On August 15, OKBet VIP Club announced it would cease its junket operations in the Philippines.
According to the Manila Standard, the Hong Kong-based junket firm is “known for its opulent facilities and world-class services,” and enjoyed a presence at Okada Manila, City of Dreams Manila, Newport World Resorts, Hann Casino Resort and other upscale integrated resorts.
The company was quick to deny speculation that its closure was related to the arrests of 10 people in Singapore on charges of money laundering linked to online gambling. A raid in that case resulted in seizure of more than SG$1 billion in assets.
As reported by Inside Asian Gaming, OKBet issued a statement earlier in the week announcing that it was ceasing all operations and would settle patron accounts by the end of August. It said the decision was “not related to any legal issues in Singapore or any other specific jurisdiction.
“Throughout its operations, OKBet VIP Club has maintained a commitment to the highest standards of legal compliance and operational integrity,” the statement continued. “The club has been a staple of the international gaming and hospitality scene, renowned for providing a luxurious and exclusive experience to its patrons. It is essential to approach the situation with a clear understanding that business decisions of this magnitude are often made after careful consideration and assessment.”
IAG added that operators were told the abrupt closure of VIP rooms was a result of financial concerns on the part of OKBet.
