A recent study by an academic at Macao Polytechnic Institute suggests being a Chinese VIP gambler is a risky business.
The analysis of 99 high rollers from Mainland China whose gambling habits propelled them into the headlines, revealed 44 percent were either sentenced to death, murdered, committed suicide or were serving long jail sentences after committing crimes to fund their visits.
Zeng Zhonglu, a professor at MPI, found 15 of the gamblers were sentenced to death, seven committed suicide or were ‘killed by others’, two were given a death sentence reprieve and 20 were serving long jail sentences, reported the Sydney Morning Herald.
At least ten Chinese companies collapsed, reportedly casualties of massive gambling losses by big-spending players, said Professor Zeng. Of the group Prof. Zeng followed, more than half worked for the Chinese government or state owned enterprises.
The theft of state funds by government workers is one of the reasons cited in the media for China’s clampdown on issuing visas for visits to Macau.
A total of 33 state officials followed in the study reported losing an average of USD2.7 million each while 19 senior managers at state-owned enterprises lost USD1.9 million each. Seven cashiers at state-owned businesses shed an average of USD500,000. Prof. Zeng said he was unable to use questionnaires or surveys to poll high rollers because they were ‘reluctant to reveal their gambling experiences’. There’s an understatement if ever there was one.
His research found that in a single gambling session one gambler lost USD12 million, and one private company owner lost USD96 million over several years. The average total loss for 99 gamblers was USD3.4 million.
Prof. Zeng was unable to determine which casinos the gamblers in his survey used. High rollers are vital to Macau’s casinos, with revenues from baccarat games played in private rooms reserved for VIPs generating 70 percent of total casino revenue at its peak at the start of 2008.
In 2008 they made up 68 per cent of revenues, or 74 billion patacas.
