A Singaporean businessman lost a staggering S$26
million over three days of gambling at the
Resorts World
Sentosa (RWS) in early June. This
includes losing S$18 million in a single day alone and playing
baccarat at S$400,000 per hand.
According to Today newspaper, the
businessman’s tale began in March, when he was granted a
$500,000 credit line by the casino. He claimed that at no point in
time did the casino perform a background check on his
financial situation. The businessman is currently consulting a top
law firm about possible legal action against the casino.
He added that in the application process of obtaining the credit
line, he simply filled in the application form, deposited
S$100,000 and handed over a blank cheque. The businessman, in his
50s, is a managing director of a multi-million dollar company.
In April, he said that his credit line was extended to S$2
million and over the weeks, he won and lost several hundred
thousand dollars, even losing S$6 million in a single
session.
In early June, the businessman suffered his biggest loss of
S$18 million at one sitting. In subsequent sessions, he
won back some money but in total, he gambled away S$11
million during that one-week period.
It’s reported he has since repaid $10 million but based
on legal documents dated July 22, the businessman’s
debt to the RWS still amounts to some $13 million. It’s unknown
whether it has been settled.
His lawyers are now considering legal action for “negligence,
breach of contract or breach of statutory duty against the
casino”.
They claim “RWS had encouraged irresponsible gambling
and had breached the duty of care owed to the businessman. They
referred to the casino willingness to extend their client’s credit
from S$500,000 to a staggering S$2 million.”
The businessman claimed that after losing $4 million in
one session, his girlfriend pleaded to the
RWS senior officer to stop granting him more credit but was
instead told that his credit line could be further
extended. He said he even met RWS chief executive, Tan Yee
Teck, who offered him a “rolling figure” which equalled to a
3.3 million discount.
In other countries, gamblers have tried to unsuccessfully
sue casinos for their huge losses. The cases were dismissed when
the courts ruled that the casinos in question
have no obligation to protect the gambler.
According to
DMG Research, at the current
rate, Singapore is already the second biggest casino market in Asia
after Macau and is posed to overtake Las Vegas as the biggest
casino market in the world, in two to three years’ time. The firm
also estimates that both Singapore casinos earn over S$16 million a
day.
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Hahaha, quite true Noob,
if kenna this pick guy above, dun play play lor, lucky it
is at RWS, not so confusing as MBS.