Marina Bay Sands now going overseas to sue for gambling debts.

[Papsmearer]

Casino = Misery. fucking PAP.



Marina Bay Sands sues For You Group boss over debts in Hong Kong; NagaCorp storage removed from Buddhist land in Cambodia
January 12, 2015

Marina Bay SandsMarina Bay Sands sues For You Group boss over debts in Hong Kong; has put on the gloves and sued China For You Group chairman Chen Huaide for running away from S$3.9 million in debts. The Singapore subsidiary of US casino operator Las Vegas Sands filed the lawsuit in the Hong Kong High Court late last week.

In a filing with the Hong Kong exchange, China For You said Huaide, who replaced He Jianhong as chairman of the investment holding company, could be responsible for the company’s unusual share price movement. China For You plunged 27.4% to 45 Hong Kong cents last Thursday before falling another 11.1% to 40 Hong Kong cents on noon last Friday.

“A charging order may have been made restraining Mr Chen from transferring certain shares of certain company or companies on January 7,” the company said in its filing.

China For You Group, which changed its name from China Packaging Group in November 2014, explained that the issue involving its chairman “is his personal matter.” According to a statement released by the company, the shares of one of Huaide’s private companies are the subject assets of the changing order and that the company “had no involvement in the matters.”

 

[CoffeeAhSoh]

Businessman sues MBS over use of pooled chips​

Elena ChongMy PaperTuesday, Jan 13, 2015



- See more at: http://news.asiaone.com/news/singap...bs-over-use-pooled-chips#sthash.UTz8DEge.dpuf

SINGAPORE - A businessman from Hong Kong

---

has sued Marina Bay Sands (MBS), claiming that he suffered loss and damage when he

was not allowed to take over a baccarat game from a combined pool of chips he shared with a friend at MBS.

Cheung Che Kin, a patron of the integrated resort, is seeking damages from it for wrongdoing and breach of contract.

MBS denies that Mr Cheung has suffered loss and damage and has filed a counter-claim for an outstanding credit amount of $1.96 million,

plus 12 per cent interest, from Mr Cheung.

Represented by Drew and Napier, MBS started an action earlier in Hong Kong last July to recover the debt from Mr Cheung, but the suit

has been put on hold with both parties' consent.

According to his statement of claim filed in the Singapore High Court last year, he signed a credit agreement with MBS in March 2011.


Mr Cheung, who is represented by Tan Kok Quan Partnership, said that he and Qian Si Jie patronised the casino on Dec 14 and 15, 2012.

Before that, he had informed an MBS staff member that they would be playing together from a combined pool of chips.

The employee later told him arrangements had been made, giving Mr Cheung grounds to believe that MBS had no objection.

Over the two days, Mr Cheung was given $2 million in chips on credit under the credit agreement. The $1.96-million figure took into

account a commission, or a kind of discount, given to him.

Mr Cheung and Mr Qian started playing baccarat in one of the VIP rooms on Dec 14 that year.

They continued playing on Dec 15 and placed their chips in a combined pool in the presence of MBS staff.

On the evening of Dec 15, Mr Qian was allowed to bet from the combined pool without objection from MBS staff. Later on, he stopped as

he was feeling unwell.

When Mr Cheung wanted to take over (play) from the combined pool, MBS staff refused. In so doing, the defendant denied him the

benefit of the use of his chips, he claimed.

Frustrated and upset, Mr Cheung left the VIP room, leaving Mr Qian, who carried on playing. Mr Qian eventually lost all the chips through

those bets.


Mr Cheung said that as MBS has prevented him from accessing his chips, it is akin to forced repayment, and he is thus not liable to the

defendant.

It is not known if it is common for casino players to share chips. No date has been set for the trial yet.]

 

[CoffeeAhSoh]

http://www.scmp.com/business/compan...es-chairman-you-group-s3.9-million-over-debts

Marina Bay Sands sues chairman of For You Group for S$3.9 million over debts in Hong Kong​

The Marina Bay Sands gleams at dusk. The casino has sued the chairman of
For You over millions of Singapore dollars in debt. Photo: Handout ​

Marina Bay Sands, the Singapore subsidiary of US casino operator of Las Vegas Sands, has sued Chen Huaide, chairman for China For You Group, for S$3.9 million of debts in the Hong Kong High Court, the Hong Kong-listed firm announced today.

“A charging order may have been made restraining Mr Chen from transferring certain shares of certain company or companies on January 7,” said the company’s announcement to explain its unusual share price movement.

The company’s share price plunged 27.4 per cent to 45 Hong Kong cents on Thursday. Its share price fell another 11.1 per cent to 40 Hong Kong cents as of noon Friday.

“Mr Chen confirms that the action is his personal matter; the shares of one of his private companies are the subject assets of the charging order; and the matter can be resolved the soonest. The board considers that the action and all the orders are personal matters of Mr Chen. Besides, the company confirms that it had no involvement in the matters,” said For You, which changed its name from China Packaging Group last November.

Chen was appointed chairman of For You on 10 October 2014, after the company dismissed He Jianhong as chairman. For You, an investment holding company, posted a net loss of 6.54 million yuan in the first half on turnover of 16.24 million yuan.



Las Vegas Sands reported a 34 per cent fall in VIP volume business at Marina Bay Sands to US$9.1 billion in the third quarter last year. VIP gaming revenue from high rollers made up half of Singapore’s annual gaming revenues of S$6 billion, and mainland Chinese account for half of the Lion City’s VIP revenues.

In Macau, the world’s biggest gaming hub, VIP revenue, most of which were from mainland Chinese high rollers, fell 10.3 per cent to US$26 billion last year.

Some 40 to 50 of Macau’s VIP gaming rooms might close in the coming months, due to a fall in revenue and the inability of junket operators to collect debts from some clients, according to Macau newspaper reports.

The drop in VIP revenue in Macau is widely attributed to the ongoing corruption crackdown in China.

Sheldon Adelson, chairman of Las Vegas Sands, faces an ongoing legal dispute in the US with Steven Jacobs, who had filed a wrongful termination suit against Adelson.

Jacobs alleged he was wrongly ousted as chief executive officer of Sands China, the Hong Kong-listed subsidiary of Las Vegas Sands, in 2010 because he disagreed with Adelson over demands that he collect information on Macau officials to influence them.

 

[CoffeeAhSoh]

Chairman Vincent Chen​

 

[CoffeeAhSoh]

Casino = Misery. fucking PAP.



Marina Bay Sands sues For You Group boss over debts in Hong Kong; NagaCorp storage removed from Buddhist land in Cambodia
January 12, 2015

.”

http://news.asiaone.com/News/The+New+Paper/Story/A1Story20100822-233311.html

So quiet after big loss​

HE WAS quite the showoff who bragged about his achievements.

Today, he is noticeably quiet.

You would be, too, if you lost $26.3 million at the tables.

One local businessman here, in his 50s, lost that staggering amount in Resorts World Sentosa (RWS) over just three days in June, reported Today earlier this week.

The high roller is reportedly the managing director of a multi-million dollar company.

He is now consulting a local law firm about possible legal action against the casino on grounds of negligence.

RWS, when contacted, said it does not comment on its customers.

One of the man's friends, a fellow high roller who wanted to be known only as Jason, told The New Paper that this big time gambler has been looking visibly depressed in recent weeks.

He got to know this businessman through a friend.

Said Jason in Mandarin: "Before the newspaper report was out, we already knew that he had lost money. He used to talk the loudest in the group and was quite the showoff.

"But after his loss, he became quieter."


Jason said that this businessman is married, even though it was reported that he was at the tables with girlfriend in tow.



A quick search on the Registry of Marriages showed that he's married to a foreigner. Said Jason: "I don't know much about his family but I know he's wealthy. He's a multi-millionaire and owns several houses and cars."

He travels in style too, chauffeured around in a uber-luxurious car worth at least $700,000. From what Jason has noticed about the businessman at the casino tables, he thought nothing of playing a few hundred thousand dollars a hand.

His favourite game? Baccarat.

Said Jason: "He makes a lot of noise when he plays. I think it's all about saving face and the need to show off to his friends around him."

So, he bets big.



He reportedly lost a staggering $18 million in one day alone, playing baccarat at $400,000 a hand.

Once when his losses crossed the $4-million mark, his girlfriend started crying and pleaded with a RWS' senior officers to stop giving him more chips on credit, claimed the businessman. The same officer, he claimed, assured him that the casino was prepared to extend him more credit, even though his limit had been exceeded.

Of his $26.3 million loss, the businessman repaid about $10 million.

It was reported that as of July 22, he still owed RWS some $13 million.

It is unknown if the debt has since been settled.

Jason said that he's not as hardcore a gambler as the high roller but confesses that he does bet big on the tables here sometimes.

But he does have a credit line of about $300,000 with both RWS and Marina Bay Sands (MBS) here. He said that as a high roller, he's very well-treated by casino operators here and worldwide. And for good reasons too.

These gamblers may make up only one per cent of a casino's clientele, but they may yield about 20 per cent of the revenue, an industry observer told The New Paper.

It is estimated that there are 200 to 300 high rollers here, reported the Straits Times in January.

The total gaming revenue for both RWS and MBS combined has been estimated at around US$3 billion ($4 billion) yearly, reported the Business Times earlier this month.

Most of the high rollers to Singapore casinos are from Malaysia, Indonesia, Thailand and Singaporeans too, said the industry observer.

Typically, they bet anything from $5,000 to $200,000 a game, but the sky's the limit.

Jason said that he's on both casinos' VIP lists.

The casinos spare no expenses wining and dining their important guests.

Gaming suites, for instance, have plush carpets and glass cases stocked with bottles of brandy and


Cuban cigars.

This high roller said he frequents the local casinos at least once a week.

Said Jason: "There's no limit on the number of drinks you can order, everything is free flow. You want the finest champagne, premium XO brandy, no problem."

The same goes for food, he said, adding that he enjoys the free flow of bird's nest too.

He added: "Usually, these gamblers don't care much about food. They're too busy gambling to care."

The popular games are roulette and baccarat. Each suite can accommodate at least a hundred gamblers at any time, he said.

His single biggest hand was $40,000 for baccarat.

So far, he's down about $5,000 for all his efforts.

He added: "I play for fun and to while away my time. I don't think I am addicted to it. I can control and walk away from (the table) anytime."

The VIP service accorded to high rollers here is hush-hush in the competitive gaming industry. The two operators were unwilling to disclose what went on behind their gilded closed doors. Also, the high rollers, who value their privacy, may turn up, gamble and leave without being seen, accessing a network of secret corridors, lifts and entrances to do so.

In fact, the VIP treatment begins at the airport of the high roller's host country.

A private jet specially chartered by the casino, free of charge of course, whisks him to his favourite casino.

We understand that RWS has a fleet of these jets to cater to these high-yield players. At Changi Airport, a VIP greeter at JetQuay, a luxury terminal with its own dedicated check-in and immigration services, meets him.

He's then ushered into a Rolls-Royce Phantom driven by a uniformed chauffeur.

At RWS, he'll be checked into the Crockfords Tower, an invitation-only hotel where its 120 suites are not open to the public.

No rack rates here. So no invitation, no stay.

Unless you have at least $100,000 to gamble with.


On arrival, services are personalised too, and a team of butlers wait on the guests round the clock, said RWS.

Food from any restaurant - or any part of Singapore for that matter - can be sent up to the rooms upon request.

The guest can even choose the pillow he wants - buckwheat, down feather or anti-snoring. High rollers also get to gamble in private rooms and have separate parts of the hotels set aside exclusively for them.

 

[Brahmadachod]

few million dollars probably small change to all these rich tycoon, they are just unwilling to liquidate their assets at the current price

 

[Hypocrisy]

Hong Kong high-roller sues Marina Bay Sands over use of pooled chips

Singapore resort barred businessman from gambling with shared pool, law suit claims

PUBLISHED : Tuesday, 13 January, 2015, 11:56pm
UPDATED : Tuesday, 13 January, 2015, 11:56pm

Bryan Harris [email protected]

The Marina Bay Sands resort is countersuing. Photo: AFP

A high-roller businessman from Hong Kong has launched legal action against Marina Bay Sands in Singapore amid claims the casino stopped him gambling.

Cheung Che-kin is seeking damages from the resort after allegedly suffering losses when casino staff prevented him from taking over a baccarat game from a combined pool of chips he shared with a friend, according to documents from the Singapore high court.

The casino denied Cheung's claims and has launched a counter suit in Hong Kong in a bid to retrieve a HK$11.5 million credit line given to the businessman to gamble in the luxury resort.

The incident, first reported yesterday by the Straits Times , took place over two days in December 2012 when Cheung and an associate, Qian Si Jie, visited the Lion City attraction

Before gambling, Cheung - a client since its opening in 2010 - informed the casino via his personal host that he and Qian would be playing together from a combined pool of chips.

The host subsequently informed Cheung that such arrangements had been made, leading the VIP to believe the casino was happy with the situation, according to the court documents.

Using the HK$11.5 million credit line, the two men played baccarat in one of the casino's high-roller rooms, with Qian at one point betting from the combined pool of chips without objection from staff.

But when Qian said he felt unwell and Cheung attempted to take over playing from the combined chips, he was refused permission.

He departed, leaving Qian to eventually exhaust the credit line and lose all the chips.

Cheung is now suing the casino for wrongdoing and breach of contract, with the Hongkonger claiming that the actions of the casino staff were akin to a forced repayment.

The resort is countersuing in a bid to obtain the outstanding HK$11.5 million credit amount, plus 12 per cent interest.

However, the legal action - started by Marina Bay Sands in Hong Kong in July last year - has been stayed with questions raised over whether the city's courts have jurisdiction over the matter, the court documents show.

Lawyers for Cheung declined to comment on the case.

 

[eatshitndie]

it's great to be a lawyer working for either side.

 

[Leongsam]

Casino = Misery. fucking PAP.

Gambling is not a government mandated activity it's a personal choice.

Nobody in Singapore is forced to go to a casino and nobody who enters a casino is forced to wager more than they can afford to lose. They do that out of their own free will.

If they end up broke because of gambling, it is their own fault. You cannot blame the PAP for that. To do so would be like blaming the government for rape for allowing girls allowed to walk around in public in skimpy clothing.

If the government is made responsible for the ills that human vices bring, then we might as well go the whole hog and ban alcohol, revealing clothing, decadent Western music and anything else that could pollute the purity of the human mind.