Tycoon Loses A Staggering $76.5 Million At Singapore Casino

Date: 10/29/2010
Dear Sirs

1. We refer to the above matter.
2. On or about 18 October 2010, we published an article written by S.Taylor on
our website (www.onlinepoker.net) entitled “Tycoon Loses A Staggering
$76.5 Million At Singapore Casino” (“Defamatory Article“).
3. The Defamatory Article initially reported that ” Singapore’s 40th richest man
lost an incredible US$76.5 million (S$100 million) while playing baccarat at
two of Singapore’s casinos. While the reports fail to mention the man’s name,
apparently Sunny George Verghese is ranked number 40 on Singapore’s rich
list, who is the CEO of the huge agricultural product exporter company Olam
International. ”
4. The Defamatory Article contained the following statements and allegations
(“Untrue Allegations “) :
CEO of Olam International Limited, a listed company on the SGX, is
And/or has been engaged in gambling.
b. Mr Verghese and/or has been an excessive and/or compulsive gambler
who has been accused of being an imprudent and/or reckless businessman
and individual.
c. Mr Verghese is and/or has been an excessive and/or compulsive gambler
who has been accused of being unsuitable to run and/or manage Olam
International Limited, a listed company on the SGX.
d. Mr Verghese is and/or has been accused of allowing his gambling habits
and/or gambling losses to place Olam International Limited, a listed
company on the SGX, at business risk.
5. We hereby unreservedly retract the Untrue Allegations and the Defamatory
Article. We acknowledge and accept that the Untrue Allegations are
defamatory of Mr Verghese and are entirely false and baseless. The Article
has since been amended to remove all references to Mr Verghese.
6. We also apologise unreservedly to Mr Verghese for the display and
circulation of the Defamatory Article and for the publication of the Untrue

A report which appeared recently in local newspapers claims one of Singapore’s top 40 richest men lost an incredible  US$76.5 million (S$100 million) while playing baccarat at two of Singapore’s casinos.
While the report fails to mention the man’s name, it could in fact be any one of many on the Singapore rich list. However, anyone in the top 33 would surely be smarting after the gambling spree considering their personal wealth is estimated at less than $200 million each.
The two casinos which benefited from the high-roller’s losses at the baccarat tables were the Marina Bay Sands and Resorts World Sentosa. In addition, another high-roller from Sabah in Malaysia, lost US$38.3 million (S$50 million) at the same two casinos over a similar period representing a combined loss for the businessmen of US$115 million.
Commenting on the news, the Director of the Center for Gaming Research at Nevada University, David G. Schwartz said:
“That’s a ton of money. They could have pooled a little more money together and bought the debt on M Resort.”
In the meantime, Tuesday saw shares in Las Vegas Sands soar on the New York Stock Exchange, before closing up a staggering 38% at $39.
Las Vegas Sands Chairman Sheldon Adelson (pictured above) has even predicted that the Marina Bay Sands would soon achieve an annual cash flow of around $1 billion. Adelson said he also believed that within just a few years Singapore would replace Las Vegas as the world’s second biggest gambling resort.

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