Connect with us

Hi, what are you looking for?

Latest News

Singaporean man ordered to repay tens of millions in debt to Australian casino

A Singaporean man has been ordered to repay more than 38 million Australian dollars ($25.7 million) after he lost big during a gambling spree at an Australian casino over the span of a few days.

Queensland’s Supreme Court ruled Monday that Yew Choy Wong owed that amount to the Star Gold Coast, as well as the casino’s legal fees and interest. He had racked up losses of 47.3 million Australian dollars ($31.5 million) there between July 26 and August 2, 2018.

Wong fled the country without settling his bill, according to court documents. The casino tried to recoup its losses using a blank check Wong had given its sister property, the Star Sydney, a year prior, but that check bounced after Wong told his bank not to pay out any checks from the Star, the ruling said.

The casino then tried to recover the debt in 2019 by suing Wong in Singapore, but that case was dismissed a year later because Singaporean law largely prohibits the recovery of gambling debts.

According to court documents from that case, Wong frequently played the card game baccarat at the Star’s casinos, during which he and his “entourage of some 28 people” were flown to Queensland by the casino and housed in its private salons.

In the more recent case, Wong argued he did not owe the Star any money because he had complained about the way the casino’s dealers had dealt cards to him, after which he stopped gambling.

Wong said he resumed gambling after the Star’s chief operating officer, Paul Arbuckle, verbally agreed that Wong would not have to pay for losses he had already incurred and that the casino would waive any further losses, if the dealers repeated their alleged mistakes.

Arbuckle denied making this agreement, according to the ruling.

Star Entertainment, which owns the Gold Coast casino, declined to comment on the case.

In a letter presented to the court, which was addressed to Wong and signed by Arbuckle, the COO apologized for “difficulties” Wong experienced during his visit, but noted the mistakes would have had no direct financial impact on Wong. The letter did not mention waiving Wong’s debt.

The casino also paid Wong hundreds of thousands of dollars in goodwill payments following his complaints, the ruling said.

Justice Melanie Hindman said: “The alleged agreement pleaded by Dr Wong is not evidenced by the letter of apology or otherwise supported by any other evidence adduced in the trial.”

This post appeared first on cnn.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Stock

    In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

    Stock

    Major equity indexes rose on Friday after a selloff that hit the Technology sector especially hard. But this doesn’t necessarily mean that everything is...

    Latest News

    President Joe Biden travels to Triangle, Virginia, Monday to mark Earth Day, where he’ll unveil $7 billion in grant funding for solar power under...

    Latest News

    Britain’s Prince and Princess of Wales have released a new photo of Prince Louis to mark his sixth birthday on Tuesday, the first image...

    Disclaimer: Dealwithbiz.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Dealwithbiz.com