Bruno Mars is currently facing a challenging financial situation. It’s been reported that he has a massive gambling debt amounting to $50 million with MGM Casino, as per a NewsNation report on Thursday.
The well-known musician, celebrated for his hit songs, is said to be an avid gambler. His debts from gambling have reportedly skyrocketed to millions, with rumors circulating in Las Vegas about the debt reaching as high as $50 million, according to NewsNation.
A tweet from No Jumper suggests, “Bruno Mars has allegedly accumulated over $50 million in gambling debts at MGM in Las Vegas.” The tweet further explains, “MGM essentially has control over him. Despite earning $90 million annually from his agreement with the casino, he needs to repay his debts. After settling his debts, Mars earns $1.5 million.”
According to sources, Mars owes a significant amount to MGM due to his gambling activities. “MGM practically owns him,” they revealed to NewsNation. He secures $90 million each year from his contract with the casino. However, after repaying his debts and taxes, Mars takes home $1.5 million per night.
In 2016, Mars entered into a partnership with MGM, which reportedly includes benefits like complimentary accommodation while he’s under contract. Nevertheless, his financial commitments have a substantial impact on his finances, the outlet reported. MGM continues to support Mars by inaugurating “The Pinky Ring” lounge at the Bellagio during the Super Bowl, with hints at another project with the entertainer in the works. Attempts to get comments from representatives of both MGM and Mars were unsuccessful, as per NewsNation.
Before achieving fame, the “Treasure” singer often visited the Commerce Casino in Los Angeles. He shared with GQ in 2013 his experiences of his initial casino visits at 19 years old.
“I was quite the loudmouth. I was the kind of person others aimed to win money from. If you manage to make them lose, they target you,” he shared with GQ. “That’s when they’re vulnerable, and you seize the opportunity.”
Mars reminisced about his first gambling experience, saying, “I remember my first bet; my hand was trembling. A guy noticed and embarrassed me.” He admitted to losing a hundred dollars, a sum he couldn’t afford and shouldn’t have gambled away at that time, according to GQ. “Losing is a necessity. You need to lose to truly appreciate winning,” he concluded.