John McGrath $16m gambling debt

Discussion in 'Property Experts' started by Jacque, 5th Feb, 2018.

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  1. Jacque

    Jacque Well-Known Member Premium Member

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  2. wylie

    wylie Moderator Staff Member

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    Wow. That is one big gambling debt... :eek:
     
  3. geoffw

    geoffw Moderator Staff Member

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    I heard about the debt yesterday. I didn't realise that it could affect the share price, but it makes sense.

    People in the know would have taken advantage of that knowledge already.
     
  4. Ted Varrick

    Ted Varrick Well-Known Member

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    Doesn't sound ideal, and might lead one to assume that JM is not 100% focused on the RE business, given the exposure.

    To be fair, on the other hand, he may be motivated to work twice as hard, so that the relationship with the creditors doesn't get a bit too awkward.

    A (alleged) Sure Thing might be in order, so when is Winx running with Hugh Bowman as jockey?
     
  5. Ace in the Hole

    Ace in the Hole Well-Known Member

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    It’s all relative.
    There would be plenty of big players who might drop that much in a few hours at the casino and not even blink.
     
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    I recall Kerry Packer being not liked in a few casinos :)

    ta
    rolf
     
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  7. Ted Varrick

    Ted Varrick Well-Known Member

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    Ace, that's fair enough, but the media coverage, and investor concern, seems to take into account some kind of concern in relation to settlement.

    Of which your "big players" might not suffer from.
     
  8. kierank

    kierank Well-Known Member

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    Lost that much on the share market this week :D.
     
  9. MyDarlinghurst

    MyDarlinghurst Well-Known Member

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    The difference is he was winning, This guy is losing and owes the bookies money ,might be time he knew he wasnt good at punting
     
  10. Wukong

    Wukong Well-Known Member

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    He’s apparently worth 100 million. Not as interesting a story as 16 million in debt!
     
  11. KinG3o0o

    KinG3o0o Well-Known Member

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    playing with $16m, and losing $16m.. its not the same.

    also many of those big players are not playing with their own money...for example that one million buy in for one big drop .. less that 10% is their money for many of the players on the table apart from the billionaire amateurs. etc etc etc..

    but if your government officials or billionaires.. dropping 16m is nothing i agree.
    but for JM.. proably something.. if he is worth $100m.. its 16% of his net worth.. (cash too )

    also he is in debt with william hill.. sports bookie.. not casino..same same but different. casino main business is not even gambling..

    chinese whispers tell me he lost close to the twenty rather than 16
     
    Last edited: 8th Feb, 2018
  12. Tonibell

    Tonibell Well-Known Member

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    $16M debt is not the same as a $16M loss. Likely you have lost a lot more.

    Also different if you have your own business - but different when people have trusted you enough to invest in you.

    No way I’d want a heavy gambler in control of my money - but also don’t know the real story here as it has been denied.
     
  13. MyDarlinghurst

    MyDarlinghurst Well-Known Member

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    They all bet with the bookies , they have private bookies that wouldnt deal with you and me.

    I remember poor Bert Newtown losing millions (horses)and having to go back to working 100 hours a week at 70 to recoup it all ., doing his Morning program then off to do Plays and musicals at night .
     
  14. marty998

    marty998 Well-Known Member

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    Correction - he was worth $100m. Until the share price of his company collapsed.
     
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  15. KinG3o0o

    KinG3o0o Well-Known Member

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    before the dow jones crash his total share were only worth 27m 17m from mcgrath and 10m from rea..
     
  16. JDM

    JDM Property & Conveyancing Lawyer Business Member

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    Don't worry, he will win it back with the next bet.
     
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  17. tilt10

    tilt10 Well-Known Member

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    I simply don't understand people like this.
    If anybody took a day to learn how to add up a betting board they would learn very quickly what they are up against. Not only this you have accurate static betting rings and bookmakers who won't let you on.
    I bet John McGrath never added up a betting board in his life. Mark Read left Australia for HongKong years ago because he couldn't get on. What makes you better John?
     
  18. tilt10

    tilt10 Well-Known Member

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    Not known by many people . In the late 80's Packer was losing 10million coming to the last.
    He had a bet of 11mill to 2mil on the last winner which fell in ,so ended up winning on the day.

    The most famous story was packer playing baccarat at the Bellagio and got annoyed at a Texan big mouth who was bragging about how much money he had. Packer asked him how much he was worth and he said around 100million. Packer pulled a coin out of his pocket and said.
    "i will toss you for it"
     
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  19. KinG3o0o

    KinG3o0o Well-Known Member

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    i thought the story was the other way around .... where the richer guy was a texan and the loud drunk was aussie, well i guess it depends who was telling the story...
     
    Last edited: 21st Feb, 2018
  20. Ted Varrick

    Ted Varrick Well-Known Member

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    Chopper couldnt get on and moved to Honkers?

    Was that in Underbelly?