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In Macau, $500 mn is planned to be invested in a floating casino by means of ICO

In Macau, $500 mn is planned to be invested in a floating casino by means of ICO

23 November 2017

As reported by Business Insider, Dragon Corp. intends to run ICO in order to gather $0.5 bn for building a floating casino in Macau. The gathered funds will be exchanged not for shares, but the special cryptocurrency serving a payment means of the casino.

The situation is highly dubious. On the one hand, the planned operation would break the law that bans ICO since Macau is under the Chinese jurisdiction. The country legislation doesn’t impose the enforcement of gambling debts. The company is registered on the Virgin Islands, which can help to avoid responsibility in case Dragon Corp. gives up on the project.

Riga Gaming Congress: In Macau, $500 mn is planned to be invested in a floating casino by means of ICO 5

On the other hand, the crypto system-to-be would be a perfect solution for the Chinese market. The cash export ban makes the Chinese players look for intermediaries in Macau to process transactions of big money. Allegedly, the shadow market in Macau is 20 times bigger than one in Las Vegas.

What should be noted is the floating construction of the casino. As reported by Head of Dragon Corp., due to this feature, the casino would stand out possible consequences of the changes in the region gambling legislation. In case of any difficulties, it would simply flow away from Macau.

 

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12 October 2017