Dragon Corp has suffered a few setbacks, such as announcing they never finalized the final contract with Dragon Pearl Casino Hotel.
What do these three things have in common? Dragon Corp is a cryptocurrency firm that is going to build a floating casino in Macau. There has been a bit of misunderstanding about the company and their South Korean business. Dragon Corp is waiting to see how Paradise City’s VIP room does for revenue for the year before they decide what moves they are going to make in the rest of the industry.
2017 Announcement for Dragon
In September 2017, Dragon Corp announced they would go into the Macau casino scene with their blockchain technology. They would help junket operations start using the technology. They planned to raise over $400 million for their Dragon initial coin offering. The money would help fund the $300 million casino they announced. The casino is supposed to be 1,600 square meters, floating and called the Dragon Pearl Casino Hotel.
Tuesday, June 19, 2018, it was reported that Brova Idea AS, the Norwegian firm helping Dragon Corp to set up a floating casino, is no longer a part of the project. They supposedly left the project in November, and it is only now coming to light that they are not part of the project. According to the announcement, Dragon Corp delayed the first payment.
Milo Andric who is the chairman for the Norwegian company stated that he traveled to Hong Kong, paying his own way, trying to negotiate with Dragon Corp about the project. Dragon Corp had an opening ceremony, where Andric was on stage and presented with the contract to sign right there in the public eye. Andric stated he was not going to sign something he had not read.
At this point the two companies signed a pro-forma deal to keep the opening ceremony running smoothly, and it would eventually become a final contract. However, the final contract never appeared, and this is why he decided to leave the project.
Dragon Corp has not talked to media about this contract situation or the casino plans. Chakrit Ahmad spoke at an “Ask me anything session” and did say they continue to hope that they will launch the Macau VIP gaming operation later in 2018.