Gambler racks up $12.9 million debt, indictment in Las Vegas

6 February 2014

By Frances McCabe

LAS VEGAS -- A Canadian real estate businessman was indicted by a grand jury on charges he failed to pay back $12.9 million in gambling debts to two Las Vegas casinos, Clark County prosecutors Wednesday.

Semion Kronenfeld faces 12 counts, including theft and obtaining money under false pretenses, for not paying off $7.9 million in markers to The Venetian Resort-Hotel-Casino and $5 million in markers to the Green Valley Ranch Resort, Spa and Casino, according to the seven-page indictment.

The case has languished in Las Vegas Justice Court since Kronenfeld was first charged in 2008.

According to the Toronto Star, Kronenfeld, who is in his 40s, declared bankruptcy in 2009, blaming the global recession. He also blamed his more than $21 million in gambling debts at casinos across North America for their constant incentives to gamble.