Singaporean High Roller Must Settle £25 Million Australian Debt 

Queensland’s Supreme Court has told a Singaporean high-roller to pay more than £25 million to settle a gambling debt racked up in 2018. 

Dr Wong Yew Choy was able to access the kind of credit that could keep small nations afloat after he signed a blank cheque and deposited it with the management at The Star Gold Coast Casino in Queensland. He then went on what can only be described as a crippling losing streak at the baccarat tables. In just a week, the Singaporean lost £25.68 million.  

Then the story took a dark turn, as Dr Choy left the country and instructed his bank not to honour the cheque. This sparked a legal battle that has gone on for six years, but may now be nearing the end. It is more than a wild story, too, as this case could help set precedents for future cross border disputes and may change the way some Australian casinos treat high-roller clients.  

Dr Wong’s defence pointed to a string of errors by the baccarat dealers that he claimed adversely influenced his games. He also claimed that the casino’s Chief Operating Officer had verbally assured him that his debts would be cancelled. It’s an optimistic defence, but it’s the one he chose.  

Star Entertainment Queensland had already tried and failed to recoup the debt through Singapore’s High Court. However, Singaporean law has specific exclusions for the recovery of overseas gambling debts and the bid was unsuccessful. Undeterred, the company took its claim to the Australian courts. 

Luckily for the company, it had a formal cheque cashing agreement with Dr Wong, which turned this massive line of credit into a loan into the eyes of the law. Now the Australian courts have ruled he has to pay,, and the casino can go via debt collectors to recoup their money, interest and legal fees.  

The case raises a number of questions. Firstly, should anybody be given that kind of credit to gamble? Dr Wong is a famous high-roller known at the best tables round the world. But £25 million in one week is the very definition of a gambling problem. Even if trust isn’t an issue, letting a valued customer go on that kind of losing streak really does raise some ethical questions about the casino bosses.  

Secondly, credit beyond a certain level for international clients may have to be pre-approved with a banking institution so that casinos aren’t so exposed to these kinds of losses in the future. It’s a black eye for the industry that people can rack up that kind of debt with a blank cheque and then leave the country. It threatened to set a dangerous precedent, and still might. 

The casino still has to collect the debt, which could be easier said than done. Cross border debt collection can be a nightmare and only really works when there is an existing treaty between the countries, or the individual debtor decides to co-operate.  

As for Dr Wong, he’s unlikely to get that kind of credit in Australia again, or anywhere else thanks to his new-found notoriety. But then, that could be for the best for him as well.