Local businessman loses $26m at RWS casino over 3 days
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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. -
a professional with a gambling addiction n galfrend crying???needs like he needs councilling...i thought only pooe people had this problem but professional lawyers too!!!
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Originally posted by Terminator Hitman:
a professional with a gambling addiction n galfrend crying???needs like he needs councilling...i thought only pooe people had this problem but professional lawyers too!!!
In his 50s, the businessman is a managing director of a multi-million-dollar company.
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Loser... lose already den wanna sue casino for giving him credit to bet.
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Originally posted by Junyang700:
Loser... lose already den wanna sue casino for giving him credit to bet.
casinos should follow the rules on credit extension.
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me like baccarat oso
and now we know which share to buy
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Originally posted by FireIce:
me like baccarat oso
and now we know which share to buy
Too late. They announce their financial results liao. Those who bought a month earlier are damn rich now... LOL...
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no self control over gambling.
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My friend is the reported punter. I knew him very well, the amount he lost is no sweat to him. Even he were to lose this amount 5 times, he is still a well off millionaire. He is not on SPH's yearly top richest person of Singapore because he is low profile and cash rich. Some on the list cannot hold a candle to him. That's the truth.
He sue the casino not to recover the loss but to prove a point that casino should have a sense of social responsibility. No casino in this world will extend such credit to anyone without doing background search. Obviously the casino know he is capable to pay up, that's why they provide him the extended credit.
Always remember All Gamblers TAKE RISK but Casino only Take Calculated Risk! -
Originally posted by Punter's Friend:
My friend is the reported punter. I knew him very well, the amount he lost is no sweat to him. Even he were to lose this amount 5 times, he is still a well off millionaire. He is not on SPH's yearly top richest person of Singapore because he is low profile and cash rich. Some on the list cannot hold a candle to him. That's the truth.
He sue the casino not to recover the loss but to prove a point that casino should have a sense of social responsibility. No casino in this world will extend such credit to anyone without doing background search. Obviously the casino know he is capable to pay up, that's why they provide him the extended credit.
Always remember All Gamblers TAKE RISK but Casino only Take Calculated Risk!You signed up just to say that?
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I just want to clarify that he capable of rational decision and he already make good his due to RWS. He manages his businesses and investments very well.
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His normal budget per gambling session is SGD$1M, he acknowledged that this time he went overboard, which is not usual of him. Anyway he treat it as going to casino 26 times less per year. He is still surviving very well! Not many millionaire in Singapore can still be as financially well off as him after lossing SGD$26M.
Singapore may be small, but HIDDEN BIG FISH do swim around!!!!!! -
Originally posted by Punter's Friend:
I just want to clarify that he capable of rational decision and he already make good his due to RWS. He manages his businesses and investments very well.
hello - what is there to clarify !!!
Casino offer - he have the right to say yes or no !!!
He who is capable of rational decision decide yes ... and lost.He then sue ... for what ?
Here you telling us he is rational in decision - so when he say yes - that time he rational or not ? If rational mean he fully understand the mistake and he happily go along with it.
here is a rational question - this is his issue, why you so eager to defend him here. Rational reason behind ?
A) carry balls
B) nothing better to do
C) add oil to fire
D) all of the above !!!Rational Answer = D
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26m? he must have at least 100m in his networth.
26m just gone down the drain, what an expensive way to lose your money for these rich people. or maybe the 26m is swindled from his company or other people.
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Imagine how many people you can help with 26m?
Haiz
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scally is our very wealthy businessman in spore. wondering who he is high net worth with almost a billionare dollars. what is 26m when he is worth 500m. 26m is maybe few hundred thousand dollars to the average sporean.
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Seafood boss loses $26m
THE businessman who lost over $26 million at the casino in Resorts World Sentosa (RWS) helms one of Singapore's biggest seafood distributors.
Mr Henry Quek is the managing director of Far Ocean Sea Products, a seafood processing and trading company operating out of Fishery Port Road in Jurong.
The businessman, who is in his 50s, is also the president of the Seafood Industries Association Singapore, a group which comprises local companies that process, manufacture and trade in seafood.
Mr Quek lost the money during a three-day gambling spree in June, according to a MediaCorp report earlier this week, which did not name him.
Contacted by The Straits Times yesterday, Mr Quek declined comment.
A friend who did not want to be identified, however, said he understands that the businessman was staring at much higher losses at one stage during the gambling spree, but managed to claw some back.
-- ST
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wah.. my sec sch friend's father distribute vegetables.....
my friend, drives an Audi A4. -
oh now we know who got girlfrined
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just go to the sea & get more money lor....
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LIm Kok Thay Surely identify him already. The first day in Wan Bao. Lim kok Thay Late night call to RWS chief executive Tan Yee Teck.
Ask him to handle the case as top prority in the morning. I am Very SURE Sure give MR. QUEK 1 M Rolling chip, Free accomdation, Free entrance. Pass him a namecard. Mr Tan will service him personally.ANYTHING please feel free to come to me. Dun need to go to his subordinate.LIFETIME FREE. Anything call him he will make arrangement. RWS really know how to handle customer. Give him discount. MAKE HIM come back to gamble for more. Not let him feel unhappy but always welcome him with a SMILE.
If i not wrong. He gamble at the hotel top floor where you can watch the beautiful scenes of Sentosa.
On the other hand. MARINE BAY SANDS deputy CEO will also contact Mr. Quek. Invite him to MBS.
FREE ACCOMDATIONFREE ENTRANCE
GOOD SERVICE.
THE CEO OF MBS will kanna Wack by his ANG MO Boss. Wahahaha.
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good lah casino making good money....good earning result to recover high investment.
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Even if he sue, I doubt he can win. I mean, if the Court sentence that he win, it is opening up a floodgate for people who lose to sue the casino for the debts to be waivered off or even to get compensation. There were simliar case in other countries which I read in the papers. The people who sued (those who lost money to the casinos) did not win.
Moreover, it is a matter of self control. How many gamblers lost because they are in lack of self control, not stopping when they should?
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So, is he married, or does he have a girlfriend?
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Originally posted by ditzy:
So, is he married, or does he have a girlfriend?
He got divorced 12 years ago