According to the Chinese papers, Singapore casino Marina Bay Sands (MBS) went to the Hongkong Court to sue two China millionaires who owed the casino more than S$17 million in gambling debt.
PRC millionaire Li Jun is a CEO of an automotive conglomerate based in Beijing, and he signed 5 credit contract with MBS which allowed him to gamble S$10 million on credit. The other PRC millionaire is Xiao Wen Ge, a CEO of a media entertainment conglomerate based in US, and he initially owed MBS S$14.97 million in gambling debt. Xiao Wen Ge has paid for S$755,600 but ended up not paying the rest of his debt.
MBS’s latest Q4 earnings posted a S$482 million profit and the combined bad debt can easily wiped out their profits.