A Malaysian court has ruled in favor of Wynn Macau in a case of a fund manager, who owed the casino’s operator millions of dollars, according to a report by Reuters. This is the first such case in the country where a casino has been permitted to recover gambling debt.
Wynn’s lawyers argued that the casino operator was not seeking the enforcement of a gambling contract, but of a credit agreement that the Malaysian individual, named Paul Poh Yang Hong, had failed to honor.
According to attorney Vincent Law, should there be no appeal to the judge’s decision, the ruling may set a precedent in the country where gambling contracts have not previously been recognized.
The lawsuit was filed against Poh in 2017, after the individual was granted a HKD40 million (USD5.1 million) line of credit, but later failed to return 80 percent of it. He was sued for the remaining HKD33 million in the Malaysian court.
Reuters reported that Poh had earlier said he was unaware he had signed a credit agreement and disputed owing the casino operator HKD40 million.
The individual must now pay the outstanding amount of HKD33 million, plus interest, back to Wynn Macau.
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