Star Gold Coast Can Recoup $38.7M Debt from Billionaire Ex-Betting Exec
According to The Brisbane Times, a high-rolling Singaporean millionaire with ties to the online gambling sector has been ordered by the Queensland Supreme Court to reimburse the Star Gold Coast for a gambling debt of AU$38.7 million (US25.7 million).
After being granted access to a AU$40 million check-cashing facility, Dr. Yew Choy Wong spent a week playing baccarat at the casino between June and August 2018, accruing AU$43.2 million (US$29 million) in debt.
According to the Star's attorneys, Wong gave the casino permission to pay for his gambling with a blank check he had previously supplied to the Star Sydney, the casino's sister establishment. Following Wong's return to Singapore, the check bounced.
SBOBET, the first Asian-facing sportsbook to sponsor an English Premier League team, is owned by Celton Manx, an Isle of Man-based online betting company, of which Wong was formerly a director.
Dealer "mistakes"
Wong asserted that the check-cashing agreement was blank when he signed it and denied giving the casino permission to utilize the cheque to recover the debt. Additionally, he protested four times that the dealers were making mistakes and that he shouldn't be required to pay his losses.
On July 30, 2018, Wong received an apologetic letter from Paul Arbuckle, the casino's chief operating officer, after the establishment acknowledged that three errors were sufficient to trigger a complaint. But there was no mention of wiping out Wong's gambling debt in the letter.
The Star first filed an unsuccessful lawsuit against Wong in Singapore since the country's Civil Law Act forbids the government from helping foreign businesses collect debts associated with gambling abroad.
Wong maintained that Star's attempts to track him down in Australia amounted to "unjustified oppression" and that the Singapore verdict should remain in effect.
The Queensland Supreme Court allowed the lawsuit to proceed in April 2021, stating that the claim was "relatively straightforward" and should be decided on its merits.
According to Justice Melanie Hindman's decision on Monday, Wong had "not made out any pleaded defense to that claim," whereas the Star had made its debt recovery claim explicit.
Star's Financial Difficulties
Casino operator Star Entertainment may find some solace in the fact that the lawsuit against Wong is among the biggest debt recovery lawsuits in Australia's history. The corporation is in financial trouble and has turned to the Queensland government for temporary tax relief, only two weeks after opening its AU$3.6 billion (US$2.4 billion) project at Brisbane's Queens Wharf.
According to reports, Star requires AU$300 million (US$201 million) in capital infusion to maintain Queen's Wharf.
For AU$67.5 million (US$44.9 million), the firm said on Monday that it would sell its leasehold stake in the Brisbane Treasury Building, where its previous Brisbane casino once stood.
