This Shenzhen-based online sports lottery company is a pioneer of its industry in China, offering a variety of lottery-related products. The firm’s ambitions extend much more widely, however. By 2017, it branched out into the European lottery market, and soon proposed to enter the IR industry and other businesses as well. More recently, the company has been hit by major regulatory changes in the lottery markets in which it operates.
500 Dot Com has signaled interest in participating as an operator in the Japan IR market on several occasions, including a proposed partnership with Japanese tourism company Kamori Kanko to bid to bring an IR to Rusutsu village, as well as in regard to a possible IR in Okinawa.
Family Name: Pan
Given Name: Zhengming
Role: President and CEO
Profile: Educated as a lawyer, Pan worked for the Hong Kong branch of Deutsche Bank before joining 500.com as CFO in 2011. He has served in his current capacity as President and CEO of the company since 2015.
China lottery service provider 500.com posted a widened net loss in the first quarter of 2019, reaching 93.2 million yuan (about US$14 million), due mainly to a fall in revenue.
China lottery service provider 500.com on Thursday reported a widened net loss for the 2018 year period, totaling 453.9 million renminbi (about US$66 million), compared to a loss of 332.4 million renminbi (about US$48 million) in 2017.
For the first time since a press release was issued a year ago, Kamori Kanko has openly confirmed to AGB Nippon that the reported investment agreement with a consortium led by the Shenzhen-based online sports lottery service provider 500.com, Sequoia Capital China, Vision Knight Capital, and SIG Asia Investments, was in fact never finalized.
Hokkaido’s leading tourism and hospitality company, Kamori Kanko, has reasserted its claim that its ski resort at Rusutsu village should become the basis for the prefecture’s hoped-for IR bid, attempting to shoulder aside the Tomakomai candidacy favored by most international IR operators and the experts advising the Hokkaido Prefectural Government.
The victory of the All-Okinawa candidate for governor, Denny Tamaki, would appear to bring to an end any chance that Okinawa Prefecture will join the race to host an IR.
Zhengming Pan, CEO of 500.com, the Shenzhen-based online sports lottery service provider, is back in Okinawa pitching his IR plans, but this time he brought along a potential partner, Kevin McGowen, CEO of Les Ambassadeurs Club in London.
500 Dot Com, an online sports lottery service provider in China, said Lei Zheng has resigned as chief operating officer of the company due to personal reasons, effective Friday.
On the issue of IR development in Japan, the Shinzo Abe government has, from start to finish, acted like a political bulldozer, assuming that the opposition parties and the majority opinion of the Japanese people could simply be swept aside by overwhelming force. This approach has indeed taken them a long way forward, but the costs are now mounting and the limits may be in sight.