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Crown Ltd goes to court to recoup millions of dollars owed by High Roller

Cown Resorts AustraliaCrown Ltd is suing a Chinese high roller who, it claims owes its Melbourne casino 6.8 million Australian dollars. The Chinese gambler lost the huge amount in the Crown Melbourne Entertainment Complex in 2011 and Crown Resorts Ltd which belongs to James Packer, the billionaire casino operator, has been attempting to recoup its losses since then. The company is finally in the process of having the debt recovered by the courts.In 2011, the Chinese high roller, Zhao Li was granted an initial amount of 6 million dollars credit by the Crown Casino. The Chinese national, who owned property in Melbourne, then went on a gambling spree of almost two weeks in the Crown Casino Melbourne. His spree began on the 19th of October 2011 and it is alleged that after just four days of gambling he arranged with the casino to increase his credit to 8 million dollars and then a few days later he asked for the limit to rise to 10 million dollars. His final request was for the credit limit to rise to 13 million dollars and this was agreed to by the casino with the stipulation that the debt should be cleared on the same day the. After 13 days of gambling in the casino, the high roller was in debt to the tune of 6 895 632 dollars, the amount that Crown Casino is now attempting to have returned. Crown is also seeking a million dollars in interest and damages from Zhao Li. The company has said that it has tried unsuccessfully to contact Zhao Li over the years to get him to repay his debt. Crown Casino has a credit agreement that any debt should be repaid within a time limit of 20 days.Crown Limited is owned by James Packer, the son of Kerry Packer, the media mogul who died in 2005. Crown is one of the largest gaming and entertainment companies in Australia and it also either owns outright or has interests in casinos and casino resorts worldwide. In Macau Crown has a joint venture with Lawrence Ho, Melco Crown Entertainment which developed The City of Dreams casino resort. It also has interests in casino operations in the United Kingdom and the United States as well as two of Australia’s main casino resorts, Crown Melbourne Entertainment Complex and the Crown Perth Entertainment Complex. The Melbourne casino, which is owed almost 7 million dollars offers players roulette, craps, blackjack, baccarat and poker among other games and is the largest casino in Australia.
By | 2014-07-03T15:15:36+00:00 May 19th, 2014|High rollers players|0 Comments