The Supreme Court of Queensland has decided that a wealthy Singaporean billionaire connected to the online gambling industry is required to pay the Star Gold Coast a gambling debt of AU$38.7 million (US$25.7 million), according to The Brisbane Times.
Dr. Yew Choy Wong accumulated a debt of AU$43.2 million (US$29 million) over a week-long baccarat spree at the casino from June to August 2018 after obtaining a AU$40 million check-cashing privilege.
Attorneys for the Star stated that Wong permitted the casino to utilize a blank check he had provided to its sibling casino, the Star Sydney, during an earlier trip to fund his gambling. That check was returned after Wong went back to Singapore.
Wong is a prior director of Celton Manx, the online betting company located in the Isle of Man that owns SBOBET, the inaugural Asian-focused sportsbook to sponsor a team in the English Premier League.
Dealer ‘Errors’
Wong denied giving permission for the casino to use the check for debt collection and asserted that the check-cashing agreement was unsigned when he filled it out. He also argued that he shouldn’t be liable for his losses since the dealers continually made errors, which he expressed dissatisfaction about on four separate occasions.
The casino acknowledged that three errors justified a complaint, and the casino’s COO, Paul Arbuckle, sent an apology letter to Wong on July 30, 2018. Nonetheless, the letter did not address the cancellation of Wong's gambling debt.
The Star first filed a lawsuit against Wong in Singapore, but was unsuccessful, as the Civil Law Act of that country prevents the government from helping foreign firms recover debts linked to international gambling.
Wong contended that the Singapore decision should prevail and claimed that Star's attempts to chase him in Australia amounted to “unjustified oppression.”
In April 2021, the Queensland Supreme Court allowed the case to move forward, characterizing it as a “fairly simple” claim that ought to be decided based on its merits.
In her decision on Monday, Justice Melanie Hindman remarked that the Star had evidently outlined its case for debt recovery, whereas Wong had “not established any stated defense to that claim.”
Star's Economic Troubles
The lawsuit involving Wong is among the largest debt recovery cases in Australia’s history, potentially providing some reassurance to casino operator Star Entertainment. Just two weeks following the launch of its AU$3.6 billion (US$2.4 billion) project at Queens Wharf in Brisbane, the company is now facing financial turmoil and has approached the Queensland government for immediate tax assistance.
Star is said to require a cash infusion of AU$300M (US$201M) to maintain Queen’s Wharf in operation.
On Monday, the company announced it would sell its leasehold stake in the Brisbane Treasury Building, where its previous Brisbane casino was located, for AU$67.5 million (US$44.9 million).