View from Marina Boulevard
Last week there was a newspaper article relating how a businessman went to the casino as a high roller and lost a total of S$ 26 million in a matter of 3 days. There is a joke about the casino, "how does one leave the casino with a small fortune (big some of money) ?, enter it with a BIG fortune (huge some of money)."
The issue with legalised gambling at our doorsteps is that it reduces the inconvenience one needs to take in order to gamble, previously Singaporeans had to travel to Genting highlands, a trip which normally takes about 3 hours, our take a cruise ship from our Harbour Front to 'nowhere' or international waters between Singapore and Sumatra and one can then gamble to one's heart or wallet's consent.
This is another story of a scion (son of a wealthy business founder) who gambled away his inheritance in 3 days. He will be making a legal case against the casinos whereby the casinos were supposed to check on his background on his credit limit before extending further credit to him. Apparently according to newspaper reports, he lost up to $ 11 million in one sittint alone. The legal case, in my humble opinion is weak because it is like taking a case against your favourite Mutton Soup hawker who served you Mutton Soup you ordered for say 10 years and you knowingly had high cholesterol and high blood pressure. Is the service / food provider to be blamed for your stroke ?
There should be more safeguards for people, like higher entrance fees ($500 perhaps) to deter all and sundry from entering to 'have a go'. It may and already spells financial disaster or even a slow financial meltdown for many thousands of people who go and play each week losing say hundreds per trip.
Bottom line is this, the casino has many tricks and rules of the gambling game to ensure that it has an 'unfair' advantage, take blackjack for example, if you score 17 and the house scores 17, the house wins. There is no 'draw' game.
Slot machines can be tuned to give better payouts in the starting months to lure bored housewives and once they are 'hooked' the slot machines are one of the biggest money generators for the casino, or many a social, swimming or glof club. I should know, I have seen the annual audited reports of 4 clubs and even was on the Management Committee for one for several years.
Perhaps the MBS is a nice venue to have an exhibition but its just not my cup of tea.
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