20/08/2010, Casino

A Singapore businessman lost the incredible amount of $26 million over three days of gambling at the Genting's Resorts World Sentosa in Singapore.

Apparently, the 50 year-old businessman, who is a managing director of a multimillion dollar company, was granted in March a $50k credit line which he extended to $2 million by April at the same casino. In June he suffered his biggest loss of $18 million during one single session at the casino, when he wagered up to $400,000 a hand at the Baccarat tables.

The man is currently consulting a law firm for taking legal action against the casino. His lawyers claimed the casino “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.”

His lawyers also said that after losing $4 million in one session, his girlfriend cried and asked the RWS senior officer to not provide any further credit.
I personally think the casino is counting on several judicial precedents when gamblers unsuccessfully sued casinos for their huge losses and the courts ruled that the casinos had no obligation to protect the gamblers.

Dealing with this type of clients, there is no wonder the Genting's Resorts World Sentosa announced a massive $397 million net profit for the quarter ending June, compared to a $50.7 million loss for the same period in 2009. Singapore represents the second largest casino market in Asia after Macau. According to DMG Research, the two casinos here gain over $16 million per day.