Billionaire Gets Sued by Las Vegas Casino

Casino News - September 4th, 2009 - Written by Bonnie

Why is it that the ones getting in trouble with casinos for unpaid debt, are the wealthy celebrities? Back in the headlines again, a case of a wealthy billionaire that is being sued by a Las Vegas Casino for an unpaid line of credit totalling $258,480. The Bellagio Casino, located on the Vegas strip, filled a lawsuit for unpaid gambling debits dating back to January of this year. Apparently, Stanford gave his signed approval for 14 gambling markers at the Bellagio Casino. The markers act as a line of credit, that is granted to frequent guests in order to participate in game play. It was not until the Bellagio tried to cash in these markers at a Miami bank on February 19, that they realizes the funds were not available. Unfortunate for the casino, the markers were being cashed in at the same time Stanford's financial empire was crumbling. Only a month after he allegedly ran up the gaming debts, Stanford Financical Group headquarters, located in Houston, was raided by authorities for suspicion of fraud.

Stanford will be responsible for not only paying back the debt he accumulated at the Bellagio, but he will also have to pay a intrest fee of up to 18%, as well as any attorney's fees. Stanford will be held without bail, until the trial for his current charges of fraud, in which he cheated out investors for over $6 billion in savings. Stanford's bank is being accused of deceiving his clients on their rate of return and using their funds to live the ravish life style he had grown accustom to.

Dick DeGuerin, Houston lawyer representing Stanford, suggested that Stanford was unable to pay the Bellagio for the simple fact that his assets had been frozen at the time they were trying to collect the funds. He also stated that the receivers of Stanford International should be the ones that the Bellagio is suing. "It's a valid personal debt and should be honoured, but the receiver is interested only in selling all the assets for a fraction of their worth, and billing $30m [so far] for his efforts," stated DeGuerin.

The Bellagio is sure to get their money way or another, the real question is how long is that going to take.

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