SINGAPORE, Friday 27 August 2010 (AFP) - A Singapore company has banned its management from the country's two new casinos following reports a local businessman lost a fortune at the gaming tables, its founder said Friday.

Mohamed Salleh, chief executive officer of retail and property firm Second Chance, said he had applied for casino exclusion orders for himself and six of his top personnel using a system designed to keep gambling addicts out.

"A few days ago I read about this Henry Quek... that lost 26 million (19.2 million US) dollars at this casino, so I was thinking, why not I include all my top executives and my finance people?" he told AFP.

Media reports said Quek, a local seafood industry magnate, had squadered the amount over a three-day gambling spree at the Resorts World Sentosa casino.

Mohamed said his decision was also prompted by a case in which one of his managers stole gold items from the firm to pay off gambling debts before the local casinos opened the doors.

"It's better to be safe than sorry," said Mohamed.

Financial group DBS said Thursday that Singapore's two casino resorts are expected to contribute two billion Singapore dollars (1.5 billion US) to the country's economy this year.

After church and civic groups raised concern over the social impact of legalising casinos, Singapore is allowing individuals or their families to apply for exclusion orders on "problem gamblers" barring them from even entering the casinos.