The chief executive of 500.com, a Chinese sports wagering firm, has stepped down following accusations of bribery in Japan. The organization is being probed for potential illicit payments associated with the construction of gambling establishments in Japan. The company’s president has also resigned.
The present head of technology for 500.com has been elevated to the temporary position of chief executive officer.
News from Japan indicates that the Japanese division of 500.com, founded in 2017, is accused of offering illicit payments to Japanese official Tsukasa Akimoto, totaling roughly $30,000. This alleged payoff was connected to a planned gambling establishment in northern Hokkaido. Akimoto was taken into custody in December and refutes the claims.
A law enacted in 2018 permits the construction of three gambling resorts in Japan, with the possibility of additional projects seven years after the first casinos open.
Possible sites for these resorts include Okinawa, Osaka, Yokohama, Wakayama, Sasebo, and Tokyo. However, the head of Hokkaido declared in November 2019 that the prefecture would not seek an immediate proposal to build a casino resort due to worries about the project’s environmental consequences.
The Japanese administration will officially establish a regulatory organization this month to oversee the country’s land-based casino sector.