Businessman Loses $20 Million at Singapore Casino

What a gorgeous place to lose eight figures!

If you thought Gus Hansen had it bad losing $7.7 million in three years, consider the case of a businessman from Singapore who has lost nearly $20 million this year at the Genting Resorts World Sentosa in Singapore.

Amazingly, the businessman started off with a credit line of just SG $500,000 (US $370,000) back in March, just weeks after the casino opened. Repeated visits brought wins and losses, but by June the losses were far more prevalent. In a single day the man lost SG $18 million (US$13,322,484), playing baccarat for as much as SG $400,000 per hand. After two more days had passed he had lost an astounding total of SG $26.3 million (US $19.5 million) in three days, nearly 60 times the original credit limit the new Singapore casino had established for him.

The businessman, a managing director at a multimillion-dollar company, has paid off SG $10 million of his debt. He has also enlisted a law firm to help him determine whether he has a case against Genting, the casino’s owner, for promoting irresponsible gambling by continually extending his line of credit so far past his original limit. Genting is the same company that wants to open a full casino at the Aqueduct Racetrack in New York City. The company posted a $397 million profit for the most recent quarter.