Background and Industry Presence
Dowinn Group, a well-established junket operator in the Philippines, has been a significant player in the country’s gambling landscape. Since its entry into the market in 2013 through a partnership with Midas Hotel and Casino in Clark, Dowinn has expanded its focus across the archipelago. With over 15 years of experience in the gaming industry, the company boasts a substantial player database, particularly in the Korean and Southeast Asian regions.
The Shocking Suspension
Recent events, however, have cast a shadow over Dowinn’s once-promising future. On June 17th, 2024, the company abruptly suspended all operations across its various branches. These include VIP rooms in leading integrated resorts such as Okada, Solaire, and City of Dreams in Manila, as well as D’Heights and Royce in Clark. Additionally, Dowinn operated out of smaller hotels and casinos throughout the country, including its own establishment in Rizal Park. The sudden suspension has left industry insiders and investors bewildered.
Withdrawal of Managers and Liquidity Woes
Dowinn’s decision to withdraw its managers has raised eyebrows. Reports suggest that some managers have already left the Philippines, returning to South Korea. Simultaneously, liquidity has dried up in multiple Dowinn locations, leaving the company with no available funds. The situation has escalated to the point where there is a run on Dowinn accounts, further exacerbating the crisis.
Allegations and Uncertainty
The root cause of Dowinn’s troubles remains murky. Sources claim that agents attempting to access funds from the company’s accounts at Okada Manila and Solaire were met with frustration—they couldn’t withdraw the necessary funds. Dowinn Group alleges that external forces have unjustly attacked its reputation, leading to the current predicament. However, specific details about these allegations remain undisclosed.
Impact on Casino Partners and Gaming Activity
The fallout from Dowinn’s suspension extends beyond the company itself. Casino partners, including the integrated resorts where Dowinn operated VIP rooms, are uncertain about the situation’s implications. One operator confirmed that all gaming activity in Dowinn’s junket rooms has ceased. The broader impact on investor confidence and employment within the industry remains to be seen.
Awaiting Further Developments
As Dowinn Group prepares to reopen next week, questions linger. Will the company overcome its setbacks? Can it regain investor trust? The coming weeks will be crucial for Dowinn’s survival. Industry observers closely monitor the situation, hoping for clarity and resolution.
Sources: https://agbrief.com/news/philippines/20/06/2024/dowinn-junket-confirms-temporary-suspension-of-operations-denies-permanent-closure/
https://www.asgam.com/index.php/2024/06/19/sources-claim-complete-collapse-of-leading-philippines-junket-dowinn-group/
