Gold Coast businessman Harry Kakavas could see some of his $1.5 billion lost at Melbourne Crown Casino as he takes his case to the High Court.
The high roller claims Crown knew he was a pathological gambler but lured him back to take advantage of his “special disability”.
Between June 2005 and August 2006, Mr Kakavas spent $1.479 billion at Crown, winning and losing vast sums, often on hands of baccarat that took just seconds to play.
During May 2006, Mr Kakavas spent a staggering $164 million in just five and a half hours.
The case was rejected in the Supreme Court in May last year, and if successful in the High Court, it could set a new precedent.
Allan Myers QC, representing Mr Kakavas, said his client had been clinically diagnosed as a pathological gambler with a severely impaired ability to make rational decisions at the betting table.
He always played the highest amounts possible, borrowed millions from banks, friends and family and even served a brief jail sentence for stealing $286,000 to keep up his habit.
Mr Kakavas also gambled in Las Vegas and once flew a jet on a whim to Macau where he lost as much as US$4 million in just a day, the court heard.
“What the evidence demonstrates … (is) that this was a man who did not and could not control his urge to gamble and Crown knew it,” Mr Myers said.
Mr Kakavas did seek therapy and had himself barred from casinos in attempt to control his addiction.
But Mr Myers said Crown made concessions, allowing the high roller to bet $300,000 per hand on baccarat and driving him to the bank to withdraw more money after he lost $1 million.
Mr Kakavas declined to comment outside the courtroom when asked about the case, saying he’d wait until a verdict was handed down.
The case continues.
Source: The Age.