Remisier Charlie Lau invests in stocks but steers clear of casinos (published in ST in 2004) IF Singapore does give the green light for its first-ever casino, you can bet that 60-year-old Charlie Lau is not going to throw any money at it. For a time, the father-of-three fell prey to the gambling bug big-time. Casinos wooed him with free flights and flattery. In turn, he thought he had a winning system that could beat the house. The roll of the dice and the excitement of the gambling table were fun while they lasted. Then the losses mounted up, and he cashed in his chips for good. \'I\'ve learnt that you can never beat a casino,\' he said ruefully. Mr Lau agreed to share his insights about casinos to add a personal dimension to the public debate raging over whether Singapore should allow a casino to be built here. Casinos came into Mr Lau\'s life only recently, though he is no stranger to the fickle nature of Lady Luck after having been a remisier. The daily ups and downs of the share market have been his world for the past 31 years. In his younger days, he was a schoolteacher, but quit because it did not pay enough. He proved so successful in the cut and thrust of the stock market that he could afford to cough up nearly $1 million for his three sons\' tertiary education in Australia. Most of the expenses - around $450,000 - were for the seven-year education and living expenses of his eldest son, who is now a doctor. Mr Lau even bought an apartment in Australia for his son to live in. Mr Lau\'s wife is a home-maker. Q How did you first get interested in casinos? A In 1997, my third son graduated and started work. I had no more financial responsibilities, so my wife and I started to occupy our weekends at casinos, starting with those at Genting in Malaysia, and graduating to cruise ships and overseas casinos. Q What was the best VIP treatment you have ever received? A The Melbourne Crown Casino gave five return economy-class air tickets for me, my wife and three children to make a trip in 1999. When we arrived at Melbourne airport, two stretch limousines were waiting. One was a Cadillac; the other, a BMW 7-series stretch. We stayed in free deluxe rooms and had a $500 allowance per meal. Q Of all the casinos you have been to, which is your No. 1 favourite? A The one on Christmas Island, which is very scenic. We used to fly there direct on a 30-seater plane. I can\'t remember the name of the airline; it wasn\'t a major airline. The casino was not crowded, and there was no need to fight for a place to play. And we could do a lot of nature ramblings after that. Unfortunately, the casino and the resort it was in went bust three months after my family began to frequent it. A Thai couple won A$1 million (S$1.3 million) and the casino could not pay. Q What are some of the features of a casino that motivate people to stay and play? A The gambling area is where the lure is. It is like putting a plate of freshly roasted nuts in front of you. Once you take one, you don\'t stop until you lose all your money. Once the casino identifies you as a big player or \'high roller\', sweet young waitresses hover around you offering drinks on the house and freebies. Service from these beauties is always very gratifying. Tips or no tips, they always come with a smile. Q What big disaster story do you know of? A Not story. Stories. I have read in overseas publications about how oil sheikhs were washed out by the casinos in the 1980s at the peak of the oil boom. So were some sultans and heads of state, although these were not widely publicised. Q What were your biggest win and biggest loss? A I don\'t know of the biggest win. The biggest loss was no more than $30,000 per trip. But the process of rolling was fantastic. Our bet for one spin on the roulette could be as much as $5,000. My wife did most of the playing. We always played together, but I always became tired and fell out very quickly. My wife could play right through the night. Q It is said that, in the long run, the only winners are the casino owner and the tax collector. Are you an exception? A In the long run, even I - and I\'m very careful, very analytical - proved to be no exception. With whatever skills or systems, there is still no way to beat a casino. I lost and ran, vowing not to fight them another day. Q Can one hone winning skills? A I formulated my own strategy. For roulette, I would buy 100 chips, and play three chips each on 33 numbers of the 37 on a roulette table. That is 90 per cent chance in my favour. Almost every spin would be a sure hit, and I would get paid 105 chips, plus my bet of three chips and one chip that I would not use. My return on each spin would be 109 chips. That is a 9 per cent return on a 10-minute play. That is a good investment, or so I thought. I tried this on the computer and a toy roulette. I always won. But when I played this system almost every week for three months at casinos, I went bust almost every time. I learnt that you can never beat a casino. Q What do your wife and children think about casinos? A Previously they thought casinos were heavenly. Everything was free and heavenly, including Dad\'s capital. Now the word \'casino\' does not exist in their vocabulary. Q What is the biggest money lesson you have learnt? A Set a time limit for play, and be disciplined enough to stop, whether you win or lose. Not easy in practice, though. Try one of the freshly roasted nuts, continue with another few, then you have to make yourself miserable by stopping. In that sense, the worst casino place to play is on board a ship at sea. You have nowhere to go and nothing else to do - once you start on the nuts.