Who

Travelling in Asia for poker? Not sure where to play and stay? Ask our cosmopolitan kakis here

Who’s the businessman who lost S$26m in three days at RWS?

Postby DM101 » Sun Aug 22, 2010 4:48 am

Image

The local businessman who lost S$26 million in three days at a Singapore casino has been revealed to be Mr Henry Quek, the managing director of a major seafood distributor.

The Straits Times reports that Quek, who is in his 50s, is chief of Far Ocean Sea Products, a seafood processing and trading company located at Fishery Port Road in Jurong.

The company exports a range of seafood to restaurants, food factories and wholesalers around the world. It also recently added a food processing and meat products division.

Quek hit the headlines this week after it was reported he lost a staggering S$26 million over three days of gambling at the Resorts World Sentosa (RWS) in early June.

This includes losing S$18 million in a single day alone and playing baccarat at S$400,000 per hand.

According to Today newspaper, his tale began in March, when he was granted a $500,000 credit line by the casino.

He claimed that at no point in time did the casino perform a background check on his financial situation and he is now consulting a top law firm about possible legal action against the casino.

He added that in the application process of obtaining the credit line, he simply filled in the application form, deposited S$100,000 and handed over a blank cheque.

In April, he said that his credit line was extended to S$2 million and over the weeks, he won and lost several hundred thousand dollars, even losing S$6 million in a single session.

In early June, Quek suffered his biggest loss of S$18 million at one sitting. In subsequent sessions, he won back some money but in total, he gambled away S$11 million during that one-week period.

It’s reported he has since repaid $10 million but based on legal documents dated July 22, the businessman’s debt to the RWS still amounts to some $13 million. It’s unknown whether it has been settled.

His lawyers are now considering legal action for “negligence, breach of contract or breach of statutory duty against the casino”.

They claim “RWS had encouraged irresponsible gambling and had breached the duty of care owed to the businessman. They referred to the casino willingness to extend their client’s credit from S$500,000 to a staggering S$2 million.”

In other countries, gamblers have tried to unsuccessfully sue casinos for their huge losses. The cases were dismissed when the courts ruled that the casinos in question have no obligation to protect the gambler.

According to DMG Research, at the current rate, Singapore is already the second biggest casino market in Asia after Macau and is posed to overtake Las Vegas as the biggest casino market in the world, in two to three years’ time. The firm also estimates that both Singapore casinos earn over S$16 million a day.

Source: Yahoo News
User avatar
DM101
Site Admin
 
Posts: 2307
Joined: Fri Jun 22, 2007 11:52 am
Medals: 16
Long Jie Participant (1) Genting Poker Tournament (5) Macau Cup Participant (1) APPT Participant (1) EPT Participant (1) 2nd Place in a poker tourny (1) 1000 posts (1) Article Contributor (1) Reporter - Bringer of news (1)
Chatterbox - Bigga Mouth~ (1) Helpful Kaki (1) Good Seller (1)

Re: Who’s the businessman who lost S$26m in three days at RW

Postby justafish » Sun Aug 22, 2010 5:22 am

a sore loser. no one forced him to bet..
justafish
New Fish
 
Posts: 21
Joined: Mon Jun 21, 2010 8:38 am

Re: Who’s the businessman who lost S$26m in three days at RW

Postby Collin Ng » Tue Aug 24, 2010 11:09 am

Sore loser, period. What if he won S$26m, does that mean RWS should sue him as he was gambling beyond his means. He deserved to lose his pants. It will be an injustice if he wins his law suit.
Collin Ng
New Fish
 
Posts: 1
Joined: Tue Jun 29, 2010 9:58 am

Re: Who’s the businessman who lost S$26m in three days at RW

Postby Afternoon » Tue Aug 24, 2010 11:41 am

DM101 wrote:Image

His lawyers are now considering legal action for “negligence, breach of contract or breach of statutory duty against the casino”.

They claim “RWS had encouraged irresponsible gambling and had breached the duty of care owed to the businessman. They referred to the casino willingness to extend their client’s credit from S$500,000 to a staggering S$2 million.”

In other countries, gamblers have tried to unsuccessfully sue casinos for their huge losses. The cases were dismissed when the courts ruled that the casinos in question have no obligation to protect the gambler.

Source: Yahoo News


Most probably the case would be settled out of court with the casino giving further discount on the total losing since RWS has been making good profits daily, a small amount can be written off easily.

i also felt that is the responsibility of all parties, Government, Casino Operators, Punters to ensure one does not gamble beyond its own mean. In this case, if the RWS has stopped granting further credit at his limit of $2m, he would had to clear the amount before he was issued with new credit and the casino would not be in the limelight and would expected to get some warnings from the relevant authorities.

For ourself as a gambler or grinder whichever you preferred to be called, we ought know where is our limit and be a responsible individual.

UB :D
User avatar
Afternoon
Great White Shark
 
Posts: 982
Joined: Sun Jan 06, 2008 3:28 pm
Medals: 12
Long Jie Participant (1) Genting Poker Tournament (1) Macau Cup Participant (1) APPT Participant (1) Crowned a poker tournament (1) 2nd Place in a poker tourny (1) Reporter - Bringer of news (1) Poker Face (1) Chatterbox - Bigga Mouth~ (1)
Helpful Kaki (2) Good Buyer / Shopper (1)

Pokerkaki Ads

Postby Pokerkaki Ads

Pokerkaki Ads
Shameless Advertising to keep this site alive

Re: Who’s the businessman who lost S$26m in three days at RW

Postby Darkmage12 » Thu Aug 26, 2010 10:32 am

He still managed to pay his debt what. If everyone so lucky can keep winning you think he still have casino to play in? All Casino can close shop already
Darkmage12
ABC Poker Player
 
Posts: 85
Joined: Sat May 23, 2009 8:59 pm

Re: Who’s the businessman who lost S$26m in three days at RW

Postby bulkbiz » Thu Aug 26, 2010 11:36 am

Don't worry, he is still a seafood tycoon.
bulkbiz
New Fish
 
Posts: 17
Joined: Fri Jul 11, 2008 5:14 pm

Re: Who’s the businessman who lost S$26m in three days at RW

Postby LunarWolfspirit » Thu Aug 26, 2010 12:29 pm

I wonder what do they play up in those VIP rooms...
LunarWolfspirit
ABC Poker Player
 
Posts: 80
Joined: Sat Feb 13, 2010 8:12 pm


Return to Poker Rooms & Casinos in Asia

Who is online

Users browsing this forum: No registered users and 1 guest

 

Recent Posts

Subscribe to RSS headline updates from:
Powered by FeedBurner

Site

Subscribe to RSS headline updates from:
Powered by FeedBurner