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S’porean loses S$100 million at casinos

By Angela Lim – October 13th, 2010

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A Singaporean businessman has set the gaming world abuzz with news that he recently lost a staggering S$100 million at the two casinos Resorts World Sentosa (RWS) and Marina Bay Sands (MBS).

According to Today newspaper, the tycoon is on the Forbes list of the 40 richest people in Singapore. He is not the only one who’s been losing big — another tycoon from the timber-rich East Malaysian state of Sabah also reportedly lost about S$50 million around the same time.

Together, the duo’s combined losses of S$150 million have set tongues wagging, even among the local high-rollers’ circle.

And lest you think that they are hurting badly from the losses, a high roller who is a regular at both local casinos told the same newspaper, “These guys can well afford the losses.”

Unlike Henry Quek, the local businessman who lost S$26 million at RWS back in June and tried to sue the casino for giving him too much credit, both men have accepted their losses without much fuss.

Quek, who is the managing director of seafood distrbutor, Far Ocean Sea Products, has also reportedly settled his outstanding debts with RWS.

Gaming analysts told The Straits Times that high rollers generally bet at least tens of thousands of dollars a hand.

Also known as “whales”, they usually play baccarat or blackjack at the casinos’ exclusive private rooms. Industry insiders and other players say it is not uncommon to see bets of more than S$300,000 a hand.

Some famous “whales” who lost big time at the tables include Mr Terrance Watanabe, the American owner of a party favours import business, who lost S$165 million during a year-long gambling binge in Las Vegas in 2007.

The late Australian media mogul Kerry Packer, also lost S$26 million in MGM Mirage in Las Vegas during a weekend in July 2o00.

A general rule in the industry is that 20 per cent of the players contribute 80 per cent of the revenue. That means that the fortunes of a few high-rollers at the table can literally make or break the casino’s earnings estimates for that quarter, or even the whole year.

For example, in Mr Packer’s case, analysts raised the estimates for MGM Mirage’s third-quarter earnings for that year.

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08-Oct-2010 17:23

Genting Sing / GenSp starts to move up again

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Is there any cases whereby, those who booked a condo just on 30 August, but, on hearing the government's announcement, they cancelled the booking, but, do they need to pay penalty of backing off the purchase of condo?

epliew ( Date: 08-Oct-2010 17:16) Posted:

wow. centro....fully paid ?

you got hdb and centro or more apartment ?

but these days the garment very smart.... cannot own both HDB and private..... those purchase earlier is exempted.

BullishTempo ( Date: 08-Oct-2010 17:14) Posted:

LoL hold and wait lor, next 2 weeks got mega IPOs coming. Fund managers probably cashing out to buy those IPOs. Your Centro residence worth 1.5 million, this is only ikan billis to you. Smiley

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08-Oct-2010 17:15

User Research/Opinions / ~TALENT mIs~develOpment=*WEALTH mIs*dIstrIbUtIOn

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I am thickening my skin now by asking :

can G13 cheong to $2.20? can SGX cheong to $10, can Capitaland cheong to 4.50

Answer: YES!!

pharoah88 ( Date: 08-Oct-2010 11:45) Posted:

PERSONAL LESSONS: KEEP ASKING, THICKEN YOUR SKIN, KEEP AN OPEN MIND
Reinvention was at a personal level too, for me. I had morphed from a civil servant to journalist. Within journalism, I had crossed the Rubicon — from print to broadcast.
From journalism, I went into business, which was my first love and remains so.
Then just over a year ago, I was given the additional task of growing my company’s interactive media business, which takes care of such popular websites as www.channelnewsasia.com, xinmsn.com, and mobile applications.Desiderata:
“… and listen to others, even to the dull and ignorant; they too have their story”.
None of these changes was easy, as there were new skills to be learned. I remember vividly the butterflies in my stomach as I made my TV debut in the 1990s.
The cross to business should have been a breeze, since I am trained in economics and accounting. But applying them to real business situations was easier said than done.
Often too, new colleagues bombarded me with unfamiliar technical terms, which on hindsight, were not always necessary to get the job done. I guess some people do resort to erecting jargonistic walls to defend their turf.
But I quickly learned that no matter how technical a subject, I can always turn to a good friend who is tireless and never complains about the most mundane of questions. His name? Google. I think you know him too.
Now that I have let the cat out of the bag on how I sit through meetings with engineers and appear intelligent, what other tips can I share with you from my Poseidonlike shape-shifting? I can think of three.
First, be extremely inquisitive. Keep asking.
Second, be very thick-skinned, for you will be laughed at, or have doors slammed in your face.
The third tip is keeping an open mind.

I find it’s a virtue that’s worked for me, encapsulated in Max Ehrmann’s

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08-Oct-2010 16:45

Genting Sing / GenSp starts to move up again

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a lot of ppl shorted this.

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08-Oct-2010 16:35

SGX / SGX

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J Y Pillay made SIA a world class airline.

He will make SGX a world class exchange.

Everything world class, Singapore world class........hahaha!

Jackpot2010 ( Date: 07-Oct-2010 14:00) Posted:

Remember CLOB? Someone ask Chairman JY Pillay at AGM this morning. His reply was positive - SGX is open to any collaboration with KLSE like former CLOB. This could happen as relationship between the 2 sides has vastly improved after Dr M departure. IF CLOB resumed then SGX will break record $16!. Angmo CEO also mention some new initiatives on the pipeline, not clear....something to do with more Nasdaq listed ADRs coming to SGX (in addition to those Chinese-ADRs just announced).

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08-Oct-2010 16:30

Thomson Medical / dancing with former remiser king

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I sold 0.13, never looked back again.

Why hold a penny stock for so long?

louis_leecs ( Date: 07-Oct-2010 22:25) Posted:

im back again from bukit timah hill,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,im come back and joint the small cap ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,im come to buy again,,,,,,,,,,,,,,,,,,,,,,,,ROWSLEY,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,let huat ah

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08-Oct-2010 16:26

Informatics / Road to recovery in next 1-2 years

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For this moment, this counter is a 'one bit ' counter.

buy 0.165, sell 0.17

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08-Oct-2010 16:24

Genting Sing / GenSp starts to move up again

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G13 has brought on much fire into SGX ever since the opening of casino. Compare to genting hk, G13 looks more reliable to trade.

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07-Oct-2010 11:50

Genting Sing / GenSp starts to move up again

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Buyingn One lot or few lots could make you rich.

Someone i know, just bought

Keppel corp - one lot when it was at its lowest price

SGX - one lot

singtel - 2 lots ($2.50 plus, i think)

Genting - 5 lots (0.70)

BullishTempo ( Date: 07-Oct-2010 11:47) Posted:

Trading is risky and not for the faint hearted. Truth is, more people lost money in the stock market than people who made money. It is always the top few percentage of the traders or investors who suck money out of the bottom 80% retail investors.

So are you in the top 20% or bottom 80%? When I started I lost money like crazy, and then I told myself I must learn all the proper trading methodologies before I lose more money again. This is more than a year ago. So this is a question you must ask yourself now. Is trading for me? If not, better to get a regular day job.

Abit-loss ( Date: 07-Oct-2010 11:43) Posted:

Bullish, Cannotfind, Pharoah,

Seems like the three of you have vast experience here. Seeing the price drop so much today, makes me scare in trading. I bought in at 2.1 yesterday and have to cut lost at 2.03.... got burn liao...

Should I wait or is this a time to buy in again? seeing that it is still hovering at same price now.

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07-Oct-2010 11:46

User Research/Opinions / ******** T R U E ******** Or #### F A L S E ####

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There are lots of SECRET in stock market.

Someone once said to me "i will never buy stocks from stock exchange" . This is the person who ever worked in exchange.....

Had this person been badly beaten before? Or, simply, just knew TOO MUCH secrets how stock moves and how people lost their money or lives?

pharoah88 ( Date: 07-Oct-2010 11:39) Posted:

Is

SECRET

SECRET ?

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07-Oct-2010 11:34

Others / what time is it ??

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Go ride on the 'big tea cup ' in disneyland and have a cup of tea.

Have a nice and joyous tea cup ride.

Hulumas ( Date: 07-Oct-2010 10:51) Posted:

Is it tea time?

des_khor ( Date: 06-Oct-2010 16:07) Posted:

BoN bOn is over 4 pm liao.....

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07-Oct-2010 11:30

Genting Sing / GenSp starts to move up again

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For people who are not geared to 'trading stock every day', just buy a few lots when dip, will be better off than trading every day .

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07-Oct-2010 11:14

Straits Times Index / STI to cross 3000 boosted by long-term investors

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US Economic News

IMF Lifts 2010 Global Growth Outlook, Says Double-Dip Unlikely

10/6/2010 10:26 AM ET

(RTTNews) - The global economy is unlikely to face a double-dip recession and the recovery will be lead by emerging and developing economies, the International Monetary Fund said Wednesday.

Unveiling its latest world economic outlook, the Washington-based lender said the world economy would grow 4.8% this year, better than 4.6% predicted in July. However, global growth is seen slowing to 4.2% next year, though the possibility of a sharper slowdown has been ruled out. It had previously foreseen 4.3% growth for 2011.

WEO projections are that output of emerging and developing economies will expand at the rate of 7.1% and 6.4%, in 2010 and 2011 respectively. Advanced economies are forecast to grow 2.7% and 2.2%, respectively for these years, with some economies slowing noticeably during the second half of 2010 and the first half of 2011, followed by a reacceleration of activity.

IMF predicts 2.6% growth for the U.S. this year, before slowing to 2.2% next year. Mean while euro area will see growth around 1.7% in 2010 and 1.5% in 2011. China is projected to expand 10.5% in 2010, closely followed by India, which is expected to grow 9.7%. Chinese growth would ease to 9.6% next year, while India may see it at 8.4%.

The lender said though risks to the growth forecasts are mainly to the downside, the probability of a sharp global slowdown, including stagnation or contraction in advanced economies, still appears low.

The IMF report pointed out that the major economic challenge to the growth prospect was the high rate of unemployment. It estimates that there were more than 210 million unemployed people across the globe, representing an increase of more than 30 million since 2007. The reports said that three-fourths of the increase has occurred in advanced economies.

Moreover, the IMF said most advanced economies and a few emerging economies still face major adjustments to correct their balance sheets. "Monetary policy should stay highly supportive in most of the advanced economies and should be the first line of defense against any larger-than-projected weakening of activity as fiscal support diminishes."

by RTT Staff Writer

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06-Oct-2010 15:10

Others / fund houses news

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If you are lucky to have known someone (BBs) that he/she just tell you,

"this week, we are going to move this counter,go collect on dip" or "next week, we are going to move this counter"

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06-Oct-2010 15:07

Straits Times Index / STI to cross 3000 boosted by long-term investors

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LOOK! who is talking now!! :)

victorf ( Date: 06-Oct-2010 14:22) Posted:

Market only moves ONE WAY for this week...UP...good luck :)

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06-Oct-2010 14:52

SGX / SGX

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lots of people already smiling now, :)

Jackpot2010 ( Date: 06-Oct-2010 12:17) Posted:

$9.35 + 18c! Tomorrow AGM everyone smiling.

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06-Oct-2010 14:51

Genting Sing / GenSp starts to move up again

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If they want push price up, no reason to accumulate at lower price.

Other reasons may be also short sellers want to quickly cover back on guessing today is up shooting.

crystal1818 ( Date: 06-Oct-2010 14:46) Posted:

Why are they accumulating at 2.1 when they can do so at low price yesterday?

pharoah88 ( Date: 06-Oct-2010 14:36) Posted:

kInder playtImes

accUmUlatIOn

12:16:50 2.090 1,724,000 Sold To Buyer

12:16:33 2.090 1,000,000 Sold To Buyer

11:32:45 2.100 1,936,000 Bought From Seller

10:13:02 2.110 1,900,000 Bought From Seller

10:01:39 2.100 1,000,000 Bought From Seller

09:51:13 2.100 1,267,000 Bought From Seller

09:44:49 2.090 1,645,000 Sold To Buyer

09:24:53 2.090 1,161,000 Sold To Buyer

09:22:26 2.100 3,853,000 Sold To Buyer

09:15:54 2.110 2,805,000 Sold To Buyer

09:09:30 2.120 3,000,000 Bought From Seller

09:05:24 2.110 1,399,000 Sold To Buyer

09:03:09 2.110 1,058,000 Sold To Buyer

09:03:08 2.120 40,000 Bought From Seller

09:03:07 2.110 1,858,000 Sold To Buyer

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06-Oct-2010 14:49

SGX / SGX

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Look at the new high 9.44! More upside.. $10 coming.

Remember Richman says he only wants to sell only at $14.

Hold on to it.

Profits are unlimited!!

Remember to donate!!

Jackpot2010 ( Date: 06-Oct-2010 12:17) Posted:

$9.35 + 18c! Tomorrow AGM everyone smiling.

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06-Oct-2010 12:19

Genting Sing / GenSp starts to move up again

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This puppy will make G13 a historic glamour in SGX.

BullishTempo ( Date: 06-Oct-2010 12:14) Posted:

Resistance at 2.11 and 2.12 disappearing and buying is stronger now. Akan Datang is right.

BullishTempo ( Date: 06-Oct-2010 12:10) Posted:

LOL

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