South Korean casino operator, Landing International, reported that $13.4 million USD (14.5 billion KRW) was stolen from their Shinhwa World Resort Casino located on Jeju Island.
This massive loss is clouded in mystery, no less, as the thief/thieves stole the entire amount in cash with just 50k KRW bills. Those bills equate to roughly $46 USD.
This means that over 600 lbs. of cash was taken out of the resort, which borders astonishment, intrigue, and disbelief.
With understandable reluctance, Landing International didn’t immediately announce the full scope of the event. The week of January 4th, the South Korean operator informed the Hong Kong Stock Exchange of the matter—though not in full detail.
It’s understandable that a company wouldn’t outwardly admit to a theft of such magnitude. The risk to their stock prices, customer safety, and insurance are all too great. Thus, Landing international announced, first, that the funds went missing as they were absconded by an employee.
A report was filed by Landing International that led the local police to start an investigation. The report was filed against a Malaysian employee whose role was in fund management. This employee happened to go missing as the funds were discovered as missing.
Though they have a suspect, there hasn’t been much leeway in the search for the funds or the employee—or even a confirmed theft.
Local police were able to obtain security footage, but recordings of time the event would have taken place were erased. This still leaves the question of how over 600 lbs. of cash could be removed from the facility, especially without an accomplice.
The Jeju Island resort casino has seen a significant drop in tourism since the announcement. Though that decline can also be attributed to the pandemic and quarantine measures, a police investigation isn’t very inviting for casino players.