S'pore tycoon blows S$100m at the tables
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SINGAPORE - Sources have told TODAY that a local businessman, who appeared on the latest Forbes list of Singapore's 40 richest people, recently lost a total of S$100 million at the two casinos here.
While significant, this is a fraction of his estimated net worth. But he's not the only high-roller to discover that "the house always wins".
Around the same time, sources said, another tycoon from the timber-rich East Malaysian state of Sabah lost S$50 million here.
"These guys can well afford the losses," said one high-roller who is a regular at Singapore's two casinos - at Resorts World Sentosa and Marina Bay Sands.
However, while gamblers losing S$10 million to S$20 million over a few sessions in the rooms reserved for high-rollers are no longer a rare breed, the source said that whispers of these two businessmen parting with a total of S$150 million have raised more than a few eyebrows, even among the regulars.
News of these two multi-million-dollar casino losers comes amid an update that local businessman Henry Quek, who lost S$26 million during a three-day gambling spree, is said to have settled his debts.
Mr Quek, the managing director of Far Ocean Sea Products, a seafood processing and trading company operating out of Fishery Port Road in Jurong, had initially considered legal action against Resorts World Sentosa for granting him credit too easily.
It is understood that the casino had shaved S$6 million off his debt initially and another S$3 million after the media reports about the case.
Mr Quek is said to have settled the rest of the outstanding debt. Unlike Mr Quek, the two latest multi-million-dollar losers, who are believed to have put their money at gaming tables of both Resorts World Sentosa and Marina Bay Sands, are said to have absorbed their losses without any complaints.
Against the backdrop of such mega-losses by individual high-rollers, analysts say it is not surprising.
Mr Sheldon Adelson, chairman of Las Vegas Sands, parent of Marina Bay Sands, predicted that Singapore could, in a few years, overtake Las Vegas as the world's second-largest gaming centre behind Macau.
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they go there to play not to win but just to play
this amt of money to them is sup sup soi.................
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WHAT NONSENSE.................S'pore overtake Las Vegas............with just 2 lousy casinoes..........!!!
unless all the rich people in Asia come here lah...........
anyway those clowns that lose 100m or 50m they're idiots that inherited money from their fathers lah..............
real businessmen will never lose that much............becoz going to casinoes is a losing business right away !
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Originally posted by Asromanista2001:
WHAT NONSENSE.................S'pore overtake Las Vegas............with just 2 lousy casinoes..........!!!
unless all the rich people in Asia come here lah...........
anyway those clowns that lose 100m or 50m they're idiots that inherited money from their fathers lah..............
real businessmen will never lose that much............becoz going to casinoes is a losing business right away !
another writer that writes with his/her eyes closed.....there are 44 casino on the main strip alone exclude the entired state of Nevada.......
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What stupidity is this? Any billionare businessman will know at a casino, house always win leh. Our standard of journalists really low nowadays issit?
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Originally posted by Asromanista2001:
WHAT NONSENSE.................S'pore overtake Las Vegas............with just 2 lousy casinoes..........!!!
unless all the rich people in Asia come here lah...........
anyway those clowns that lose 100m or 50m they're idiots that inherited money from their fathers lah..............
real businessmen will never lose that much............becoz going to casinoes is a losing business right away !
Go inside networking? kekekeke...expensive!$100m for them is like $10.
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Originally posted by Asromanista2001:
WHAT NONSENSE.................S'pore overtake Las Vegas............with just 2 lousy casinoes..........!!!
unless all the rich people in Asia come here lah...........
anyway those clowns that lose 100m or 50m they're idiots that inherited money from their fathers lah..............
real businessmen will never lose that much............becoz going to casinoes is a losing business right away !
We cannot overtake because 'What happens in Vegas, stays in Vegas'.
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It's okay, Temasek, GIC also lost billions still okay.
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hope the wastrel businessman go bust...................
''MOMMY.........DADDY..............i lost 1 Billion at the casino...............how ah ???''
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Casinos need those pple to burst their few million dollars.
Casinos need to pay employees, employers and shareholders salary and dividends.
Lai lai lai, come and lost money.
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even if you are a billionaire, 100 million is 10% of 1 billion. do you call that just a fraction? mathematically, a billionaire can afford to lose only 10 times.
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Singapore got tycoon??
How come Singapore tycoon is so rich like a tycoon but cannot afford to fly first-class to Las Vegas to gamble?
Air ticket expensive?
Ohh...I remember the common excuse, "My time is precious, so I don't want to waste my time flying over to Las Vegas"
Then how come they can afford to spend hours at the casinos in Singapore but no money to go Las Vegas?
I think only GOD will know the truth, and I also better start praying about it.
My curiousity usually drive men crazy.
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Lets buy more toto hoping to strike few hundred thousands of dollars. Mini-millionaire.
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Originally posted by parn:
My curiousity usually drive men crazy.
unfortunately for you, i am not and i wun be driven carzy by your curiosity,your curiousity like a child makes me go gaga over you...
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for those who think the guy stupid... erm... he can lose another few hundred millions and still richer than you... the fact that he can get to where he is means there's something in those brains...
but based on my experience, people who do business are usually risk takers and that's also exactly why they also enjoy gambling. can't say gambling is bad, because perhaps the risks they took is exactly why they became so rich.
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They win big, they lost big.
If they can give a little to help the poor and the needy.
That will be good.
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Originally posted by parn:
Singapore got tycoon??
How come Singapore tycoon is so rich like a tycoon but cannot afford to fly first-class to Las Vegas to gamble?
Air ticket expensive?
Ohh...I remember the common excuse, "My time is precious, so I don't want to waste my time flying over to Las Vegas"
Then how come they can afford to spend hours at the casinos in Singapore but no money to go Las Vegas?
I think only GOD will know the truth, and I also better start praying about it.
My curiousity usually drive men crazy.
the super rich never have to go to the casinos on their own. the casinos entice them with free transport and women. they literally 'carry' them right to the gambling table.