South Korea Casino Comes Up $13 Million Short in Cash

South Korea Casino Comes Up $13 Million Short in Cash

South Korea Casino Comes Up $13 Million Short in Cash

Just after the first of the year, Landing Casino realized it was missing $13 million. The loss at the Jeju Island casino in South Korea has been tied to a possible insider theft.

Landing Casino is the second-largest gaming venue in the country. It is known for hosting major poker tournaments. Two of the biggest are:

  1. Triton Super High Roller Series
  2. PokerStars Red Dragon

Local authorities have already recovered close to $11 million in cash.

However, it has not been confirmed this is part of the original loss. There are sill more questions than answers concerning the money’s disappearance.

An investigation has been tied to a female Malaysian employee. She was the person primarily responsible for handling the cash. Wong Hoi Po is the Executive Director of Landing International Development Ltd. In his statement to investors concerning the loss, the female employee was mentioned.

Local police have tried to track her down. However, she never returned from a holiday vacation at the end of the year. There is no available surveillance video of the theft. The investigation now centers on tracking the location of the actual cash.

A local news source close to is the Korea Times. The report states that the casino was not aware of the missing cash right away. This was due to the large amount of cash that was being stored in the casino safe.

More recently, the recovered $11 million in cash covered two different locations. There was $8 million stored undetected in the casino’s VIP room safe.

Money was also located at the female suspect’s residence. She had previously vacated those premises while leaving the money behind.

Local police stated that the recovered money was in new 50,000-won bills. This points to possible accomplishes in the theft.

The total stash of cash would have been quite heavy to transport. This points to other parties involved in the transportation end of the crime. The search is focused on three individuals. The original suspect along with a Chinese national are travelling somewhere overseas. The third suspect is still located somewhere in South Korea.

The police still do not have any clear leads leaving “all possibilities open” in the investigation. With the focus on the missing cash, transporting it out of the country tops the list.

Given the size and weight, moving the cash via an airport or seaport would be problematic. This has been heightened by ongoing coronavirus travel restrictions.

The Landing Casino on Jeju Island is a highly popular tourist attraction. Jeju Shinhwa World Landing is the owner and exclusive operator of the casino property. Last year ended on a down note with a reported loss of $102.2 million tied to the coronavirus pandemic.

The chairman of the board at Landing International Development, Ltd was also in the news in late 2020. Yang Zhihui was forced to stepdown from his role on the board of China Dive Company Limited. Moreover, this was amid allegations ties to manipulating the securities market.

Drake Achilles

Drake Achilles

Drake Achilles is a college student from Canada. He has been in the business in one way or another from the majority of his life. He brings knowledge and experience to the Play Slots 4 Real Money website.


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