5 December 2011
SINGAPORE - The Republic's gaming sector is expected to rake in close to US$7 billion (S$9 billion) next year in revenue, as it cements its position as the world's second most lucrative gaming market.
According to a report by Citi Group, the combined gaming revenue for the casinos at Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) could be around US$6.9 billion next year. This after Citi factored in a 13 per cent year-on-year increase from this year's numbers.
Some analysts and industry players have said that they expect Singapore's gaming revenue this year to surpass the forecast for Las Vegas. However, following a turnaround in the Las Vegas gaming market, the numbers for these two markets could be too close to call this year.
Citi's report noted that MBS and RWS are already estimated to have racked up US$4.4 billion in gaming revenues over the first three quarters of this year - prompting it to revise upwards its revenue forecast for this year from US$5.9 billion to US$6.1 billion.
Other analysts have forecast Las Vegas' gaming revenue this year to hit US$6.2 billion.
According to Citi's report, Macau will remain the world's biggest gaming market next year with a projected US$40 billion in gaming revenues.
In Singapore, MBS is expected to "continue to outperform Resorts World Sentosa, leading to over 50 per cent market share in 2012", the report added.
According to Citi, hotel occupancy at MBS reached 98.1 per cent this year with average daily room rates up 11 per cent quarter-on-quarter in Q3 this year.
It noted that RWS' share of VIP segment volume slid to 44 per cent in Q3 this year, from about 52 per cent in the previous quarter.
RWS' S$802 million net revenue in Q3 was also slightly lower than Citi's estimate.
Nevertheless, the report expects gaming revenue from high rollers to improve next year for RWS, which is owned by Genting Singapore.
It added: "While we expect the gaming revenue growth in Singapore to trail that in Macau, Genting Singapore should benefit from an improved VIP product in early next year when its 22 new Villas are scheduled to open (the Equarius Hotel will open by year end, with remaining resort facilities completed by the middle of next year)."
Is Nevada recovering? It depends on who you ask ...
Across the state of Nevada - where the famous Las Vegas Strip lies - a battle of perceptions is being waged over whether it is on the edge of recovery, or still falling four years after the collapse of its mighty housing, tourism and construction industries.
It is a story unfolding across the United States - only in Nevada it is worse because the state depends heavily on money spent by people from elsewhere. Nevada continues to top the nation in unemployment, foreclosures and bankruptcies rates.
The tepid return of the gamblers and revellers who drive Nevada's economy has drawn cheers from government and business leaders. They point to rebounding convention attendance numbers and hotels rates as cash-bearing tourists from healthier states return to the Las Vegas Strip. The jobless rate has dipped slightly and unemployment benefit claims are down.
But the housing market remains in a free fall and workers are either fleeing the state or dropping out of the work force altogether.
The Nevada Gaming Control Board recently estimated that casinos statewide made US$53.8 million (S$69.1 million) less from gamblers in September than they did a year ago, a 6 per cent drop. The people who are hitting the casino floor are shunning the upscale table games that keep casinos flush and are instead sticking to less profitable slot machines. Casino-generated taxes were down 9 per cent in October from a year ago.
Mr Jim Rogers, 49, who lost his construction job three years ago, said: "There are no jobs. The casinos are operating on a meagre staff. Where they used to have 10 people, they now have six people doing the work." AP
Showing posts with label Casino. Show all posts
Showing posts with label Casino. Show all posts
Monday, December 5, 2011
Friday, November 4, 2011
Bosses send foreign workers to gamble
The Straits Times
Nov 4, 2011
special report
Workers share in casino winnings, but if they lose too much, they pay
By Elizabeth Soh
A HARD day's work for Bangladeshi construction worker Salim used to mean toiling under the burning sun.
But nowadays, at least once a week, he finds himself assigned to a very different kind of 'job' - playing the jackpot machines in the cool air-conditioned comfort of Resorts World Sentosa.
The 29-year-old is one of a number of foreign employees being sent to the casino to gamble on behalf of their employers to feed their own habit, a Straits Times investigation has found.
Five bosses - some with exclusion orders against them - told The Straits Times that they have been handing workers cash, notebooks and mobile phones, then dispatching them to the casino.
They claimed to know several other employers doing the same thing.
The 'proxy gamblers', dressed mostly in company polo T-shirts and jeans, get a cut of the winnings, but if they lose too much, their pay is docked.
This arrangement allows employers who are barred due to their own excessive gambling a vicarious way to indulge their habit.
The others say it is a way to maximise their chances of winning at the slot machines or roulette tables.
Five foreign workers The Straits Times found gambling at Resorts World Sentosa on a Friday said they were not forced to do it, and were enjoying themselves. The casino's air-conditioned, carpeted halls certainly were a welcome change from sweating in the hot sun.
Instead of welding steel sheets together, Salim walked around the jackpot machines, looking for the right place to spend his $500. His aim was to find machines that had not paid out in a while.
'Boss says to find those with less win, more money,' said Salim, as he scribbled down the amounts.
Next, he proceeded to the roulette table, where he placed bets on four of his employer's favourite 'lucky numbers'. He was with his colleague and fellow countryman Rajib, 32, who has been gambling longer and is entrusted with $800.
Both men had been given strict instructions to write down every bet they made, and their losses and wins. They get 10 per cent of anything they win, but if they lose more than $500, the entire loss is cut from their pay.
The pair work together to make sure that they do not get carried away at certain jackpot machines and meet every two hours to update their boss, subcontractor Edmund Ng, 59, who runs a cabinet and furniture business.
Another proxy gambler, cabinet-maker Ishan, 35, said: 'Boss says, lose too much, unlucky, change machine. Sometimes, we play too long, forget how much we lose, after that then got trouble.'
The Straits Times spoke to five sub-contractors who regularly send their workers to gamble. They said they knew of at least 15 others doing the same. All said they did not force the workers to go to the casino. Three have exclusion orders taken out by family members.
The sub-contractors each send two workers at around 10am. The men take lunch and tea breaks, buying sandwiches or rice dishes from the casino eateries. They do not leave until their employers pick them up at around 10pm, or sometimes as late as midnight.
Mr Eric Leong, 56, sends three workers to the casino once or twice a week.
'I see it as diversifying my chances of winning money,' he said. 'If I play, it's one person. Two persons play, it's twice the chances.'
Mr Leong, who is barred, said that he spends equal amounts betting on horse races, soccer games, and buying lottery tickets. He and his fellow sub-contractors avoid suspicion by getting their workers covered with medical certificates for the days spent at the casino.
'If the manpower officials question me, I will just say my worker is ill and sneaked off to gamble - what can they say?' said Mr Leong, whose company handles minor renovation work such as laminating floors and painting.
The employers said they pick intelligent workers who have been with them for at least three years and whom they trust. The men are given ready answers in case they are questioned.
'If the casino people ask me, why so much money, I say, pay day today,' said Ishan, who is given $700 per trip. 'If they ask, how come I can come to casino on week day, I say (day) off because project finished already.'
To avoid arousing suspicion, they are told not to linger in the free drinks area or cheer when they win.
'We tell them to look neat and tidy so the casino staff don't take special notice of them,' said Mr Wee A. K, 63, who runs a small furniture company.
The employers check the men's pockets and bags at the start and end of the day out at the casino to make sure they are not hiding cash.
The day The Straits Times met them, Salim and Rajib were at the casino from 10am to 8pm. Rajib lost $495. Salim looked downcast at the end of the day, but did not want to say if he lost money.
Salim, who has a wife and two young children to support in Bangladesh, insisted that the arrangement is worthwhile on the whole.
'Sometimes, in casino, I one day can win $700,' he said. 'Every month I earn only $1,000. You tell me, which one is better?'
Migrant rights activists condemned the employers' actions.
'It's very wrong. The men are willing to work at the jobs they were hired for and they should be able to do that work and get paid for it, not used for anything else,' said Mr John Gee, president of migrant workers' rights group Transient Workers Count Too.
'They have no choice but to do as their bosses say and they come away worse off. It is illegal deployment and it is unethical.'
Gambling counsellors said the bosses were putting their workers at risk of becoming gambling addicts.
'When they go into casinos it's not just the gambling - the whole atmosphere, they might be enjoying it and want to go back to forget about their problems and the hardship they are facing,' said consultant psychiatrist Tan Hwee Sim.
'They are a high-risk group - the margins are small and they can easily get carried away, fall into debt, and they have no family support to help guide them away from it.'
esoh@sph.com.sg
--------------------------------
THE WORKER
'If I win big, maybe I can go home'
WHEN a Bangladeshi painter arrived in Singapore five years ago, he had hoped to save enough money to go home for good three years later.
His plans, however, were foiled when he had to pay for his mother-in-law's medical expenses as she battled cancer. Then he had to build a house for his wife and three children, and settle debts owed to relatives back in his village.
So when the painter, who wanted to be called Rajib, was offered a chance by his boss about a year ago to try his luck at the Resorts World casino, he grabbed the offer.
He said his employer sends him to the casino once or twice a week and gives him $800 each time to gamble. He plays mostly at jackpot machines or at blackjack and roulette tables.
If he wins, he gets a 10 per cent cut and usually a tip of another 5 per cent from his boss.
If he loses more than $500, the whole sum is deducted from his monthly pay of about $1,200. If he loses less than $500, the boss will absorb the loss.
'If I win big a few times, maybe I can go home for a long time to see my children, wife and house,' said Rajib who has worked for the same employer for the past five years.
But he let on that he has lost so much that he has not been able to send any money home for half a year. Asked why he did not stop gambling, his sheepish reply was that he could not control himself.
He insisted that he had not been forced or persuaded by his boss to gamble. He described his boss as a good man who helped him pay his family's medical bills and had kept his word at giving him his share of the winnings.
But Rajib has taken his interest in gambling a step further. On his days off, he goes to the Marina Bay Sands casino on his own.
Asked whether his colleagues at his dormitory get jealous because he goes to the casino instead of toiling at a construction site, he said they do scold him for gambling as he is a Muslim.
'But I don't care. Wait until I win big, then I go home first and they'll still be here,' he added with a laugh.
ELIZABETH SOH
---------------------------------------------
THE BOSS
'I'm giving my men a chance to get rich'
LIKE many other investors, businessman Edmund Ng believes that 'money grows money'.
But Mr Ng, 59, says his 'investments' are the foreign employees he sends to gamble on his behalf at the Resorts World Sentosa (RWS) casino.
The father of three described the process as 'creative' and 'multiplying my chances' of making money.
'To me, everything in life is a gamble and a game of chance. Some people put their money in shares, stocks; I choose to put mine in casinos. What's the difference?' said Mr Ng, whoruns a small business manufacturing hardwood furniture, and employs 15 foreign workers.
He also dabbles in other kinds of gambling, especially soccer betting and lottery tickets. He estimates that he spends about $20,000 a month on gambling.
He told The Straits Times that he was one of the first employers to start sending foreign workers to the casino, and that he had 'trained them well'.
'My men don't just walk around and behave like hooligans. They are neatly dressed and they don't make noise like other workers who go and make trouble when they lose,' he said.
He usually sends two men, and gives them $500 and $800 to gamble with respectively. To avoid suspicion from casino staff, he picks them up in his Mercedes-Benz later on.
Like other employers, he gives them a cut of between 10 per cent and 15 per cent of the winnings, and docks their pay if they lose more than a maximum sum.
'That way they will not lose too much for fear that they will lose their salary.' said Mr Ng, who added that he had at least 10 friends, fellow businessmen, who did the same thing.
'I also teach them how to back off when they are on a losing streak, or bet more when they feel their chances are good. All these things are also life skills.'
Mr Ng did not feel that he was exploiting his workers, saying instead that he was giving them a chance to get rich that they would not usually be able to afford.
'I don't think I am abusing my position as an employer,' he said. 'Anyway, it is much easier to gamble at the casino than sweat in the sun.'
Nov 4, 2011
special report
Workers share in casino winnings, but if they lose too much, they pay
By Elizabeth Soh
A HARD day's work for Bangladeshi construction worker Salim used to mean toiling under the burning sun.
But nowadays, at least once a week, he finds himself assigned to a very different kind of 'job' - playing the jackpot machines in the cool air-conditioned comfort of Resorts World Sentosa.
The 29-year-old is one of a number of foreign employees being sent to the casino to gamble on behalf of their employers to feed their own habit, a Straits Times investigation has found.
Five bosses - some with exclusion orders against them - told The Straits Times that they have been handing workers cash, notebooks and mobile phones, then dispatching them to the casino.
They claimed to know several other employers doing the same thing.
The 'proxy gamblers', dressed mostly in company polo T-shirts and jeans, get a cut of the winnings, but if they lose too much, their pay is docked.
This arrangement allows employers who are barred due to their own excessive gambling a vicarious way to indulge their habit.
The others say it is a way to maximise their chances of winning at the slot machines or roulette tables.
Five foreign workers The Straits Times found gambling at Resorts World Sentosa on a Friday said they were not forced to do it, and were enjoying themselves. The casino's air-conditioned, carpeted halls certainly were a welcome change from sweating in the hot sun.
Instead of welding steel sheets together, Salim walked around the jackpot machines, looking for the right place to spend his $500. His aim was to find machines that had not paid out in a while.
'Boss says to find those with less win, more money,' said Salim, as he scribbled down the amounts.
Next, he proceeded to the roulette table, where he placed bets on four of his employer's favourite 'lucky numbers'. He was with his colleague and fellow countryman Rajib, 32, who has been gambling longer and is entrusted with $800.
Both men had been given strict instructions to write down every bet they made, and their losses and wins. They get 10 per cent of anything they win, but if they lose more than $500, the entire loss is cut from their pay.
The pair work together to make sure that they do not get carried away at certain jackpot machines and meet every two hours to update their boss, subcontractor Edmund Ng, 59, who runs a cabinet and furniture business.
Another proxy gambler, cabinet-maker Ishan, 35, said: 'Boss says, lose too much, unlucky, change machine. Sometimes, we play too long, forget how much we lose, after that then got trouble.'
The Straits Times spoke to five sub-contractors who regularly send their workers to gamble. They said they knew of at least 15 others doing the same. All said they did not force the workers to go to the casino. Three have exclusion orders taken out by family members.
The sub-contractors each send two workers at around 10am. The men take lunch and tea breaks, buying sandwiches or rice dishes from the casino eateries. They do not leave until their employers pick them up at around 10pm, or sometimes as late as midnight.
Mr Eric Leong, 56, sends three workers to the casino once or twice a week.
'I see it as diversifying my chances of winning money,' he said. 'If I play, it's one person. Two persons play, it's twice the chances.'
Mr Leong, who is barred, said that he spends equal amounts betting on horse races, soccer games, and buying lottery tickets. He and his fellow sub-contractors avoid suspicion by getting their workers covered with medical certificates for the days spent at the casino.
'If the manpower officials question me, I will just say my worker is ill and sneaked off to gamble - what can they say?' said Mr Leong, whose company handles minor renovation work such as laminating floors and painting.
The employers said they pick intelligent workers who have been with them for at least three years and whom they trust. The men are given ready answers in case they are questioned.
'If the casino people ask me, why so much money, I say, pay day today,' said Ishan, who is given $700 per trip. 'If they ask, how come I can come to casino on week day, I say (day) off because project finished already.'
To avoid arousing suspicion, they are told not to linger in the free drinks area or cheer when they win.
'We tell them to look neat and tidy so the casino staff don't take special notice of them,' said Mr Wee A. K, 63, who runs a small furniture company.
The employers check the men's pockets and bags at the start and end of the day out at the casino to make sure they are not hiding cash.
The day The Straits Times met them, Salim and Rajib were at the casino from 10am to 8pm. Rajib lost $495. Salim looked downcast at the end of the day, but did not want to say if he lost money.
Salim, who has a wife and two young children to support in Bangladesh, insisted that the arrangement is worthwhile on the whole.
'Sometimes, in casino, I one day can win $700,' he said. 'Every month I earn only $1,000. You tell me, which one is better?'
Migrant rights activists condemned the employers' actions.
'It's very wrong. The men are willing to work at the jobs they were hired for and they should be able to do that work and get paid for it, not used for anything else,' said Mr John Gee, president of migrant workers' rights group Transient Workers Count Too.
'They have no choice but to do as their bosses say and they come away worse off. It is illegal deployment and it is unethical.'
Gambling counsellors said the bosses were putting their workers at risk of becoming gambling addicts.
'When they go into casinos it's not just the gambling - the whole atmosphere, they might be enjoying it and want to go back to forget about their problems and the hardship they are facing,' said consultant psychiatrist Tan Hwee Sim.
'They are a high-risk group - the margins are small and they can easily get carried away, fall into debt, and they have no family support to help guide them away from it.'
esoh@sph.com.sg
--------------------------------
THE WORKER
'If I win big, maybe I can go home'
WHEN a Bangladeshi painter arrived in Singapore five years ago, he had hoped to save enough money to go home for good three years later.
His plans, however, were foiled when he had to pay for his mother-in-law's medical expenses as she battled cancer. Then he had to build a house for his wife and three children, and settle debts owed to relatives back in his village.
So when the painter, who wanted to be called Rajib, was offered a chance by his boss about a year ago to try his luck at the Resorts World casino, he grabbed the offer.
He said his employer sends him to the casino once or twice a week and gives him $800 each time to gamble. He plays mostly at jackpot machines or at blackjack and roulette tables.
If he wins, he gets a 10 per cent cut and usually a tip of another 5 per cent from his boss.
If he loses more than $500, the whole sum is deducted from his monthly pay of about $1,200. If he loses less than $500, the boss will absorb the loss.
'If I win big a few times, maybe I can go home for a long time to see my children, wife and house,' said Rajib who has worked for the same employer for the past five years.
But he let on that he has lost so much that he has not been able to send any money home for half a year. Asked why he did not stop gambling, his sheepish reply was that he could not control himself.
He insisted that he had not been forced or persuaded by his boss to gamble. He described his boss as a good man who helped him pay his family's medical bills and had kept his word at giving him his share of the winnings.
But Rajib has taken his interest in gambling a step further. On his days off, he goes to the Marina Bay Sands casino on his own.
Asked whether his colleagues at his dormitory get jealous because he goes to the casino instead of toiling at a construction site, he said they do scold him for gambling as he is a Muslim.
'But I don't care. Wait until I win big, then I go home first and they'll still be here,' he added with a laugh.
ELIZABETH SOH
---------------------------------------------
THE BOSS
'I'm giving my men a chance to get rich'
LIKE many other investors, businessman Edmund Ng believes that 'money grows money'.
But Mr Ng, 59, says his 'investments' are the foreign employees he sends to gamble on his behalf at the Resorts World Sentosa (RWS) casino.
The father of three described the process as 'creative' and 'multiplying my chances' of making money.
'To me, everything in life is a gamble and a game of chance. Some people put their money in shares, stocks; I choose to put mine in casinos. What's the difference?' said Mr Ng, whoruns a small business manufacturing hardwood furniture, and employs 15 foreign workers.
He also dabbles in other kinds of gambling, especially soccer betting and lottery tickets. He estimates that he spends about $20,000 a month on gambling.
He told The Straits Times that he was one of the first employers to start sending foreign workers to the casino, and that he had 'trained them well'.
'My men don't just walk around and behave like hooligans. They are neatly dressed and they don't make noise like other workers who go and make trouble when they lose,' he said.
He usually sends two men, and gives them $500 and $800 to gamble with respectively. To avoid suspicion from casino staff, he picks them up in his Mercedes-Benz later on.
Like other employers, he gives them a cut of between 10 per cent and 15 per cent of the winnings, and docks their pay if they lose more than a maximum sum.
'That way they will not lose too much for fear that they will lose their salary.' said Mr Ng, who added that he had at least 10 friends, fellow businessmen, who did the same thing.
'I also teach them how to back off when they are on a losing streak, or bet more when they feel their chances are good. All these things are also life skills.'
Mr Ng did not feel that he was exploiting his workers, saying instead that he was giving them a chance to get rich that they would not usually be able to afford.
'I don't think I am abusing my position as an employer,' he said. 'Anyway, it is much easier to gamble at the casino than sweat in the sun.'
Monday, October 31, 2011
Resorts World's New York casino draws big crowds
Published October 31, 2011
By LEE U-WEN
(SINGAPORE) Malaysia's Genting Group threw open the doors to its Resorts World New York (RWNY) casino on Friday (Saturday morning Singapore time) as thousands of eager gamblers thronged the US$830 million facility and continued to arrive in droves throughout the weekend.
Located in the borough of Queens, the sprawling casino - the first-ever in New York and one that marks Genting's first expansion into the lucrative US gaming market - is expected to generate at least US$500 million each year in tax revenue for the state, said RWNY president Michael Speller.
'This is an opportunity for New Yorkers to have a Las Vegas-like experience without having to leave the city,' he said, adding that New York loses about US$5 billion in gaming revenue to casinos located in the three neighbouring states of Connecticut, New Jersey and Pennsylvania.
A team of high-level Genting executives, led by group chairman Lim Kok Thay, were on hand to join several New York elected officials for the ribbon-cutting ceremony at RWNY, a 700,000 square foot property built at the historic Aqueduct Racetrack. RWNY is located about an hour's train ride from downtown Manhattan.
Inside, wide-eyed residents and tourists - some of whom had queued for over two hours to get in - made a beeline for the more than 2,480 jackpot machines and electronic table games at the aptly-named Times Square Casino, the first of RWNY's three casino areas.
The second phase of construction is expected to be finished by the end of December with the opening of the Fifth Avenue and Crockfords Casinos, adding a further 2,515 machines.
'The opening of RWNY is a historic moment,' said New York senator Joe Addabbo. 'To witness a dilapidated area become vibrant, to become an economic engine is just incredible. This is a new era for the community and a win for all.'
Mr Speller added that he was proud of the fact that RWNY would give permanent jobs to 1,350 New Yorkers, of which 89 per cent were either minorities or women.
With over 41,000 people applying for the vacancies over the past few months, he said that RWNY would work with the state's officials to find more ways to create additional employment as soon as possible. The current unemployment rate in New York is 9.7 per cent, higher than the national average of 9.1 per cent.
One of the unique features about RWNY is that the table games such as baccarat or poker are not manned by actual people, but by robot dealers.
This is due to New York's state laws and regulations that allow electronic gaming but not human dealers. The baccarat tables, for instance, feature real cards that are shuffled and dealt out to patrons by robot-like mechanical arms.
Mr Speller said that he was looking to state legislators to expand commercial gambling after the 2012 elections to include conventional gambling. He added that if this was legalised across New York's nine racetracks, the move could result in at least US$1 billion extra in tax revenues going into the state's coffers.
And despite the heavy criticism that comes along with any new casino opening, it seems that many New Yorkers are looking forward to finally having a legalised facility in their backyard for their gambling fix.
'We just really want to have fun,' Queens resident Reggie Haughton was quoted as telling the Queens Courier, the borough's largest weekly news publication. 'Times are tough, yes, but that doesn't mean we can't come out and enjoy ourselves. We deserve it.'
By LEE U-WEN
(SINGAPORE) Malaysia's Genting Group threw open the doors to its Resorts World New York (RWNY) casino on Friday (Saturday morning Singapore time) as thousands of eager gamblers thronged the US$830 million facility and continued to arrive in droves throughout the weekend.
Located in the borough of Queens, the sprawling casino - the first-ever in New York and one that marks Genting's first expansion into the lucrative US gaming market - is expected to generate at least US$500 million each year in tax revenue for the state, said RWNY president Michael Speller.
'This is an opportunity for New Yorkers to have a Las Vegas-like experience without having to leave the city,' he said, adding that New York loses about US$5 billion in gaming revenue to casinos located in the three neighbouring states of Connecticut, New Jersey and Pennsylvania.
A team of high-level Genting executives, led by group chairman Lim Kok Thay, were on hand to join several New York elected officials for the ribbon-cutting ceremony at RWNY, a 700,000 square foot property built at the historic Aqueduct Racetrack. RWNY is located about an hour's train ride from downtown Manhattan.
Inside, wide-eyed residents and tourists - some of whom had queued for over two hours to get in - made a beeline for the more than 2,480 jackpot machines and electronic table games at the aptly-named Times Square Casino, the first of RWNY's three casino areas.
The second phase of construction is expected to be finished by the end of December with the opening of the Fifth Avenue and Crockfords Casinos, adding a further 2,515 machines.
'The opening of RWNY is a historic moment,' said New York senator Joe Addabbo. 'To witness a dilapidated area become vibrant, to become an economic engine is just incredible. This is a new era for the community and a win for all.'
Mr Speller added that he was proud of the fact that RWNY would give permanent jobs to 1,350 New Yorkers, of which 89 per cent were either minorities or women.
With over 41,000 people applying for the vacancies over the past few months, he said that RWNY would work with the state's officials to find more ways to create additional employment as soon as possible. The current unemployment rate in New York is 9.7 per cent, higher than the national average of 9.1 per cent.
One of the unique features about RWNY is that the table games such as baccarat or poker are not manned by actual people, but by robot dealers.
This is due to New York's state laws and regulations that allow electronic gaming but not human dealers. The baccarat tables, for instance, feature real cards that are shuffled and dealt out to patrons by robot-like mechanical arms.
Mr Speller said that he was looking to state legislators to expand commercial gambling after the 2012 elections to include conventional gambling. He added that if this was legalised across New York's nine racetracks, the move could result in at least US$1 billion extra in tax revenues going into the state's coffers.
And despite the heavy criticism that comes along with any new casino opening, it seems that many New Yorkers are looking forward to finally having a legalised facility in their backyard for their gambling fix.
'We just really want to have fun,' Queens resident Reggie Haughton was quoted as telling the Queens Courier, the borough's largest weekly news publication. 'Times are tough, yes, but that doesn't mean we can't come out and enjoy ourselves. We deserve it.'
Saturday, October 22, 2011
Dizzy new world of S'pore high rollers
Published October 22, 2011
By GRACE LEONG
They show up with US$30m in hand, play for stakes never seen before
WHEN whales come to Singapore, they make a big splash.
Arriving mostly from the Asian region, they are surfacing at Marina Bay Sands with up to US$30 million in hand, ready to roll. That's the kind of action even Las Vegas - the byword for gambling up until recent years - has rarely seen. Small wonder that bets are on Singapore's gaming duopoly, barely 20 months old, to surpass gaming revenues from the Las Vegas Strip as early as this year.
'There are people who show up with US$10 million, US$20 million, US$30 million, and no one knows who they are until they say: 'I have US$20 million. Can you help me get started on gambling?' ' said Rob Goldstein, LVS's president of global gaming operations at a recent gaming investment forum in Las Vegas. 'That's the market in Singapore. We're unearthing opportunities that hitherto we never saw.'
Even with the absence of licensed junket operators, the size and volume of direct VIP play in Singapore has far exceeded industry expectations - including Mr Goldstein's, a gaming business veteran with experience in the Caribbean, Atlantic City and Las Vegas.
'On credit issuance, it's a whole new world out there,' he said. 'I don't have that much experience with direct credit (funds from VIP players to the casino) of US$10 million to US$20 million a day. It's new to all of us.'
Under existing gaming laws, there are no restrictions on how much funds gamblers can bring into the casinos in Singapore and how they bring it into the casinos.
Typically, many VIP high rollers don't physically bring in such massive sums to the casino, preferring instead to wire a smaller amount to their account at the casino, and getting casino credit.
'We have days on our numbers in Singapore where we have 10-20 people winning or losing US$1 million a day. It's a pretty extraordinary business,' Mr Goldstein said.
Compared with Singapore, Las Vegas doesn't see that level of frequency and size of direct VIP play as there just aren't many people gambling US$1 million a day in Las Vegas.
In Macau, the volume of direct play is dwarfed by the scale of funding brought by junket operators.
Analysts cite Singapore's low gaming tax rate compared with Macau's, which enables Singapore casinos to pay higher commissions to attract direct VIP players.
'The tax structure is designed to bring in foreign money. The tax on VIP business is about 11.5 per cent compared with a 22 per cent tax on mass gaming,' HSBC analyst Sean Monaghan said.
Singapore is also unique in that it has the ability to attract a broader array of high net worth people, many of whom are permanent residents (PRs) with means and who help fuel a good chunk of the local VIP business growth, he said.
'A disproportionate number of high net worth people like visiting Singapore because it's a safe place, family-friendly and business-friendly. In Macau, over 90 per cent of the wealth comes from China and North Asia. But in Singapore, most of the wealth comes from Southeast Asia, and some from North and South Asia. It's far more diversified,' Mr Monaghan said.
Case in point, Mr Goldstein said he recently met a 'very, very big businessman' from Vietnam who attracted attention at the MBS casino because he was betting house limits. 'I asked him: 'How did you find us?' He said he has a vacation home in Singapore and wants to try out gambling here. I asked him why he doesn't go to Macau. He said he feels comfortable in Singapore.'
Cannibalisation of business between the Macau and Singapore gaming markets hasn't been an issue so far, Mr Goldstein said.
'Singapore is a spectacular market at all levels. The mainland Chinese, Japanese, Singaporeans, Indonesians and Malaysians are all our customers here . . .One reason credit here has been a good experience for us is that we're dealing with people who are very wealthy, and very liquid, and money is available to them in terms of the banks here,' he said.
'The private wealth business is wildly positive for us as is the desirability of this property (MBS). There are people who just won't go to Macau. They prefer Singapore because of the easy access, great airport, retail, tourism market. It's a privileged place to do business,' he said.
By GRACE LEONG
They show up with US$30m in hand, play for stakes never seen before
WHEN whales come to Singapore, they make a big splash.
Arriving mostly from the Asian region, they are surfacing at Marina Bay Sands with up to US$30 million in hand, ready to roll. That's the kind of action even Las Vegas - the byword for gambling up until recent years - has rarely seen. Small wonder that bets are on Singapore's gaming duopoly, barely 20 months old, to surpass gaming revenues from the Las Vegas Strip as early as this year.
'There are people who show up with US$10 million, US$20 million, US$30 million, and no one knows who they are until they say: 'I have US$20 million. Can you help me get started on gambling?' ' said Rob Goldstein, LVS's president of global gaming operations at a recent gaming investment forum in Las Vegas. 'That's the market in Singapore. We're unearthing opportunities that hitherto we never saw.'
Even with the absence of licensed junket operators, the size and volume of direct VIP play in Singapore has far exceeded industry expectations - including Mr Goldstein's, a gaming business veteran with experience in the Caribbean, Atlantic City and Las Vegas.
'On credit issuance, it's a whole new world out there,' he said. 'I don't have that much experience with direct credit (funds from VIP players to the casino) of US$10 million to US$20 million a day. It's new to all of us.'
Under existing gaming laws, there are no restrictions on how much funds gamblers can bring into the casinos in Singapore and how they bring it into the casinos.
Typically, many VIP high rollers don't physically bring in such massive sums to the casino, preferring instead to wire a smaller amount to their account at the casino, and getting casino credit.
'We have days on our numbers in Singapore where we have 10-20 people winning or losing US$1 million a day. It's a pretty extraordinary business,' Mr Goldstein said.
Compared with Singapore, Las Vegas doesn't see that level of frequency and size of direct VIP play as there just aren't many people gambling US$1 million a day in Las Vegas.
In Macau, the volume of direct play is dwarfed by the scale of funding brought by junket operators.
Analysts cite Singapore's low gaming tax rate compared with Macau's, which enables Singapore casinos to pay higher commissions to attract direct VIP players.
'The tax structure is designed to bring in foreign money. The tax on VIP business is about 11.5 per cent compared with a 22 per cent tax on mass gaming,' HSBC analyst Sean Monaghan said.
Singapore is also unique in that it has the ability to attract a broader array of high net worth people, many of whom are permanent residents (PRs) with means and who help fuel a good chunk of the local VIP business growth, he said.
'A disproportionate number of high net worth people like visiting Singapore because it's a safe place, family-friendly and business-friendly. In Macau, over 90 per cent of the wealth comes from China and North Asia. But in Singapore, most of the wealth comes from Southeast Asia, and some from North and South Asia. It's far more diversified,' Mr Monaghan said.
Case in point, Mr Goldstein said he recently met a 'very, very big businessman' from Vietnam who attracted attention at the MBS casino because he was betting house limits. 'I asked him: 'How did you find us?' He said he has a vacation home in Singapore and wants to try out gambling here. I asked him why he doesn't go to Macau. He said he feels comfortable in Singapore.'
Cannibalisation of business between the Macau and Singapore gaming markets hasn't been an issue so far, Mr Goldstein said.
'Singapore is a spectacular market at all levels. The mainland Chinese, Japanese, Singaporeans, Indonesians and Malaysians are all our customers here . . .One reason credit here has been a good experience for us is that we're dealing with people who are very wealthy, and very liquid, and money is available to them in terms of the banks here,' he said.
'The private wealth business is wildly positive for us as is the desirability of this property (MBS). There are people who just won't go to Macau. They prefer Singapore because of the easy access, great airport, retail, tourism market. It's a privileged place to do business,' he said.
Monday, August 15, 2011
S'pore casinos showing signs of maturity
15 August 2011
Lynda Hong - LyndaHong@mediacorp.com.sg
SINGAPORE - Singapore's casino industry is showing signs of maturity, with the country's first operator reporting a proportional slide in earnings from gambling.
Genting Singapore, owner of Resorts World Sentosa (RWS), may be looking to non-gaming operations to drive future revenue growth, after one-and-a-half years of above-forecast performance.
"There is a lot of pundits that have the view that the Singapore market is becoming mature, if one can call it that, as it relates to a limited growth to the upside because there is a finite capacity," said Mr Jonathan Galaviz, chief economist at Galaviz & Company. "There is only so much casino gaming space in the integrated resorts where you can have only a limited increase in gaming revenue."
Genting Singapore posted a 17-per-cent slide in second quarter revenue to S$728.7 million, from S$874.4 million a year earlier.
The company noted a lower take from big spending, premium players.
"Win percentage in the premium player market segment for second quarter of 2011 was significantly lower than the theoretical win and that of first quarter of 2011, pulling down both revenue and EBITDA numbers of the Singapore IR," Resorts World integrated resort (IR) said in a statement accompanying its results on Friday.
Analysts say Singapore may be losing out to Macau, the Chinese territory which is now the world's largest gambling centre, in attracting premium gamblers because of restrictions on junket operators who have yet to be licensed.
Junket operators bring in high-rollers at a commission to the casinos.
Macau registered 12 per cent growth in revenues last quarter.
Genting Singapore's second quarter net profit dropped 39 per cent from the same period last year to S$242.9 million.
SIAS research investment analyst Liu Jinshu said the days of sky-high earnings growth from casinos in Singapore are over. "When the integrated resorts first came out, we had high expectations," he told MediaCorp in an interview. "One year down the road, I would say we can no longer expect things like 50 per cent, 100 per cent growth rates."
With little room for expansion of gaming activities, either physically or within the bounds of legislation, Singapore's casino resorts are expected to increase reliance on non-gaming attractions.
"The strategies of the senior management team focusing on the non-gaming pieces are really going to be, I think, where a lot of the positive, upward performance potential remains," said Mr Galaviz, who produced a public policy white paper outlining the tourism benefits of casino gaming legalisation in Singapore.
Analysts at Citibank expect RWS, which has about 60 per cent of the Singapore gaming market, to give up some ground to rival, Marina Bay Sands, in coming quarters.
Citibank says market share between the two IRs should equalise next year.
Lynda Hong - LyndaHong@mediacorp.com.sg
SINGAPORE - Singapore's casino industry is showing signs of maturity, with the country's first operator reporting a proportional slide in earnings from gambling.
Genting Singapore, owner of Resorts World Sentosa (RWS), may be looking to non-gaming operations to drive future revenue growth, after one-and-a-half years of above-forecast performance.
"There is a lot of pundits that have the view that the Singapore market is becoming mature, if one can call it that, as it relates to a limited growth to the upside because there is a finite capacity," said Mr Jonathan Galaviz, chief economist at Galaviz & Company. "There is only so much casino gaming space in the integrated resorts where you can have only a limited increase in gaming revenue."
Genting Singapore posted a 17-per-cent slide in second quarter revenue to S$728.7 million, from S$874.4 million a year earlier.
The company noted a lower take from big spending, premium players.
"Win percentage in the premium player market segment for second quarter of 2011 was significantly lower than the theoretical win and that of first quarter of 2011, pulling down both revenue and EBITDA numbers of the Singapore IR," Resorts World integrated resort (IR) said in a statement accompanying its results on Friday.
Analysts say Singapore may be losing out to Macau, the Chinese territory which is now the world's largest gambling centre, in attracting premium gamblers because of restrictions on junket operators who have yet to be licensed.
Junket operators bring in high-rollers at a commission to the casinos.
Macau registered 12 per cent growth in revenues last quarter.
Genting Singapore's second quarter net profit dropped 39 per cent from the same period last year to S$242.9 million.
SIAS research investment analyst Liu Jinshu said the days of sky-high earnings growth from casinos in Singapore are over. "When the integrated resorts first came out, we had high expectations," he told MediaCorp in an interview. "One year down the road, I would say we can no longer expect things like 50 per cent, 100 per cent growth rates."
With little room for expansion of gaming activities, either physically or within the bounds of legislation, Singapore's casino resorts are expected to increase reliance on non-gaming attractions.
"The strategies of the senior management team focusing on the non-gaming pieces are really going to be, I think, where a lot of the positive, upward performance potential remains," said Mr Galaviz, who produced a public policy white paper outlining the tourism benefits of casino gaming legalisation in Singapore.
Analysts at Citibank expect RWS, which has about 60 per cent of the Singapore gaming market, to give up some ground to rival, Marina Bay Sands, in coming quarters.
Citibank says market share between the two IRs should equalise next year.
Tuesday, April 19, 2011
Fugitive lawyer’s life on the run
By Kai Fong | Singapore Scene
Tue, Apr 19, 2011
A lawyer, who had been on the run for six years until his arrest in 2009, was jailed in Singapore for nine years on Monday for criminal breach of trust and cheating involving a total of S $4.8 million.
A former star debater at the National University of Singapore (NUS) law faculty, Tan Cheng Yew, 43, was convicted of misappropriating S$1.5 million and S$1.9 million from five members of a Tan family — to whom he is not related — in 2001, The Straits Times reported.
He was also found guilty of two charges of deceiving Tommy Tan Kwee Khoon, a member of the same family, of S$480,000 and S$900,000 in 2002.
The Malaysian and Singapore permanent resident was practising as a partner of Tan Cheng Yew & Partners and Tan Jin Hwee, Eunice & Lim Choo Eng.
During the 16-day trial, Tan repeatedly said that he had acted as a trustee to the Tan family's money in his personal capacity and not his professional role as a lawyer.
District Judge Hamidah Ibrahim did not accept the defence's arguments.
In February 2003, Tan, then 34, fled to Perth, Western Australia, where he stayed in his family's house and hotels. He did not contact his family regularly initially as they "didn't take what I had done… too well", he said in court earlier this year.
Tan testified that he had adopted an "ostrich-like mentality". When he called his parents for the first time, they said that "what's past is past", and they should not dwell on it. Tan felt that it had been his parents' way of consoling him, as there were times when he had been distraught.
Later in 2003, he travelled to the United States on a forged passport under an assumed name. He worked as legal counsel in multinational companies and flew regularly to Munich and Germany for work. While in the U.S., he contacted his parents weekly.
One of the reasons Tan gave for staying away for so long was that he was trying to earn enough money to repay the Tan family.
Tan told the court he had picked up gambling from a client in the late 1990s and began gambling heavily at casinos in Australia and on cruise ships in 1998, where he chalked up debts. He said he also owed relatives and friends about S$700,000.
Tan was arrested at Munich airport on June 2, 2009 and held in remand until his extradition in October that year.
He comes from a family of lawyers and his older brother is Professor Tan Cheng Han, dean of the law faculty at NUS and a senior counsel. His father, Tan Hock Him, 85, who was in court yesterday, is a retired lawyer.
Tue, Apr 19, 2011
A lawyer, who had been on the run for six years until his arrest in 2009, was jailed in Singapore for nine years on Monday for criminal breach of trust and cheating involving a total of S $4.8 million.
A former star debater at the National University of Singapore (NUS) law faculty, Tan Cheng Yew, 43, was convicted of misappropriating S$1.5 million and S$1.9 million from five members of a Tan family — to whom he is not related — in 2001, The Straits Times reported.
He was also found guilty of two charges of deceiving Tommy Tan Kwee Khoon, a member of the same family, of S$480,000 and S$900,000 in 2002.
The Malaysian and Singapore permanent resident was practising as a partner of Tan Cheng Yew & Partners and Tan Jin Hwee, Eunice & Lim Choo Eng.
During the 16-day trial, Tan repeatedly said that he had acted as a trustee to the Tan family's money in his personal capacity and not his professional role as a lawyer.
District Judge Hamidah Ibrahim did not accept the defence's arguments.
In February 2003, Tan, then 34, fled to Perth, Western Australia, where he stayed in his family's house and hotels. He did not contact his family regularly initially as they "didn't take what I had done… too well", he said in court earlier this year.
Tan testified that he had adopted an "ostrich-like mentality". When he called his parents for the first time, they said that "what's past is past", and they should not dwell on it. Tan felt that it had been his parents' way of consoling him, as there were times when he had been distraught.
Later in 2003, he travelled to the United States on a forged passport under an assumed name. He worked as legal counsel in multinational companies and flew regularly to Munich and Germany for work. While in the U.S., he contacted his parents weekly.
One of the reasons Tan gave for staying away for so long was that he was trying to earn enough money to repay the Tan family.
Tan told the court he had picked up gambling from a client in the late 1990s and began gambling heavily at casinos in Australia and on cruise ships in 1998, where he chalked up debts. He said he also owed relatives and friends about S$700,000.
Tan was arrested at Munich airport on June 2, 2009 and held in remand until his extradition in October that year.
He comes from a family of lawyers and his older brother is Professor Tan Cheng Han, dean of the law faculty at NUS and a senior counsel. His father, Tan Hock Him, 85, who was in court yesterday, is a retired lawyer.
Tuesday, October 12, 2010
Local tycoon blows $100m at the tables
by Conrad Raj 05:55 AM Oct 12, 2010 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.
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.
Wednesday, August 18, 2010
Local businessman loses $26m at RWS casino over 3 days
Conrad Raj
05:55 AM Aug 18, 2010
Today Exclusive
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.
05:55 AM Aug 18, 2010
Today Exclusive
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.
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