Philippine gaming regulator PAGCOR has clarified that it has no direct relationship with the junket operations of the troubled Dowinn Group. This assertion comes amid rising considerations that the Dowinn Group, a serious participant within the Philippine on line casino business, has collapsed. Studies point out that brokers have been unable to withdraw funds, and a few Dowinn managers have reportedly fled abroad.
Dowinn responded with an announcement describing the state of affairs as an “emergency non permanent stop of operation” to “defend the dear pursuits of our prospects and shareholders,” promising to reopen all branches on Monday, June 24.
PAGCOR confirmed it had been knowledgeable by Dowinn Group in regards to the non permanent cessation of operations at GoldwinnPhil Inc. in Dowinn On line casino Heritage, in keeping with Inside Asian Gaming. This transfer is described as being “for the safety of their gamers and workers.” PAGCOR additionally famous that Dowinn plans to renew operations on Monday however emphasised it has “no direct relationship with Dowinn” relating to its junket operations, that are agreements made immediately between Dowinn and PAGCOR licensees.
Dowinn Group had been working VIP rooms at outstanding built-in resorts reminiscent of Okada Manila, Solaire Resort Leisure Metropolis, Metropolis of Desires Manila, and at D’Heights Resort and On line casino and Royce Lodge and On line casino in Clark. PAGCOR expressed hope that Dowinn will resolve its enterprise considerations shortly.
The Full Collapse of The Firm
Earlier this week a number of sources quoted by Inside Asian Gaming steered that Dowinn Group has fully halted operations at its casinos and VIP golf equipment, withdrawing its administration groups. Many managers are believed to have returned to South Korea. Studies point out a rush on Dowinn accounts, with liquidity points leaving quite a few places with out accessible funds. Moreover, the Dowinn web site (www.dowinncasinos.com) has been offline because the experiences emerged.
The collapse surfaced when Dowinn brokers tried to withdraw funds from accounts at Okada Manila and Solaire however have been unsuccessful. A supply described the state of affairs as “the entire collapse of the corporate.”
Dowinn Group entered the Philippine market in 2013 by means of a partnership with Midas Lodge and On line casino in Clark. Over time, the corporate expanded considerably, managing VIP rooms at main Manila resorts and varied smaller motels and casinos nationwide. The corporate additionally operated its personal on line casino in Rizal Park and commenced on line casino operations at The Heritage Lodge in Manila in late 2023. Final yr, Dowinn was recognized as a Strategic Alliance Companion of billionaire Filipino businessman Manuel Villar Jr. within the improvement and administration of two casinos in Las Piñas, southern Metro Manila.
Dowinn has said on its social media profiles that it has “greater than 15 years of expertise within the gaming business with a considerable database of gamers, particularly from the Korean and Southeast Asian areas.” The corporate’s sudden collapse leaves a big void within the Philippine gaming business, and stakeholders are keenly watching how the state of affairs will unfold.
