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Thread: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

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    Default This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    http://www.todayonline.com/Hotnews/EDC100818-0000040/Local-businessman-loses-$26m-at-RWS-casino-over-3-days

    $26M.

    SINGAPORE - In what is said to be one of the biggest losses yet at a Singapore casino, a local businessman lost $26.3 million over three days of gambling in June. This included a staggering $18 million that he burned in one day alone, playing baccarat - a card game - at $400,000 a hand.

    According to documents that Today has obtained, the businessman's tale of woe began in March, just weeks after Resorts World Sentosa (RWS) opened, when he was granted a credit line of $500,000 by the casino.

    The Singaporean, who is consulting a top local law firm about possible legal action against the casino, claimed that the casino at no time performed any background checks on his credit-worthiness or his financial capacity. He had simply filled in an application form, deposited $100,000 and handed over a signed blank cheque, he claimed.

    Subsequently, in April, the casino increased his credit line to $2 million, he told his lawyers. In his 50s, the businessman is a managing director of a multi-million-dollar company.

    Over the weeks, he reportedly won or lost several hundred thousand dollars each time he visited the casino, with his losses running as high as $6 million in the course of a single session. To draw on his credit line, he said, he signed a form and was given the requisite amount of chips.

    In early June, he made his biggest loss of $18 million yet in one session. Two days later, he went back to the casino and recouped some $3.7 million - but then two days after, he lost a further $11 million.

    At one point during this third session when his losses crossed the $4-million mark, so the businessman claimed, his girlfriend started crying and pleaded with one of RWS' senior officers to stop providing him with more chips on credit.

    The same officer, he claimed, had repeatedly assured him over the course of the gambling sessions that the casino was prepared to extend him further credit, even though his limit had long since been exceeded.

    Of his $26.3 million loss, the businessman repaid $10 million almost immediately.

    The businessman claims to have then met with RWS chief executive Tan Yee Teck, who offered him a "rolling figure" - which amounts to a discount - of $3.3 million.

    According to the legal documents, dated July 22, the gambler owed RWS some $13 million at that point in time. It is unknown if the debt has since been settled.

    When contacted, an RWS spokesperson said the group does not comment on its customers.

    The businessman's lawyers have advised him to explore if an amicable resolution can be reached with the casino. But they also think he may have a case of negligence, breach of contract or breach of statutory duty against the casino.

    Under the Casino Control (Credit) Regulations, an operator who enters into a credit agreement with a patron should, apart from specifying a credit limit, develop and implement criteria to assess the patron's creditworthiness. The operator must also have approval procedures for any increase in the credit limit.

    In the lawyers' view, by substantially exceeding their client's earlier limits - by more than 60 times the original limit of $500,000, and 15 times the April limit of $2 million within a few hours to enable him to continue gambling "RWS had encouraged irresponsible gambling and had breached the duty of care owed to" the businessman.

    RWS' conduct of continuing to pile on credit effectively rendered the concept of a credit limit meaningless, the lawyers argued. This was more so as the person in question was not in the proper frame of mind to decide on the increases, they said.

    In other countries, there have been several instances of patrons suing casinos for their losses, cases which the courts have dismissed. Courts in other jurisdictions have noted among other things, that the casino was not bound to protect a gambler from his desire to wager his wealth.

    Despite this, the Senior Counsel from the local law firm recommended writing to RWS. "In the letter, the issues concerning RWS' failure to promote responsible gambling ... can be raised. Hopefully, this may encourage RWS to offer a haircut that would be acceptable to you ..." he wrote.

    Genting Singapore's turned in a sterling net profit of $397 million for the quarter ended June 30, compared to a loss of $50.7 million a year ago. Revenues rose to $979 million from $120 million a year ago.

    According to DMG Research, at the current rate, Singapore is already the second largest casino market in Asia after Macau, and could overtake the Las Vegas strip as the second largest casino market in the world after Macau in the next two to three years. The firm estimates that the two casinos here rake in over $16 million a day.
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  2. #2
    Member ireallydontlikepink's Avatar
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Indeed crazy ...
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    Senior Member wildcat's Avatar
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    OMG

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    Senior Member Kit's Avatar
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Its amusing really. Someone so stupid can amass so much wealth.....

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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Someone once told me that gamblers sometimes are very good at making money... they have to fuel they gambling addiction, so they work very hard for money... these are not those desperate type where they rob, borrow loan sharks kind.

    u often hear hawkers that earn alot, but also gamble alot...
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  6. #6

    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Quote Originally Posted by Kit View Post
    Its amusing really. Someone so stupid can amass so much wealth.....
    ............................
    Last edited by ninelives; 19th August 2010 at 02:48 AM.
    Objection !!!

  7. #7
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    it is peanut to him . . .

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    Member enzeru21's Avatar
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Quote Originally Posted by weegk View Post
    it is peanut to him . . .
    peanut to him then why the girlfren crying?? cos she got less money to buy prada?

    never supported the casino in singapore.. all the aunty and uncles gambling their money away..
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Looks like the casino is addicted into providing a cash line carrot and only sees the almost guaranteed money ahead!

    The poor man, what can I say? He needs some mental help, addiction is a mental disease

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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    wah better go buy Genting shares.....

    sorry, I cannot feel sorryfor this whining rich gambler............. lose money , now want to chow kah

    hope he loses his case
    shaddap and just shoot .... up close
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    Member enzeru21's Avatar
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Quote Originally Posted by ed9119 View Post
    wah better go buy Genting shares.....

    sorry, I cannot feel sorryfor this whining rich gambler............. lose money , now want to chow kah

    hope he loses his case
    ya but i feel sorry for the girlfren... sianx lor.. there goes all her allowance
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  12. #12

    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Quote Originally Posted by ed9119 View Post
    wah better go buy Genting shares.....

    sorry, I cannot feel sorryfor this whining rich gambler............. lose money , now want to chow kah

    hope he loses his case



    can anyone guess which company he is working for?
    Last edited by ninelives; 19th August 2010 at 02:48 AM.
    Objection !!!

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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Quote Originally Posted by ed9119 View Post
    wah better go buy Genting shares.....

    sorry, I cannot feel sorryfor this whining rich gambler............. lose money , now want to chow kah

    hope he loses his case
    For genting, already went over the hill..........wait for MBS revenue news

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    Senior Member Sion's Avatar
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Quote Originally Posted by enzeru21 View Post
    peanut to him then why the girlfren crying??
    She crys because she realizes $26m can feed a lot of hungry children in third world countries.

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    Senior Member Sion's Avatar
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Quote Originally Posted by ninelives View Post
    can anyone guess which company he is working for?
    You better pray it's not the bank you put your money in.

  16. #16

    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    I don't sympathise with the rich. I think they deserve it. But it is good that the news can show the public how these Casinos work. How they capitalize on punters' weakness to make more profits.

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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    I am sick of hearing such stupidity acts although I must admint that his money is for him to spend, nobody can prevent that from happening...

    But look at the pictures in the newspaper today, you have floods in Pakistan and famine in Nigeria...think of what SGD26 million can help these people.

    Its a shame for the businessman to waste away his money, serve him right. Blame the casino for neglience!!! nonsense. It will never stand in court, just like other similar American and European cases.

    Bring him to see a psychiatrist immediately.

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    Senior Member Cheesecake's Avatar
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    wow!!! 26million?!


    to b honest, serve him right! ORBI GOOT!!!


    reminds me of a old-skool nursery rhyme!

    A B C, kiam chai char roti

    roti bo hor jiak

    cheesecake pangsai kor leh jiak!!
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    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    Quote Originally Posted by hongsien View Post
    For genting, already went over the hill..........wait for MBS revenue news
    MBS is listed?

  20. #20

    Default Re: This is so crazy! Local businessman loses $26m at RWS casino over 3 days

    He must have watched too many of that God of Gamblers movie.

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