Cryptocurrency firm Dragon Corp’s plans to build a floating casino in Macau appear to have sprung a leak but the company claims its VIP gaming business is off and running in South Korea.

Last September, Dragon Corp burst onto Macau’s casino scene with ambitious plans to introduce blockchain technology into local junket operations. The company planned to raise $400m via its Dragon Coin (DRG) initial coin offering, which would help fund the construction of a $300m, 1,600-square-meter floating Dragon Pearl Casino Hotel.

On Tuesday, Macau Business reported that Brova Idea AS, the Norwegian firm that Dragon Corp enlisted to develop its floating casino, had backed out of the project last November because, among other things, Dragon Corp kept delaying its first scheduled payment.

Brova Idea chairman Milo Andric told Macau Business that he’d traveled to Hong Kong at his own expense while his company was still in negotiations with Dragon Corp, to help pitch the project to investors.