Singapore Tycoon Lost $100m
October 22, 2010 Leave a comment
The gaming world is abuzz with news that a Singaporean businessman lost $100 million at the two casinos in Resorts World Sentosa (RWS) and Marina Bay Sands (MBS).
Gaming analysts and those in the business world said the man would have had to bet at least tens of thousands of dollars a hand. High rollers like him usually play baccarat or blackjack.
He would also have gambled at the casinos’ private rooms, where only the high rollers can play. Players and industry insiders say it is not uncommon to see wagers of $300,000 or more a hand.
Today, the free newspaper, reported yesterday that the businessman who lost $100 million is on the Forbes list of the 40 richest people in Singapore. Another tycoon, from Malaysia, is said to have lost $50 million here.
But the first to hit the headlines was Mr Henry Quek, managing director of Far Ocean Sea Products, who lost $26 million at RWS in three days in June.
While such big losses are not uncommon in the gaming world, consultants from Las Vegas and Macau were taken aback by how, in Mr Quek’s case, the money was lost in a matter of days.