Zhao Li racked up a debt of $8 million in 2011 and has failed to pay since, however Crown Casino continues to pursue the high-roller.
Zhao Li initially gambled away several millions of dollars in the Melbourne branch, before the casino decided to extend his credit. Over the course of two weeks, he lost nearly $8 million.
Since Mr. Li has failed to make the necessary payments to the casino group, Crown has initiated a legal procedure to get back its money.
Luckily for Crown, Australian gambling laws support the casino. The court that has taken the case, where numerous documents were presented highlighting the extent of the credits allowed to the gambler.
Documents show that Mr. Li was first allowed a credit of $6 million in July 2011. Subsequently, on October 24th and 29th of the same year the casino permitted an additional line of credit worth $8 million and $10 million respectively.
Lawyers representing Crown have stated that although “repeated requests” have been made for the debt to be repaid, nothing has so far been realized.
Crown shares fall 12% since January
Due to several factors, both internal and external, Crown Resorts Limited has suffered a slight hiccup in its share value. The current share price stands at around $15.6, while in January it was recorded at a high $18.
Investors believe that Crown’s stocks are no longer a hit, as they have stopped investing in the so-called “momentum” stocks, shares that have very high earnings.
Additionally, an increase in online gambling sites in Australia has shifted players from the popular casino to the more convenient gaming options.