Foreign Media Reports on Bruno Mars' 'Hundreds of Billions Won Debt' Update
Earns 100 Billion Won Annually at MGM, Over Half Lost to Gambling
Rumors Spread Widely... Casino Denies Claims as "Baseless"
Global pop star Bruno Mars has been reported to be drowning in gambling debts amounting to hundreds of billions of won, shocking many, but the casino in question has denied the claims, stating that "all rumors are false."
Foreign media outlets including NewsNation cited sources familiar with the Las Vegas casino industry on the 14th (local time), reporting that "Mars currently owes $50 million (approximately 66.9 billion won) in gambling debts to the MGM Grand Casino." The source explained that "in effect, MGM practically owns Mars," emphasizing the severity of his gambling debts.
Bruno Mars attending the 'Hyundai Card Super Concert 27 Bruno Mars' in June last year. [Image provided by Hyundai Card]
Mars signed a long-term partnership contract with the casino operator ‘MGM Resorts International’ in 2016. According to foreign media, this was when his gambling troubles began. Under the contract, he was required to perform regularly at MGM Resorts in Las Vegas, and each time he visited the casino to enjoy gambling. The American business magazine Business Insider reported, "Mars earns about $90 million (approximately 120 billion won) annually from performances through the partnership, but after taxes, he has to return more money to the casino than he actually makes."
Following this news, Mars’s past confession about his gambling experience has drawn renewed attention. In a 2013 interview with music media GQ, he admitted that before achieving success as a singer, he was addicted to gambling. At the time, Mars warned about the dangers of gambling addiction, saying, "I lost money I couldn’t afford. When you are weak, they (the casinos) will target your money and pounce."
Estimated Net Worth Over 200 Billion Won... Casino Denies "No Debt"
However, on the 18th (local time), the casino issued an official statement through local media. MGM stated, "The partnership with Mars is rooted in mutual respect, and all other speculation is false," drawing a clear line by saying, "Mars owes nothing to MGM."
Mars is a pop star with over 150 million records sold worldwide and 15 Grammy Awards, and he successfully completed a concert in Seoul last summer. The event attracted over 100,000 attendees over two days, marking his first visit to Korea in nine years and generating significant buzz. The famous American celebrity wealth disclosure site Celebrity Net Worth estimates Mars’s net worth at $175 million (around 230 billion won).
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
