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BETA   •   WEDNESDAY, AUGUST 12TH, 2020

Shao Dongming – Red King of Gambling owes $160 million – Macau

February 24 Sandra Wong

Shao Dongming

Shao Dongming, also know as the ‘Red King of Gambling’ owes $160 million, infamous for going to Macau and making multi-million dollar bets with abandon says everything about China’s problems

Sounds like even kings and party cronies might have to finally pay their gambling debts in China.

Shao is being investigated for corruption in the country’s ongoing, far-reaching anti-corruption campaign. Specifically, the government is looking into the $160 million worth of gambling debts he’s racked up in Macau. According to reports, Shao refused to pay these debts when his creditors tried to call them in, and he reportedly even threatened representatives of his creditors with bodily harm.

And what is going on with Macau casino scene in 2015?

As for Macau, the fact that Shao’s debts are being called in at all is a sign of weakness, especially for the island’s high roller segment. Coming off of the worst year since it opened to western casino operators, analysts think that the global gambling hub will continue to slow.

Chinese New Year 2015 in Macau did not boost numbers in the Macau gaming industry.

Read more: http://www.businessinsider.com/red-king-of-gambling-owes-160-million-2015-2#ixzz3SdnaS3Nn

 

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