 2% “guaranteed returns”. When the heist happened, investors got skittish and started pulling their money or demanding a higher return.
It was $1.4 billion, after all.
That’s a helluva haul.
Sheldon Adelson is a big player in the Macau casino business. But it seems that the Chinese government is trying to cut down on gambling.
Awwwwww the Chinese got hacked. Wait, wait nope. thought a tear was swelling up. Must be hay fever.
An American company by the name of Wynn got hacked, not the chinese.
I am fresh out of give-a-sh!t for the plight of gambling casino owners, and my regularly scheduled shipment is on long-term back order.
One of Ian Fleming’s “Thrilling Cities”.
It’s a “cover” for a major contribution to the Clinton Foundation.
/sarc
Seems like a lot, really, but must not be to those involved, or it wouldn't have gone unnoticed for enough time to boost that much.
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