Businessman Loses A Staggering $26m In Gambling Spree At Singapore CasinoAugust 19, 2010 9:30 am
A local businessman woke up to a massive financial hangover after blowing a staggering SG$26.3m (US $19.35m) on a three day gambling spree at the Genting’s Resorts World Sentosa in Singapore.
Apparently, in March the millionaire businessman was granted a SG$500k credit line at the casino which was extended to SG$2 million by April. However, as the 50 year-old businessman’s losses started to mount and exceed his agreed limit, he claims he was assured by one of the RWS’ senior officers that the casino had extended his credit.
After several months of winning and losing at the casino, events came to a head in June after he lost a massive SG$18 million during one session at the Genting’s Resorts. Despite winning SG$3.7 million in his next session he proceeded to lose a further SG$11 million over the next two days to go SG$26.3m in the red.
The high rolling gambling addict would apparently wager up to $400,000 a hand at the baccarat tables and at one stage, when his losses on the day exceeded SG$4 million, his girlfriend was reduced to tears and pleading with the RWS’ senior officers to not provide any further credit.
The businessman has now settled SG$10 million of his debt but has now hired lawyers who believe the way in which the Genting’s Resorts World Sentosa rendered meaningless his credit limit was a clear case of negligence and breach of contract.
Concerning how to proceed, the law firm representing the Singapore businessman have recommended writing to RWS and explained:
“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.”
In the meantime, Genting Singapore has recorded a massive $397 million net profit for the quarter ending June 30th compared to a $50.7 million loss for the same period in 2009.