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.
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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