Singaporean Billionaire Ordered to Settle $38 Million Debt at Casino
A man from Singapore, a billionaire and high roller, has been ordered to pay Australian casino $38 million he owes after accumulating the gambling debt.
Dr. Yew Choy Wong has been ordered to pay Star Entertainment Queensland the $38 million after Justice, Melanie Hindman, ruled Wong must also pay Star's costs and interest dating back to September 2018. The ruling was made in the Supreme Court in Brisbane on Monday.
The court heard that Dr. Wong had lost $47.3 million at the Gold Coast casino in 2018 and had left the country shortly afterwards without settling his debt. The ruling comes at a time when The Star Entertainment Group Limited is already grappling with financial and regulatory challenges. The casino operator, facing financial struggles and a downturn in revenue, is now evaluating its strategic options, including asset sales and new partnerships.
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Gambler’s Cheques Bounced
Cheques that Dr. Wong had issued also bounced after the prolific gambler ordered his bank to stop any payments to The Star.
The Singaporean gambler also objected to the way his cards had been dealt and claimed that he had an agreement with the casino that he did not owe the money.
Wong also claimed he stopped playing in July and was offered a $4.5 million rebate by the casino, which was valid as long as he continued to play. Chief Operating Officer at the casino, Paul Arbuckle, denied that any agreement had been made between the casino and Dr. Wong. There was a letter sent to Dr. Wong apologising for not adhering to his gambling preferences, but the casino claimed that there was never any mention of waiving the debt he had accumulated, namely $43 million.
Judge Upholds Decision for Wong to Pay Huge Debt to Casino
Justice Hindman concluded that Dr. Wong’s claim of an agreement "is not evidenced by the letter or otherwise supported by any other evidence adduced in trial."
Hindman continued: "The Star GC has made out its claim for recovery of the CCF moneys as loans, and Dr. Wong has not made out any pleaded defense to that claim. I will enter judgment for The Star GC, with interest and costs."
As well as being ordered to pay the incredibly hefty debt, the judge agreed that Dr. Wong would have to pay interest calculated from September 27, 2018, to the date of the judgment, which stands at 2,174 days at $8,819 a day.
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