Lending money to big time gamblers is simple for Singapore gambling enterprises, but collecting on those debts is time-consuming and difficult. The amount of VIP clients who are in debt to casinos is increasing and becoming more of an issue.
VIP casino customers, like Asia table tennis gold medalist Kong Linghui, aren’t paying back gambling debts to Singapore casinos, forcing operators to sue to reclaim their money.
Bloomberg stated that in 2013, just two customers had been sued to recover cash owed, but by a year later, that number had jumped to 49. Most big shots make use of the solutions of junket operators, who act as facilitators for casinos, guaranteeing a particular amount of revenue from China’s wealthy gamblers.
The issue is there are only three such companies in Singapore, instead of approximately 200 in Macau, another spot that is popular Chinese citizens.
When customers into the Lion City don’t settle their records, it usually falls regarding the two casinos, Marina Bay Sands and Resorts World Sentosa, to try and recover the cash.
Debt Collecting a Challenge
Further complicating the presssing issue are China’s ordinances on lawsuits. Singapore doesn’t have a reciprocal enforcement of judgments because of the country, except for with Hong Kong. Petitioners must sue the defendant in their own country, then try to acquire a judgment in China.
Casinos are hesitant to pursue claims because of the ne Continue reading article