Macau To Get A New Cryptocurrency Casino with DeClub?

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

In another interesting case of Déjà vu, a Macau company has just revealed plans to launch a new cryptocurrency casino in the city-state, despite the government officially saying no to such enterprises a few months back. The casino will be a joint effort between two Macau and Maltese companies and its funding will be secured by a new ICO campaign, similar to what Dragon Corp tried to do during the past year.

$1 Billion in Funds Expected

Following the failed project of Dragon Corp to build a floating cryptocurrency casino in Macau, a new casino management company called DeClub has taken on the task of revolutionizing gambling in the casino Mecca of the East with the help of Maltese investment firm Wide Rich Global Company.  In an official press release, DeClub revealed that the Maltese firm intends to purchase their business in order to build the first-ever blockchain gambling hub which will feature “fully-integrated” land-based and online casinos.

To raise money for the project, Wide Rich will be launching an ICO (Initial Coin Offering) campaign with hopes to gather a staggering sum of $1 billion in funding. In the white paper for the ICO, Wide Rich outlines that the casino will be a “pan-gambling business ecosystem” that will serve people with all sorts of needs, be they tourism and shopping needs or related to conducting business.

For any investor in the project, Wide Rich will issue “DEC” tokens which will grant individuals the right to invest in cash lending pools at the future casinos but also host them. Another token called the “NNC” will be issued by DeClub which is reportedly a stable coin that can be used to pay for services and goods at the casinos. What’s interesting to note, though, is that the ICO is being launched despite local prohibitions from the Monetary Authority. Per local regulations, any financial institution or bank is prohibited from providing services to entities from the cryptocurrency industry, although private ICOs are not covered by the prohibition.

Another Idea Set for Failure?

As reported by local media outlet Macau Business, the white-paper for the casino project explains that the money will be used to acquire a Macau junket operator license and “several land-based casinos” to join them into one blockchain gambling club. The CEO of DeClub, Kennis Wong, was the chief executive officer of a former junket investment firm called Jimei International Entertainment Group Limited. The list of advisors to DeClub also includes names like Paddy Fung Kwok, who is a Senior Marketing VP at 13 Holdings – a company that established 13 luxury casino resorts – and a Business Development Executive at Crown Resorts Limited.

Despite people with such backgrounds in the business being involved, one can’t help but be wary of the ability of DeClub to realize its project. Dragon Corp’s crypto-casino was also publicized online and referred to as a promising idea, but it took only a few months for the project to collapse due to its main backer pulling out  for allegedly demanding “upfront payments”.

October 24, 2018: • No Comments

Comments are closed.