According to the Chinese papers, Lian He Wan Bao, the owner of a popular travel agency, Asia-Euro Holidays, went into a S$5 million debt from gambling at Singapore’s casino, Marina Bay Sands.
The established travel agency put up a post on its Facebook page (May 23) saying that the company has closed for business and advised existing customers with unfulfilled trips to seek claims from the Small Claims Tribunal or CASE. Its staffs and customers at its Chinatown Point’s shop were all not notified before the closure, and it appears they will have issues getting their salaries from the bankrupted company too.
Lian He Wan Bao reported that up to 500 customers are affected and a spokesperson was initially reported saying that the company went into financial difficulties because of property investments and the Singapore Government’s property cooling measures introduced in 2012. However, it seems that the company has collapsed because of the gambling addiction of their director, and not because of the property cooling measures as mentioned.
Just last year February, a CPIB assistant director was charged for corruption after he lost S$478,583 at the Singapore casinos. Also in 2014, the number of bankruptcy hit a 4 year high ever since the Singapore casinos were built.
Do you think the Singapore casinos have brought in more harm than good?