Harry Kakavas is likely to go down in history as the world’s biggest loser. By his own admission, he squandered over $1.5 billion (Australian Dollars) in 15 months of gambling at Melbourne’s Crown Casino.
Prior to his casino losses, Kakavas had obtained an exclusion order, which banned him from gambling in Crown Casino, because he was unable to control his gambling. However, in 1998 the order was revoked at his own request. He was banned from the casino again soon after, over a dispute with another gambler.
In 2005, however, he was allowed back into the casino under the name of Harry Kay. He was flown from the Gold Coast to Melbourne by private jet and enjoyed complimentary food and accommodation. Playing $300,000 a hand in baccarat soon saw Kakavas ahead by $706 million, then his luck changed and he gave all of it back, plus $800 million of his own.
Kakavas is suing to have his $700 million in winnings confiscated from the casino, claiming that it was illegal for him to gamble in Melbourne, Victoria as he was banned by the police of the neighboring state and thus the winnings should be confiscated. He is further suing for $20 million that he lost between June 2005 and August 2006 and an additional $15 million in damages.
Credibility may be an issue in the case, Kakavas served time in prison for fraud in 1998 and, according to Neil Young, QC, for Crown, he threatened to sue if he was not allowed back into the casino repeatedly between 1998 and 2005.
[The Age]
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