About this app
About Silver Stake
The company experienced rapid expansion prior to its collapse, with its loan book reaching approximately £2.4 billion ($3.2 billion) by the end of 2024. Its creditors included major international financial institutions and private equity firms.
In March, courts in London and Dubai imposed a worldwide freezing order on Raja’s assets up to £1.3 billion.
The order requires Raja to disclose assets worth more than £10,000 ($13,000) and limits his personal spending to no more than £5,000 ($6,700) per week without explicit consent from MFS administrators.
What is Silver Stake?
The expansion follows the property’s first major addition, which brought more than 25,000 square feet of casino space and 230 slot machines.
That project also introduced a high-limit slot area with 120 machines and a new bar.
With the latest construction now around the halfway mark, the southwest Las Vegas property is preparing for another significant increase in gaming, dining, and entertainment space when the project is completed next year.
How to play Silver Stake
Cyprus is not the first market to consider whether to block its welfare recipients from using their benefits to gamble, Brazil introduced a similar ban in 2025.
During a session of the House Audit Committee last Thursday, members of parliament (MPs), the Data Protection Commissioner and representatives from the Welfare Benefits Administration Service (WBAS), the Gaming & Casino Supervision Commission and the National Betting Authority (NBA) convened to discuss ways to identify and restrict gambling activity among GMI beneficiaries, as reported by Cyprus Mail.
While the intention is to protect vulnerable households and ensure welfare is spent on essential needs, proposed measures are being complicated by legal, technical and privacy obstacles.
