Media Corp Limited
Ailing online casino and poker outfit Purple Lounge has now entered liquidation, it has recently been announced. The sites operated by the company went offline at the end of April after they failed to generate any dividends for their owner, Media Corp, who had been beleaguered by the casino's poor performance, suffering a 75% share value drop in just twelve months as a result.
Two months ago directors were quoted as "considering a number of options" for Purple Lounge to control losses, and the termination of the company is cited as being down to "historic operational and financial failings".
Whilst the entire staff base has been made redundant, players' funds are still trapped within Purple Lounge: Given that the casino was licenced and regulated in Whitelisted Malta, players ought not need to worry, however there is a possibility that player accounts had not been segregated and ring-fenced as the Maltese authorities required them to be. Even more worryingly, the casino voluntarily had its licence with the Maltese Lotteries and Gaming Authority terminated when it went offline, leaving the regulator unable to help customers.
If this is the kind of treatment that even a casino licenced in a Whitelisted jurisdiction can give its clients, then the ramifications may spread further than Malta…
