Crown Casino hunting for Chinese high-rolling gambler who racked up $8 million in debt over two-week bender

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dailymail.co.uk

2014-05-12 09:02:07

• Melbourne's Crown Casino lawyers filed Supreme Court action on Friday
• Chinese national Zhao Li splurged millions over 13 days in 2011
• The casino extended his credit by millions of dollars on multiple days
• Court documents say debt has gone unpaid despite 'repeated requests'

By Sarah Michael and Louise Cheer

Published: 00:08 EST, 12 May 2014 | Updated: 02:56 EST, 12 May 2014

Melbourne's Crown Casino is chasing a Chinese VIP gambler who lost almost $8 million over two weeks.

James Packer-owned Crown has initiated action in the Supreme Court of Victoria to get back its money from Zhao Li, who has allegedly neglected to pay back the millions he splurged in 2011.

Court documents filed on Friday state the casino gave Mr Li a $6 million line of credit in July 2011 under the condition any debt would be repaid within 20 days.

Melbourne's Crown Casino is chasing Chinese national Zhao Li for an alleged $8 million gambling debt

CHINESE GAMBLERS IN AUSTRALIA

• 64 per cent of gamblers on Crown Melbourne’s main gaming floor are Chinese, says gambling expert Dr Sudhir Kale
• The majority of VIP gamblers in Australia are Chinese, says Dr Kale from Bond University
• VIP gambling tourists receive gifts which can include free air tickets, food, beverages, entertainment tickets, transport and accommodation
• Eighty per cent of Chinese travelling outside the country for the first time head for a casino, according to Asian investment analyst Dr Marc Faber

The documents also claim Crown extended the high-roller's credit by millions of dollars on multiple days after Mr Li began his 13-day splurge on October 19, 2011.

On October 24 Mr Li successfully applied to increase his credit limit to $8 million, and on October 29 he extended it again to $10 million.

On October 31 Crown allowed the man to increase the limit to $13 million on the condition it was paid back that day, according to court documents.

On Tuesday November 1 – Melbourne Cup Day – he requested $8 million in credit and ended the day allegedly owing the casino $6,895,632.

Between October 19 and November 11 Crown issued five credit markers with the amount owed, which the defendant signed acknowledging the debt.

He has not paid back this debt and it has now increased to almost $8 million due to interest, according to the Statement of Claim.

Court documents state Mr Li is 'ordinarily resident in China' but also list an address for the Chinese national in the Melbourne suburb of Balwyn North.

Lawyers acting for Crown claim the debt has gone unpaid despite 'repeated requests'.

A spokeswoman for Crown declined to comment when contacted by MailOnline.

Address: Zhao Li is believed to have been living at this house in Balwyn North, Victoria

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