Wall Street Manna

An irreverent look at Wall Street

Sunday, February 15, 2009

225K Fry's Electronic employee gambles away $167 million in Vegas

No word whether Vegas has written down all of these debts yet!

The employee also received kickbacks of $55 million from vendors that sold their goods through Fry's.

The casino's gave him the credit to gamble. They gave him the posh suites. He was one of Vegas' high roller whales. Look what a rep from MGM said:

"If a person has a million or 2 million in his account, how are we supposed to know where it came from?" asked Yvette Monet, a spokeswoman for the MGM Grand, which owns several casinos Siddiqui frequented. "It could be money he inherited from his mother."

How about the Venetian?

At the Venetian, a casino executive said Siddiqui often stayed in a lavish Chairman Suite. The 7,000-square-foot apartment has a fountain by the front door, expensive art on the walls, four bedrooms, huge walk-in closets, a fitness room, a salon, 24-hour butler service and 26 television screens.

Near the suites, the Venetian provides a private gambling lounge for high rollers. Guests are served wine worth as much as $25,000 a bottle. Siddiqui preferred to gamble in the Salon, a semi-private area on the main floor.

"His game was blackjack," said the executive, who did not want to be identified discussing a customer. "He would bet $200,000 a hand and he liked to play quick."


The casinos strategy, as described by Siddiqui's lawyer:

If the casino does lose money it has lent, it is only paper, said attorney Eric Sidebotham, who represents Siddiqui and other gamblers. "When the casino issues credit, it's monopoly money," he said. "They give you chips and you lose them at the table. The money never leaves the building."
http://www.latimes.com/news/local/la-me-gambler15-2009feb15,0,4058562.story?page=1

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