Singapore Businessman Loses $100 Million!

The latest casino news from Singapore to hit the headlines is that a local businessman recently wagered and lost a staggering $100 million at two of the country’s top land-based casinos.  

According to the latest Forbes list the businessman is one of the richest people in Singapore.

Singapore Businessmen Loses Millions at Local Casino

The amount he lost only constitutes a fraction of his net worth.  The irony of it all is that he is not the only high stakes gambler to find out that the “house is always the winner”.  According to an inside source another mega rich tycoon from the Eastern-Malaysian state Sabah parted ways with $50 million at the same casino.

“A regular high-roller at these casinos; the Resorts World Sentosa and Marina Bay Sands mentioned that these tycoons can afford to lose these amounts. It’s not the first time that somebody lost this amount of cash and it certainly won’t be the last time either. 

The news of the two tycoon high-rollers that lost $150 million at Singapore’s top casinos has spread like wild fire through the country. It also raised several eyebrows amongst local citizens and foreign gamblers. It’s not unusual for high-rollers to lose $10 million or $20 million in a few sessions in one of the casinos rooms reserved for high-rollers only.

News of the two multi-million-dollar gamblers’ loses comes amid an update that a native businessman Henry Quek parted ways with $26 million. Mr Quek who had a maddening gambling spree of three days paid the casino the cash he owed. Quek, managing director of Far Ocean Sea Products has taken legal action against the Resorts World Sentosa casino. He said that the casino gave him credit too easily.

Inside sources say that the casino shaved $6 million off his initial debt and another $3 million after the media reported the case.

Not wanting unnecessary media attention, Quek decided to settle his outstanding debts with the casino. Unlike Quek, the two business tycoons who lost millions of dollars at the Resorts World Sentosa and Marina Bay Sands casinos accepted their losses without any complaints and moved on.

If one takes these multi-million dollar losses into account by individual high-rollers, analysts predict that the Marina Bay Sands in Singapore could easily overtake Las Vegas as the world’s next gaming metropolis.