Lending money to big time gamblers is simple for Singapore casinos, but gathering on those debts is time-consuming and difficult. The number of VIP clients that are in debt to gambling enterprises is increasing and becoming more of a problem.
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 cash.
Bloomberg reported that in 2013, just two clients were sued to recover cash owed, but by a later, that number had jumped to 49 year. Most big shots make use of the services of junket operators, who act as facilitators for casinos, guaranteeing an amount that is certain of from China’s rich gamblers.
The problem is there are merely three such organizations in Singapore, instead of approximately 200 in Macau, another popular spot for Chinese citizens.
When customers within the Lion City don’t settle their records, it usually falls on the two casinos, Marina Bay Sands and Resorts World Sentosa, to try and recoup the cash.
Debt Collecting a Challenge
Further complicating the problem are China’s ordinances on legal actions. Singapore doesn’t have a reciprocal enforcement of judgments with the country, aside from with Hong Kong. Petitioners must sue the defendant in their countake to that is own try to get a judgment in Asia.
Gambling enterprises are also hesitant to pursue claims due to the negativ Continue reading Singapore Casinos Find Collecting Debts from High Rollers Difficult