Inside Asian Gaming

INSIDE ASIAN GAMING | February 2010 36 Credit Risk A ny lingering doubts that casino operators would struggle to find remedy via the Hong Kong courts in recovering gambling debts appear to have been lifted with the emphatic dismissal recently of an appeal by high roller Henry Mong Hengli. Mr Justice Anthony Rogers, a judge who is vice-president of Hong Kong’s Court of Appeal, made short work of claims by Mr Mong’s lawyers that he didn’t know what he was signing when he put pen to paper on a credit agreement when visiting Wynn Las Vegas in 2008. “What on earth do you think it said?” Justice Rogers replied tartly. “That he can go downstairs and borrow US$3 million and not pay it back? Santa clause “These casinos aren’t exactly Father Christmas incarnate, are they?” he continued. That looks like a technical knock out for Wynn. Wynn may recover its money in this case, but it does raise a wider question about execution on gambling debts and use of litigation against Chinese players. Days before arriving at Wynn Las Vegas, Mr Mong reportedly gambled at the Nevada casino’s sister property, Wynn Macau, where heallegedlyborrowedandlostHK$30million (US$3.86 million at current exchange rates). That debt is subject to a separate lawsuit filed against Mr Mong by Wynn Resorts (Macau) Ltd. A hearing on the Macau debt concluded When Fortune Smiles Managing credit risk from Chinese VIP players means managing deeply held beliefs Mr Justice Anthony Rogers... made short work of claims by Mr Mong’s lawyers that he didn’t know what he was signing when he put pen to paper on a credit agreement when visiting Wynn Las Vegas in 2008.