Billionaire high-roller who skipped town owing Star casino $43m ordered to repay debts
By Courtney Kruk
The beleaguered casino operator behind Brisbane’s new Queen’s Wharf precinct has won one of the country’s largest gambling debt recovery cases against a Singaporean billionaire whose $43 million cheque bounced.
Dr Yew Choy Wong, a well-known billionaire high-roller gambler, has been ordered to repay nearly $38.7 million in gambling debts after a judge ruled in favour of The Star Entertainment QLD Limited on Monday.
The Star commenced action to recover debts from Wong in 2020, following his week-long junket to the Gold Coast casino at Broadbeach from July 26 to August 2 in 2018 to play in a baccarat tournament.
During the tournament, Wong was alleged to have incurred net gaming losses of $47.3 million, reduced to $43.2 million with allowances and rebates considered.
Billionaire high-roller Dr Yew Choy Wong left a five-day junket to play in a baccarat tournament on the Gold Coast in 2018 owing The Star Gold Coast $43 million.
In its suit, The Star Gold Coast claimed it had made $40 million in credit available to Wong to obtain gaming chips for the tournament, using a blank personal cheque issued to The Star Sydney in 2017.
The signed blank personal cheque was left with The Star Sydney after the completion of that earlier trip, with gambling losses settled through a bank deposit.
It was revived in 2018 in order for Wong to obtain credit for the Gold Coast tournament. He left Australia on August 2 owing the casino over $43 million under his cheque cashing facility agreement.
When casino staff attempted to recoup debts and cash the cheque at the National Australia Bank in Bundall on the Gold Coast, it bounced.
That is because on August 3, 2018, Wong cancelled the blank cheque and instructed his bank not to honour any attempts to draw money from The Star GC.
The casino made written demands to Wong for the amount of $43,209,853.22 on October 16, 2018 and December 21, 2018.
Wong denied giving the Gold Coast casino permission to use the blank cheque and argued he was not required to pay the losses incurred due to “mistakes” made by the baccarat dealers, of which there were four incidents resulting in complaint.
The Star agreed that three incidents warranted complaint and a conversation was had between Wong and chief operating officer Paul Arbuckle on July 30, 2018.
A letter of apology, signed by Arbuckle, was issued to Wong on August 1. It made no mention of wiping the $43 million debt owed to The Star GC.
In her ruling, Justice Melanie Hindman found “the Star GC has made out its claim for recovery of the CCF [cheque cashing facility] monies as loans, and Dr Wong has not made out any pleaded defence to that claim”.
As a result, Wong is required to pay The Star $38,659,853.22 plus interest and indemnity costs.
The news is a win for the embattled entertainment group following months of poor trading and inflated regulatory costs.
On Monday morning, Star Entertainment appointed former Crown Resorts chief Mark Mackay to helm its Gold Coast casino, as the business continues to look for a way to stay solvent.
The Star’s new chief executive, Steve McCann, has been meeting with the NSW and Queensland government, investors and banks to try and alleviate some of its financial woes.