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rxwine
rxwine
Joined: Feb 28, 2010
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October 12th, 2010 at 11:31:08 PM permalink
edited out the couple paragraphs.

and the link even.

Gee, your story is more interesting.

I read the story, and based on what I read, they are way out of line with some of those lawsuits.
One person's freedom is another person's annoying crap.
Croupier
Croupier
Joined: Nov 15, 2009
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October 12th, 2010 at 11:52:08 PM permalink
Might wanna remove that quote and just have the link. Dont want the Wizard getting added to the "list" of lawsuits.
[This space is intentionally left blank]
pacomartin
pacomartin
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October 14th, 2010 at 8:53:39 AM permalink
The articles do not reveal the names, but the implication is that the principal loser was a billionaire from Singapore.
According to Forbes (World's Billionaires dated 03/10/10) the four billionaires that live in Singapore are:

Kuok Khoon Hong Singapore US$3.5 billion
Wee Cho Yaw & family age 81 US$3.5
Zhong Sheng Jian age NA US$1.6
Peter Lim age 56 US$1.5


Another list for Singapore dated 09/09/09 has
Rank Name Net Worth ($Mil) Age
1 Ng Teng Fong $8,000 81
2 Khoo Family 5,500 NA
3 Kuok Khoon Hong 3,500 60 --
4 Kwee Brothers 3,200 NA
5 Wee Cho Yaw 3,100 80 --
6 Zhong Sheng Jian 2,000 49 --
7 Peter Lim 1,500 56 --
8 Kwek Leng Beng 1,200 68
9 Lee Seng Wee 800 78
10 Ong Beng Seng & Christina Ong 700 65

The principal lost S$100 million = US$76 million.

To top it all another mega rich tycoon from the Eastern-Malaysian state Sabah
has parted ways with $50 million at the same casino, according to an inside source.

Baccarat earnings in August on the Vegas Strip were $160 million, a very healthy
(near record breaking amount) that is considerably higher than the $73.5 million in
July and the dismal $18.2 million in June. I was very negative about Vegas competing
for these baccarat dollars with the Singapore casino.

Analysts said the two casinos in Singapore could rake in US$2.5 billion
in gross gaming revenue by 2011. That compares with the Vegas strip which brought in
$2.76 billion on table games from the Vegas strip from 42 casinos that make over
$1 million per year (23 casinos make over $72 million).
Ayecarumba
Ayecarumba
Joined: Nov 17, 2009
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October 14th, 2010 at 10:41:02 AM permalink
Quote: pacomartin

The articles do not reveal the names, but the implication is that the principal loser was a billionaire from Singapore.
According to Forbes (World's Billionaires dated 03/10/10) the four billionaires that live in Singapore are:

Kuok Khoon Hong Singapore US$3.5 billion
Wee Cho Yaw & family age 81 US$3.5
Zhong Sheng Jian age NA US$1.6
Peter Lim age 56 US$1.5


Another list for Singapore dated 09/09/09 has
Rank Name Net Worth ($Mil) Age
1 Ng Teng Fong $8,000 81
2 Khoo Family 5,500 NA
3 Kuok Khoon Hong 3,500 60 --
4 Kwee Brothers 3,200 NA
5 Wee Cho Yaw 3,100 80 --
6 Zhong Sheng Jian 2,000 49 --
7 Peter Lim 1,500 56 --
8 Kwek Leng Beng 1,200 68
9 Lee Seng Wee 800 78
10 Ong Beng Seng & Christina Ong 700 65

The principal lost S$100 million = US$76 million.

To top it all another mega rich tycoon from the Eastern-Malaysian state Sabah
has parted ways with $50 million at the same casino, according to an inside source.

Baccarat earnings in August on the Vegas Strip were $160 million, a very healthy
(near record breaking amount) that is considerably higher than the $73.5 million in
July and the dismal $18.2 million in June. I was very negative about Vegas competing
for these baccarat dollars with the Singapore casino.

Analysts said the two casinos in Singapore could rake in US$2.5 billion
in gross gaming revenue by 2011. That compares with the Vegas strip which brought in
$2.76 billion on table games from the Vegas strip from 42 casinos that make over
$1 million per year (23 casinos make over $72 million).



These are stunning numbers. It is doubtfull that these mega whales can continue to sustain these losses... Just ask Terrance Watanabe.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Yoyomama
Yoyomama
Joined: Oct 11, 2010
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October 14th, 2010 at 10:52:19 AM permalink
Always amazes me. Nothing better to do with that money? I hope when I win the $300 million lottery I don't wizz it away at some casino.
pacomartin
pacomartin
Joined: Jan 14, 2010
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October 14th, 2010 at 12:51:02 PM permalink
Quote: Ayecarumba

These are stunning numbers. It is doubtfull that these mega whales can continue to sustain these losses... Just ask Terrance Watanabe.


While the exact net worth of Terrance Watanabe was not made public,
the impression I get is that he gambled away more than half.

With Kerry Packer and these Asian whales, they are billionares, and the losses, while significant, are not threatening their lives.
Ayecarumba
Ayecarumba
Joined: Nov 17, 2009
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October 14th, 2010 at 2:31:31 PM permalink
Quote: pacomartin

With Kerry Packer and these Asian whales, they are billionares, and the losses, while significant, are not threatening their lives.



But I cannot imagine that an individual, even a multi-billionaire, would be able to sustain a $70M+ USD loss year after year. Most of those billions are not liquid, so at some point other people would start to care, as their interests are tied to the stocks/bonds/property that needs to be sold to fund this, "hobby". That's when the party's really over.
Simplicity is the ultimate sophistication - Leonardo da Vinci
pacomartin
pacomartin
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October 14th, 2010 at 3:04:19 PM permalink
Granted, you are correct that $70 million losses would add up to real money before long.
Sheldon Adelson increased his net worth by $113 million per week last year.

I'm just saying there is some realy serious money out there.


Quote: By Frank Scoblete


The most written about, most admired, and, to some casinos he's crippled, the most feared modern gambler is Australian billionaire, Kerry Packer. When it comes to Packer it's hard to get the facts of his prodigious wins and equally prodigious losses straight. He either won 20 million, 30 million or 40 million dollars over several days at MGM Grand in Las Vegas in 1997 and caused several casino executives to get the axe for reeling in this big whale who sunk their quarterly earnings report. The myth of Australia's gambling media tycoon just gets bigger and bigger with a capital "b" as in baccarat and blackjack, his preferred games. You want an outsized man with some outsized deeds? Kerry is said to have tipped one cocktail waitress a house!

How about some fightin' words? Savor this tall-tale about Packer: A loud and obnoxious Texas high roller is playing at the same table as Mr. Packer. This man is being as obnoxious as, well, as the stereotypical obnoxious Texan in countless obnoxious Texan stories. [Why aren't there any obnoxious Rhode Islander stories?] Finally, Kerry asks the man to ease up. The man gets louder: "Do you know who I am? I am worth 60 million dollars, pardner!" He pauses to let this sink in, then says: "Sixty million dollars, pardner. That's what I'm worth." Packer eyes him and says: "I'll flip you for it!"


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