Macau Casino Chasing Debts of $4.5m
Unibet review: The eighth richest man
in the United States is on that list because he does not suffer fools
gladly. Sheldon Adelson is that man, and his Venetian casino, based in
Macau, has just taken legal action in a Hong Kong court to recover $4.5
million in gambling debts, owed to the casino by two Chinese High
Rollers.
In the
first of two cases, according to Hong Kong media, the Venetian has filed
a lawsuit with the High Court in Hong Kong to retrieve $3 million from a
Chinese businesswoman called Zou Yunyu. The owner of the Shanghai
Gaouyan Property Group has an estimated fortune of $220 million. In the
second case, the Venetian is chasing debts of up to $1.5 million from
Xie Xiaoqing, a businessman and deputy to the provincial legislature in
Hubei Province.
Sheldon Adelson is reported to have a $20
billion fortune built up mainly through his gambling interests in both
Asia and the United States. The Venetian is one of a quartet of casinos
that Adelson’s company, the Las Vegas Sands Corp., owns in Asia. When
Adelson is not chasing down Chinese High Rollers he is contributing to
the U.S elections. In 2012, reports suggest that Adelson donated a
whopping $95 million to Republican candidates.
Last year, the gambling business in Macau
earned $38 billion in casino revenue - an increase of 13.5% on the year
before. Most of this profit comes from the pockets of the High Rollers
who cross the water from the Chinese mainland.
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