Dore Group contributed 4 pct of Wynn Macau EBITDA

Credit Suisse issued a note on Monday revealing that Dore Entertainment Group Ltd contributed approximately 4 percent of casino resort Wynn Macau’s annual earnings before interest, taxation, depreciation and amortization (EBITDA).
Last week, Wynn Macau led declines in Macau gaming stocks following an analyst’s report that alleged a junket group operating out of the company’s casino in the city may have lost as much as HKD2 billion from embezzlement, Bloomberg reported.
“Even if we conservatively assume the [Dore] business dropped by half, its annualized EBITDA impact would be HKD120 million, or two percent of our expected HKD5.2 billion EBITDA for Wynn Macau in 2015,” said Credit Suisse analysts Kenneth Fong and Isis Wong, as quoted by news website GGR Asia.
Junket operator Dore, which acts as a middleman for high rollers, has confirmed that it has been the victim of internal fraud by a former employee.
Bloomberg reported that the alleged theft could crimp liquidity among junkets while triggering closures of exclusive gambling rooms operated by junket groups.
Wynn Macau filed a voluntary announcement with the Hong Kong Stock Exchange on Monday, stating that, “Dore owes no money to the Company and continues to operate at Wynn Macau.” They assured that “Dore is an independent, registered and licensed company operating a gaming promoter business at Wynn Macau (…) the company hopes that all parties will be able to resolve their differences in the near future. The company will continue to monitor the situation.” The statement was issued by Wynn Macau’s chairman Stephen Wynn.