The foreign high roller who was staying at Crown Casino here, has been implicated in the rip-off, in which the venue's security cameras were used to spy for him. A staff member has also been entangled in the colossal Ocean's 11-style rort.
Sources said cheating was exposed over eight hands of cards played in a short space of time, the Herald Sun reported.
Police have been called in to investigate the fraud, believed to be the biggest perpetrated on Crown since it opened 19 years ago.
He had been staying there with his family.
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Described by one source as a "whale", a gambler who wins and loses huge amounts, he was hit with a withdrawal of licence notice, prohibiting him from entering the Southbank complex. It is believed he has since returned to his home country.
A VIP services manager who is believed to have been assigned to look after the high roller during his time at Crown has been sacked.
The paper said that remote access to the venue's security system was given to an unauthorised person.
Images relayed from cameras were then used to spy on a top-level gaming area where the high roller was playing.
Signals were given to him on how he should bet based on the advice of someone viewing the camera feeds. Sources said the total stolen amount was USD 33 million.
The cameras at Crown are state-of-the-art, high-resolution technology. They are capable of transmitting the most intricate detail of goings-on inside the building.
The spokesman confirmed a withdrawal of licence had been issued to one patron believed to be involved.
He said Crown believed it was "in a good position to recover a significant portion of the amount involved in the scam".
"Crown has been liaising with both the police and the Victorian Commission for Gambling and Liquor Regulation regarding these matters," he said.