Macau (MNA) – A Malta based investment venture named Wide Rich Global Company is aiming to raise US$1 billion through a virtual currency Initial Coin Offering (ICO) in order to buy local casino management and technology company services Declub International Company Limited of Macau (DeClub Macau).
The purchase is said to be one step to acquire a Macau junket operator license and several land-based casinos and build the world’s first blockchain-based casino gaming club, according to the project’s white-paper.
DeClub is said to have been founded in 2017, with its CEO being, Kennis Wong, being the former CEO of former junket investor Jimei International Entertainment Group Limited.
The company is described as providing professional mass gaming area membership management services for licensed casinos.
DeClub’s casino advisory team also includes Paddy Fung Kwok Hung a Senior Vice President of Marketing at Louis XIII Holdings Limited – now The 13 Holdings Ltd – the group responsible for The 13 luxury hotel casino, and Senior Vice President of VIP Business Development at Australian gaming group The Crown Resorts Limited.
‘We will first provide a fair, transparent and borderless tokenized casino gaming platform for all gaming players where everyone can enjoy VIP service and get the ultimate casino experience,’ the project document indicates.
The company is looking to use decentralized blockchain-based technology to upgrade gamers information databases in terms of security and efficiency for land-based casinos and establish decentralised online casinos.
‘We leverage blockchain technology to manage all players information to achieve casino information sharing with guaranteed privacy and security information. Even if the players are scattered in different casinos, they can enjoy the ultimate casino gaming experience thanks to real-time synchronisation of information,’ the company whitepaper stated.
The project involves Wide Rich issuing 20 billion DEC tokens based on the Ethereum cryptocurrency on October 15, which will offers righs to host, refer, and invest in cash lending pools in the project’s future land and online casinos.
Half of the tokens are to be sold and the other half to stay under the management team, with a softcap for the sale at 10 million DEC. Wide Rich has scheduled a token pre-sale for November 15.
Some 35.5 per cent of the money raised will be set for purchasing a junket license and land-based casinos, 18.5 per cent for the casinos management, 10 per cent for building a token economy, 9 per cent for online casinos and 14 per cent for contingencies, with the remaining for expenses and legal expenses.
The company is considering purchasing at least three land based casinos, having considered casinos in Macau; in Busan, South Korea; Singapore; Manila, Philippines and even Dutch Caribbean island Curaçao.
DeClub expects to have 250 gaming tables under its management in 2018 and 700 in 2019.
A similar gaming blockchain named Dragon Coin was initiated last year.