| |
The
Straits Times, 28 Nov 04
I quit gaming because you can't beat
the house
By Leong Chan Teik
Remisier Charlie Lau invests in stocks but steers clear of casinos
IF Singapore does give the green light for its first-ever casino,
you can bet that 60-year-old Charlie Lau is not going to throw any
money at it. For a time, the father-of-three fell prey to the gambling
bug big-time. Casinos wooed him with free flights and flattery. In
turn, he thought he had a winning system that could beat the house.
The roll of the dice and the excitement of the gambling table were
fun while they lasted. Then the losses mounted up, and he cashed in
his chips for good. 'I've learnt that you can never beat a casino,'
he said ruefully.
Mr Lau agreed to share his insights about casinos to add a personal
dimension to the public debate raging over whether Singapore should
allow a casino to be built here. Casinos came into Mr Lau's life only
recently, though he is no stranger to the fickle nature of Lady Luck
after having been a remisier. The daily ups and downs of the share
market have been his world for the past 31 years.
In his younger days, he was a schoolteacher, but quit because it did
not pay enough. He proved so successful in the cut and thrust of the
stock market that he could afford to cough up nearly $1 million for
his three sons' tertiary education in Australia. Most of the expenses
- around $450,000 - were for the seven-year education and living expenses
of his eldest son, who is now a doctor. Mr Lau even bought an apartment
in Australia for his son to live in. Mr Lau's wife is a home-maker.
Q How did you first get interested in casinos?
A In 1997, my third son graduated and started work. I had no more
financial responsibilities, so my wife and I started to occupy our
weekends at casinos, starting with those at Genting in Malaysia, and
graduating to cruise ships and overseas casinos.
Q What was the best VIP treatment you have ever received?
A The Melbourne Crown Casino gave five return economy-class air tickets
for me, my wife and three children to make a trip in 1999. When we
arrived at Melbourne airport, two stretch limousines were waiting.
One was a Cadillac; the other, a BMW 7-series stretch. We stayed in
free deluxe rooms and had a $500 allowance per meal.
Q Of all the casinos you have been to, which is your No. 1 favourite?
A The one on Christmas Island, which is very scenic. We used to fly
there direct on a 30-seater plane. I can't remember the name of the
airline; it wasn't a major airline. The casino was not crowded, and
there was no need to fight for a place to play. And we could do a
lot of nature ramblings after that. Unfortunately, the casino and
the resort it was in went bust three months after my family began
to frequent it. A Thai couple won A$1 million (S$1.3 million) and
the casino could not pay.
Q What are some of the features of a casino that motivate people to
stay and play?
A The gambling area is where the lure is. It is like putting a plate
of freshly roasted nuts in front of you. Once you take one, you don't
stop until you lose all your money. Once the casino identifies you
as a big player or 'high roller', sweet young waitresses hover around
you offering drinks on the house and freebies. Service from these
beauties is always very gratifying. Tips or no tips, they always come
with a smile.
Q What big disaster story do you know of?
A Not story. Stories. I have read in overseas publications about how
oil sheikhs were washed out by the casinos in the 1980s at the peak
of the oil boom. So were some sultans and heads of state, although
these were not widely publicised.
Q What were your biggest win and biggest loss?
A I don't know of the biggest win. The biggest loss was no more than
$30,000 per trip. But the process of rolling was fantastic. Our bet
for one spin on the roulette could be as much as $5,000. My wife did
most of the playing. We always played together, but I always became
tired and fell out very quickly. My wife could play right through
the night.
Q It is said that, in the long run, the only winners are the casino
owner and the tax collector. Are you an exception?
A In the long run, even I - and I'm very careful, very analytical
- proved to be no exception. With whatever skills or systems, there
is still no way to beat a casino. I lost and ran, vowing not to fight
them another day.
Q Can one hone winning skills?
A I formulated my own strategy. For roulette, I would buy 100 chips,
and play three chips each on 33 numbers of the 37 on a roulette table.
That is 90 per cent chance in my favour. Almost every spin would be
a sure hit, and I would get paid 105 chips, plus my bet of three chips
and one chip that I would not use. My return on each spin would be
109 chips. That is a 9 per cent return on a 10-minute play. That is
a good investment, or so I thought. I tried this on the computer and
a toy roulette. I always won. But when I played this system almost
every week for three months at casinos, I went bust almost every time.
I learnt that you can never beat a casino.
Q What do your wife and children think about casinos?
A Previously they thought casinos were heavenly. Everything was free
and heavenly, including Dad's capital. Now the word 'casino' does
not exist in their vocabulary.
Q What is the biggest money lesson you have learnt?
A Set a time limit for play, and be disciplined enough to stop, whether
you win or lose. Not easy in practice, though. Try one of the freshly
roasted nuts, continue with another few, then you have to make yourself
miserable by stopping. In that sense, the worst casino place to play
is on board a ship at sea. You have nowhere to go and nothing else
to do - once you start on the nuts. |
|
