15 month gambling spree cost property developer $30 million
Making the headlines in Melbourne, Australia this week is the case of Harry Kakavas, a property developer who claimed that the Melbourne Crown Casino exploited his gambling problem with the result that he dropped A$30 million between 2005 - 2006.
His hopes of recovering his losses by suing the casino were dashed when Justice David Harper of the Victorian Supreme Court ruled that the casino did not prey on Kakavas, who wagered A$1.5 billion over the period, losing a total of A$30 million over 15 months of compulsive gambling.
The judge found that although the casino had provided Kakavas with inducements, these were not outside the grounds of what is regarded as acceptable and reasonable.
Kakavas was also ordered to repay A$1 million which he had borrowed from the casino during his disastrous playing career.
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