Chinese property developer has $160 million gambling debt

Mark Frauenfelder 10:49 am Tue Feb 24, 2015

A Chinese property development executive, known as the "Red King of Gambling" owes $160 million in gambling debts to casinos in Macau.

Noted for "making multi-million dollar bets with abandon," Shao Dongming is being investigated for corruption by the Chinese government.

Two years ago, this probably wouldn't have been a problem, but with a national anti-corruption campaign afoot in China — in which President Xi Jinping vowed to go after lowly "flies" and powerful "tigers" — and Macau's casino industry going through a massive slowdown, there is no longer any tolerance for the red king's excesses.

There's also little tolerance for his pride. A report from China's NDTV noted that Shao bragged that "anyone creating trouble for him would end up in jail." He has close ties to the mayor of Shanghai, and he has held high-level positions within the Communist Party.

The 'Red King of Gambling' owes $160 million, and that says everything about China's problems

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