23-10-2010, 06:51 AM
Oct 23, 2010
the SHENTONITES
Being financially savvy may give false sense of security
BY DAY, Mr Cheong, the director of a major financial firm, manages other people's wealth prudently.
After dark, the 40-something turns into a daredevil gambler at Resorts World Sentosa (RWS) casino's VIP rooms, where he wagers thousands of dollars on each hand of baccarat.
He refuses to give his full name as he is worried his clients will think he is irresponsible with money.
Mr Cheong says he gambles once a fortnight to help himself 'destress' from his demanding day job. He picked up gambling when he was studying in Australia, as he had free time on his hands.
Before the casinos opened in Singapore, he would have a flutter on the cruise ships. Now that Marina Bay Sands (MBS) is across the road from his office and RWS is about a 10-minute drive away, the temptation is 'too close to home', he says.
Indeed, in the evenings, the casinos are crowded with Shenton Way-types like him, both men and women, whose office attire, work satchels crammed with files, and beleaguered faces give them away.
Bruising day at work? Unreasonable clients? They unwind by turning to card games or the jackpot machines.
Being finance professionals, they often reason that they are capable of assessing risks, instituting safeguards and keeping out of harm's way.
Dr Derek da Cunha, the author of Singapore Places Its Bets, says that because these executives are financially savvy and earn enough to make sizeable bets, they might be lulled into a 'false sense of security' and be even more daring with their money.
Mr Cheong does not want to reveal how much he puts on the table. All he will let on is that his largest win at RWS was $140,000, but overall, he is down tens of thousands.
'I do not limit how much I gamble each time, but I do not go to the extent of borrowing money to play.'
He adds, in mitigation, that his losses at the casino are less than those he has suffered speculating on shares.
He says that to restrain himself, he signed up for an annual levy pass at RWS instead of at MBS - as the former is slightly farther away.
Also, he does not usually gamble for more than two hours at a go. 'Discipline is key to winning. The longer you play, the more likely you are to lose,' he says.
'I know people who have gambled and lost millions of dollars and whose families have broken up as a result. But I am an analyst, I am rational enough to know when to stop,' he maintains.
His wife, though, wishes he would stop - right now.
'She does not like that I gamble, but I take care of my family and I provide for them so she leaves me alone,' he says.
Still, she is taking no chances with their nine-year-old son, and has repeatedly cautioned the boy against following in his father's footsteps.
Mr Cheong says with some measure of pride: 'The other day, my son told me he will not gamble.'
It was a comforting statement to him. 'I do not encourage people to gamble. Once you get in, it is hard to get out,' he admits.
Indeed, for many white-collar gamblers with cash and time to spare, it is proving hard to escape the lure of two casinos on their doorstep.
Mr Roy Leong, 35, a bank executive, was spotted at the MBS casino on a Monday at 9.30pm. The bachelor was about $1,000 in the red after three hours.
He had managed to stay away from the casino for two months, after losing about $20,000 on his last visit.
'Maybe it is not a good idea for me to return. It is very hard to win, but very easy to lose,' he says with a sigh.
Still, he was betting on a change of luck that evening and a chance to recoup his losses.
Dr da Cunha, whose research interests include socio-political issues in Asia, says the proximity of Shenton Way and HarbourFront offices to the casinos may prompt professionals working in the area to visit the casinos more frequently.
'We cannot underestimate the convenience factor.'
HUANG LIJIE
the SHENTONITES
Being financially savvy may give false sense of security
BY DAY, Mr Cheong, the director of a major financial firm, manages other people's wealth prudently.
After dark, the 40-something turns into a daredevil gambler at Resorts World Sentosa (RWS) casino's VIP rooms, where he wagers thousands of dollars on each hand of baccarat.
He refuses to give his full name as he is worried his clients will think he is irresponsible with money.
Mr Cheong says he gambles once a fortnight to help himself 'destress' from his demanding day job. He picked up gambling when he was studying in Australia, as he had free time on his hands.
Before the casinos opened in Singapore, he would have a flutter on the cruise ships. Now that Marina Bay Sands (MBS) is across the road from his office and RWS is about a 10-minute drive away, the temptation is 'too close to home', he says.
Indeed, in the evenings, the casinos are crowded with Shenton Way-types like him, both men and women, whose office attire, work satchels crammed with files, and beleaguered faces give them away.
Bruising day at work? Unreasonable clients? They unwind by turning to card games or the jackpot machines.
Being finance professionals, they often reason that they are capable of assessing risks, instituting safeguards and keeping out of harm's way.
Dr Derek da Cunha, the author of Singapore Places Its Bets, says that because these executives are financially savvy and earn enough to make sizeable bets, they might be lulled into a 'false sense of security' and be even more daring with their money.
Mr Cheong does not want to reveal how much he puts on the table. All he will let on is that his largest win at RWS was $140,000, but overall, he is down tens of thousands.
'I do not limit how much I gamble each time, but I do not go to the extent of borrowing money to play.'
He adds, in mitigation, that his losses at the casino are less than those he has suffered speculating on shares.
He says that to restrain himself, he signed up for an annual levy pass at RWS instead of at MBS - as the former is slightly farther away.
Also, he does not usually gamble for more than two hours at a go. 'Discipline is key to winning. The longer you play, the more likely you are to lose,' he says.
'I know people who have gambled and lost millions of dollars and whose families have broken up as a result. But I am an analyst, I am rational enough to know when to stop,' he maintains.
His wife, though, wishes he would stop - right now.
'She does not like that I gamble, but I take care of my family and I provide for them so she leaves me alone,' he says.
Still, she is taking no chances with their nine-year-old son, and has repeatedly cautioned the boy against following in his father's footsteps.
Mr Cheong says with some measure of pride: 'The other day, my son told me he will not gamble.'
It was a comforting statement to him. 'I do not encourage people to gamble. Once you get in, it is hard to get out,' he admits.
Indeed, for many white-collar gamblers with cash and time to spare, it is proving hard to escape the lure of two casinos on their doorstep.
Mr Roy Leong, 35, a bank executive, was spotted at the MBS casino on a Monday at 9.30pm. The bachelor was about $1,000 in the red after three hours.
He had managed to stay away from the casino for two months, after losing about $20,000 on his last visit.
'Maybe it is not a good idea for me to return. It is very hard to win, but very easy to lose,' he says with a sigh.
Still, he was betting on a change of luck that evening and a chance to recoup his losses.
Dr da Cunha, whose research interests include socio-political issues in Asia, says the proximity of Shenton Way and HarbourFront offices to the casinos may prompt professionals working in the area to visit the casinos more frequently.
'We cannot underestimate the convenience factor.'
HUANG LIJIE