The Real Stakes at Play

People from all over the world flock to Las Vegas in order to have the chance to live life as if they were a high roller, if only momentarily. Professional gamblers and regular patrons with considerable savings alike come to the Strip and local Vegas locations for the time of their lives where their every need and desire can be met. However, this dream can often end badly when people overestimate the potential of their bank accounts or the ability that they have to recover lost funds. The life of a high roller can quickly be reversed when even professional gamblers are not careful. One gambler in Las Vegas recently felt this sting and is paying dearly for the error.

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The Gavel Comes Down

A real estate agent from Canada made his way to Vegas with a big dream. He earned the trust of casinos and borrowed substantial amounts of money in order to make it come true. This individual borrowed $12.9 million dollars from two separate casinos in the area. Because he has been unable to pay back the amount, he is now facing grand jury charges. This indictment comes under the lead of Clark County Prosecutors.

Not An Isolated Incident

Up to 12 counts face Semion Kronenfeld, the Canadian businessman. Not all of the money that he “borrowed” was obtained legally. He faces charges of theft on top of allegations that he attained money under false pretenses from local casinos as well. He failed to pay back $7.9 million in markers specifically. These markers were distributed to the man by the Venetian Resort Hotel and Casino. Further markers to the tune of $5 million were given out by the Green Valley Ranch Resort and Casino also. The seven-page indictment spells out a grim future for this former high roller. Kronenfeld has a history of bankruptcy, and he publicly blames his nationwide outstanding gambling debts on the incentives offered to the general public by gaming organizations.