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> Singapore tycoon blows SGD$100 Million

lastresort
post Oct 12 2010, 10:46 AM, updated 9y ago

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Local tycoon blows SGD$100 Million at the tables

http://www.todayonline.com/Business/EDC101...m-at-the-tables

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 $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 $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 $10 million to $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 $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 $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 $6 million off his debt initially and another $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.

This post has been edited by lastresort: Oct 12 2010, 12:06 PM
bananajoe
post Oct 12 2010, 10:57 AM

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QUOTE(lastresort @ Oct 12 2010, 10:46 AM)
Local tycoon blows $100m at the tables

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 $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 $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 $10 million to $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 $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 $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 $6 million off his debt initially and another $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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that is the stupidest comment i heard for today

swhung
post Oct 12 2010, 10:59 AM

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he should go back there again to win back his 100k.
absorb-d
post Oct 12 2010, 11:02 AM

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casino only cater games that play against the player's odds
statistically they are there to profit off you. if u win big once i suggest u take off cos in the long run, the casino always win. always.
phantomkid
post Oct 12 2010, 11:02 AM

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QUOTE(swhung @ Oct 12 2010, 10:59 AM)
he should go back there again to win back his 100k.
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100mil bro.

100million SGD = RM230mil.

These people got money dunno how to spend wisely ah? shocking.gif

inb4 youbutthurt
debbierowe
post Oct 12 2010, 11:05 AM

so fast 6 stars di...
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isnt this a retro news..
lastresort
post Oct 12 2010, 11:08 AM

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QUOTE(debbierowe @ Oct 12 2010, 11:05 AM)
isnt this a retro news..
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it's a different tycoon. this guy did not complain when he lost.
Ichibanichi
post Oct 12 2010, 11:08 AM

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to sue due to easy granting credit?

errr... can I sue bank for easy giving me credit card even I din apply it??
ichi_24
post Oct 12 2010, 11:10 AM

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myob, who cares
guna
post Oct 12 2010, 11:13 AM

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QUOTE(lastresort @ Oct 12 2010, 10:46 AM)
Local tycoon blows $100m at the tables

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 $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 $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 $10 million to $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 $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 $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 $6 million off his debt initially and another $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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hell yeah!

AllnGap
post Oct 12 2010, 11:15 AM

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when the money is just a piece of plastic with numbers on it, dont you think it's so easy to throw away on the table ?
wai2kit
post Oct 12 2010, 11:19 AM

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The life of the rich, aihz..
MPIK
post Oct 12 2010, 11:30 AM

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where is ur source?
debbierowe
post Oct 12 2010, 11:34 AM

so fast 6 stars di...
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QUOTE(lastresort @ Oct 12 2010, 11:08 AM)
it's a different tycoon. this guy did not complain when he lost.
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oh.. i remember reading about a seafood tycoon sometimes ago
Polaris
post Oct 12 2010, 11:35 AM

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Singapeore economy BOOM!
swhung
post Oct 12 2010, 11:38 AM

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i go singapore in the mrt station they stick posters saying gambling kills, gambling destroys family, etc.

despite the warning ppl still do it. lol.
marsupilami
post Oct 12 2010, 11:44 AM

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orang bijak pandai mmg camtu
hetfield85
post Oct 12 2010, 11:47 AM

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$100 mil is a lot of money ohmy.gif . If the amount channeled to charity organization..many people can be benefited. wink.gif plus a ticket to heaven thumbup.gif
satayboy2003
post Oct 12 2010, 11:53 AM

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QUOTE(swhung @ Oct 12 2010, 11:38 AM)
i go singapore in the mrt station they stick posters saying gambling kills, gambling destroys family, etc.

despite the warning ppl still do it. lol.
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and also stop the buses that drive to the casino.. fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu
Danielle Lav
post Oct 12 2010, 11:55 AM

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uncle lim is smiling in his grave

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