Wynn Macau Categorically Denies Any Involvement In $8M China Scam
Chinese state media caught Wynn Macau by surprise when they released a report of an $8 million scam and tied the Wynn Macau brand to the scam. The online gambling scam cheated Chinese investors by using the Wynn Macau brand to lure unsuspecting investors.
Wynn Macau has categorically denied all allegations and emphatically clarified that the firm does not invest in online gaming sites. Wynn Macau Ltd executives have vowed to help the Macau Gaming Inspection and Coordination Bureau bring the culprits to justice.
Macau has a very limited online gambling industry, in line with the online gambling regulations in its region. Large casinos in Macau have no online presence; a few sites offer sports and horseracing wagers and Wynn Macau has complied with these regulations.
The scam involved using the name of the Wynn Macau brand to convince victims to invest in an alleged online casino project. Roughly 200 victims have come forward to the authorities to lodge their complaint but very little information has emerged.
What is known is that the victims hail from 10 mainland provinces of China, including Guangdong, a region that is in close proximity to Macau. The victims were enticed by “high” and “fast” investment returns through a mobile phone app.
Fake investment scams involving the online gambling industry have surged recently in China. Scammers operating within China as well as outside the country have preyed on Chinese investors with promises of lucrative returns, which they justify by claiming that their online casino will be a trailblazer in the Chinese market. However, no online casino can operate within China because it is expressly prohibited by law. Many of the scammed victims were not aware of this gaming law.
Fake investment scams often use the names of well-established brands in the gambling world, especially brick and mortar casinos to bolster their credibility.
Chinese Police Reluctant to Release Further Details
Chinese police have been reluctant to report more details about this scam, and other scams that have plagued Chinese investors. According to Chinese reports, the police has not arrested the perpetrators of this scam, or confirmed that the scammers operated within mainland China.
It is exceedingly difficult to investigate scam reports, as scammers often use multiple fake identities. As a result, the victims’ complaints can contain different culprits’ names. In the meantime, Chinese authorities have shut down the app, ensuring that this particular scam, at least, will have no more victims.