'I lost $600,000 in six months at Resorts World Sentosa'

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#1
The Straits Times
Sep 8, 2011
'I lost $600,000 in six months at Resorts World Sentosa'

Tim, 34, a father of two, is in debt to the tune of $600,000. He attended a gambling counselling session last Saturday night organised by One Hope Centre.

'GROWING up, I detested my father because he subjected the family to much fear and harassment.

He was a compulsive gambler who would deliberately find funerals to visit just so he could play card games like blackjack.

From the age of six, I was exposed to the violence and scare tactics of loan sharks. They would splash paint on the walls, slam and break all our potted plants along the corridor, and bang on our windows every other day at midnight, just when all of us were about to doze off.

From then on, I promised myself that I would never follow in my father's footsteps.

I studied hard, despite not having enough money for food, books or uniforms.

When I got into the IT (information technology) and computing course at one of the local universities, I was overjoyed. I became a student leader and participated actively in school.

So it seems such a cruel joke that today, I find myself in a much worse situation than my father was in.

I have reached the point where I have almost thrown away a promising career, blown my savings and investments, and almost lost what is most dear to me, my family.

I guess I can now understand what my father went through.

I started gambling in casinos on cruise ships, and when the two casinos opened here, I gambled there.

When you are on a winning streak, you feel like a hero.

At Resorts World Sentosa (RWS), I could easily make $100,000 in 48 hours, from an initial capital of $2,000.

Making money seemed easy. Life seemed easy.

Then, I thought that in life, working hard wasn't enough, and working smart was the key. What I earned in a month, I could easily make in three visits to the casinos.

It was a fantasy world that I was living in.

The high life was suddenly accessible; I was driving a European luxury car, and would change cars every two years. In my heyday, I would splurge close to $400,000 on luxury watches.

I stayed mostly at RWS, where my loyalty points translated into free stays and free food. Every other week, I would take my kids to the resort to swim or play.

But I learnt, painfully, that in gambling, there is no such thing as a sure bet. I hit rock bottom when I lost $600,000 in six months at the Resorts World Sentosa casino. Baccarat suddenly became more dangerous than it seemed.

One-third of that amount came from my savings and the rest was borrowed from banks, loan sharks and friends.

The funk I sunk into thereafter was bad enough not only for me to think about suicide, but to also contemplate taking the lives of my wife and two kids.

Thankfully, I was introduced to One Hope Centre about nine months ago, and I started getting my life back in order.

My wife has been my pillar of support; she accompanies me to all the support group sessions. I have been going to the sessions for almost nine months now.

My plea to those who are still hoping to get rich through gambling is this: Please stop being foolish, and retreat when you still can.

If you find yourself already addicted to gambling, please seek help - if not for yourself, at least for your loved ones.'

JANICE TAI
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#2
One more family saved.
That's a number to look at.
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#3
I guess educated people who choose to gamble big-time in a casino - vs. those who visit a casino only occasionally and bring along only a small sum to play mainly for entertainment purposes, or just to pass some time! - and in the end lose all their wealth and more, have only themselves to blame. It is always sad to read about such stories of those who suffered self-inflicted failures in life.

For those uneducated or less educated people with a family to feed, I guess it is only morally right for the government to implement effective measures to discourage - and even protect - them from going to the 2 local 'government-sponsored' casinos.
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#4
It just don add up... U can win 100k a day and buy 400k worth of watches yet he only lose 600k including borrowing from banks and friend??? I think 10k of winnings and 40k of watches is more possible.
The thing about karma, It always comes around and bite you when you least expected.
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#5
(08-09-2011, 10:33 AM)WolfT Wrote: It just don add up... U can win 100k a day and buy 400k worth of watches yet he only lose 600k including borrowing from banks and friend??? I think 10k of winnings and 40k of watches is more possible.

I think it's only a snapshot of his turbulent and volatile life. Gamblers mostly remember their winnings and would like to forget about their losses, hence the tendency to spend a lot on bling when they are on a winning spree.

In his case, it was probably a lack of risk control which led to spiralling losses and crippling debts. A sad case indeed.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#6
Maybe he can be the first in SG to start a book on his journey.
A "no-holds barred" access to the VIP realm in casinos, and also their tactics in luring people back.
Can pay off his debts too.

One must be able to see defeats in victories and victories in defeats.
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#7
The life lesson on working smart and not working hard is the correct one, just that he should have better risk management.

"...When I got into the IT (information technology) and computing course at one of the local universities..."
Some how the tutorial questions in IT courses tends to uses blackjack and other casino games, did you noticed that?

To have savings of $200k by early 30s and married with 2 kids, I believe the family income is not low. Should have no problem getting back his footing again.
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#8
So, this guy's father was a compulsive gambler and he witness 1st hand what harm gambling brings.
So as an adult, instead of helping others stay away from gambling, he became a gambler himself.

Does he deserve any sympathy? Not one bit....
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