Wynn Macau has won a landmark court case in Malaysia against a local businessman to recover HK$33 million (US$4.2 million) in unpaid credit.
The decision, handed down on Friday, comes despite Malaysian law offering no legal recourse for gaming operators to collect gambling debts due to gambling contracts not being recognized.
According to news agency Reuters, Wynn Macau’s lawyers were instead able to argue that the debt it was chasing was not a result of a gambling contract but a credit agreement between the operator and Malaysian fund manager Paul Poh Yang Hong.
Poh had taken a line of credit worth HK$40 million (US$5.1 million) but had only paid back HK$7 million before Wynn Macau launched legal action to reclaim the remainder in 2017. He will now have to repay that amount plus interest.
Wynn’s lawyer Vincent Law told Reuters he expected the ruling to set a precedent for those chasing debt from Malaysian citizens.
“If there is no appeal, I believe this judgement today will be the law in Malaysia for the foreseeable future,” Law said. “It is a good sign for the whole gaming industry.”
RelatedPosts
