Casino loves winner because they will keep playing but lose out to house edge in the end. When less well-to-do losses, they will resort to borrowing from the legalized loan sharks. In order not to lose out the casino play financier to the millionaires. The most recent example involving a loan of $6.9 million from the Melbourne's Crown Casino to Zhao Li was reported by the Daily Mail on 12 May 2014.
In another case the Reuters reported the Wynn Macau casino taking up a lawsuit with Li Jun for HK$14 million ($1.81 million) in gambling debts. Since the case could not be taken up in China, the writ was file in Hong Kong.
Gambling with borrowed money is very destructive. With the casino playing banker to these tycoons, they could lose income which they could generate in their entire lifetime. Since the casino is not a licensed money lender, they should be some rules against it.
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Casino target big Chinese punter because 80% will visit a casino after the get out of their country.
ReplyDeleteCasinos write off tens of millions of dollars in bad debt each year.
ReplyDeleteCasino lust for gambler’s future wealth - scary, isn’t it?
DeleteDoes the casino had the rights to play banker?
DeleteMoney won must have a greater intrinsic value than money earned.
ReplyDelete