Tabcorp\s VIP Baccarat Player\s Cheque Bounce

On January 30th, 2009, gaming giant Tabcorp has been stung by a high-roller who bounced an $11.5 million dollars cheque at the baccarat table. Tabcorp has admitted the issue yesterday as it publicly announced a profit for past 6 months of $263.2 million dollars, down by 3.7% on the same time last year. Tabcorp also revealed that it is also planning to raise a total of $300 million dollars in shares to support the renovation of its Star City Casino in Sydney.

Chief Executive Officer Elmer Funke Kupper refuses to divulge on which casino cashed the cheque from the high-roller. Kupper said that there were only between ten and thirty gamblers in the whole world who wager on that magnitude but refused to identify the player or say which country the high-roller came from. Funke Kupper added that the public should assume that casino players of this nature are very well-known around the area and that they bet a lot of money over time.

Funke Kupper stated that Tabcorp was continuing to pursue the player for the cash but refused to say whether it had started legal action against the player. Funke Kupper said that like any other type of business, you will expect your money to come back. He said that now that the group had already written off the cash, there is only the upside for them.

Tabcorp did not give credit to VIP's bit did cash their cheques. Funke Kupper said that they tend to be baccarat gamblers, in some cases playing between $100,000 dollars and $300,000 dollars per hand, so these are very important players. He added that it is not unusual to have facilities for these kinds of people. Aside from the Star City casino, Tabcorp manages the Conrad casinos in Brisbane, Australia and the Gold Coast and Jupiters in Townsville.

Wednesday, February 25, 2009
Danny McCain