Lending money to big time gamblers is simple for Singapore casinos, but collecting 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 clients, like China table tennis gold medalist Kong Linghui, aren’t paying debts that are back gambling Singapore casinos, forcing operators to sue to reclaim their cash.
Bloomberg stated that in 2013, just two customers had been sued to retrieve cash owed, but by a year later, that number had jumped to 49. Most big shots make use of the services of junket operators, whom act as facilitators for casinos, guaranteeing an amount that is certain of from China’s rich gamblers.
The problem is there are only three such businesses in Singapore, rather than approximately 200 in Macau, another spot that is popular Chinese citizens.
When clients into the Lion City don’t settle their records, it usually falls in the two casinos, Marina Bay Sands and Resorts World Sentosa, to try and recover the money.
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 nation, then try to obtain a judgment in China.
Gambling enterprises will also be hesitant to pursue claims Read more about Singapore Casinos Find Collecting Debts from High Rollers Difficult …