Singaporean businessman churned through $60m while on gambling bender at Crown Casino Perth

The millionaire ex-husband of Chinese movie star Zhao Wei churned through an eye-watering $60 million while on a gambling bender at Crown Perth, triggering a decade-long legal battle over defaulted repayments.

Court documents released by the High Court of Hong Kong last week show Singaporean investor and real estate tycoon Huang Youlong visited Crown Casino Perth in February 2015, despite owing “substantial gaming debts” to other casinos around the globe.

However, when Crown Casino Perth refused the 49-year-old any gaming chips because of his debts, Mr Youlong turned to Crown’s former marketing vice president Chua Eh Fong, asking her to organise an “internal casino arrangement” through casino junket operator, Suncity.

Through this arrangement, Ms Fong purchased gaming chips worth a staggering $40 million AUD, which Mr Youlong would need to repay within three months.

Mr Youlong lost all $40 million in a 48-hour gambling spree, prompting him to ask Ms Fong for an additional $20 million under the same arrangement.

That money was blown within days.

In the months after, Mr Youlong ordered his personal assistant to sign three cheques worth about $11m as collateral for his debt.

But when Ms Fong tried to cash in one of the cheques, it bounced back.

And months later, Mr Youlong made a $1.8 million deposit on a $12.8 million mansion located along Hong Kong’s ritzy Regalia Bay he purchased for Ms Fong as a partial repayment.

But he could not pay the remainder of the purchase price, forcing Ms Fong — who had already moved into the home — to cough up the difference.

Because of his continual nonpayments, Suncity’s sole shareholder Chau Cheok Wa was called to intervene, and discussed repayments with Mr Youlong.

As a result of these discussions, Mr Youlong repaid the entire $60 million to Suncity between February 2016 and November 2019.

“In the premises, on 17 September 2019, Suncity executed a deed of release to confirm the indebtedness of AUD 60 million had been fully repaid, and thus (Mr Youlong) had been discharged of all liabilities in respect thereof,” the judgement reads.

Ms Fong later filed a lawsuit against Mr Youlong, claiming she was owed overdue interest worth 24 per cent per annum.

But Mr Youlong hit back, arguing the $60 million credit had been given to him by Suncity, and that he had not entered into a credit agreement with Ms Fong.

In handing down his judgement, Deputy High Court Judge Alan Kwong found that Mr Youlong had entered into a contractual agreement with Suncity, not Ms Fong.

He also found Mr Youlong had not agreed to pay any overdue interest, meaning Ms Fong was not entitled to charge any interest on the gaming credit debt.

“It was inherently unlikely that Ms Fong (who was employed by Crown and who was responsible for arranging Mr Youlong to obtain gaming credit) would be treated as the principal who personally contracted with Mr Youlong for the provision of the gaming credit,” he said.

“In my view, it is artificial to suggest that Ms Fong would enter into contractual dealings with Mr Youlong on a personal basis.

“It is inherently unlikely that Ms Fong and Mr Youlong would agree that Ms Fong is entitled to charge overdue interest against Mr Youlong.

“All in all, (Ms Fong’s) case does not sit comfortably with basic commercial common sense and ordinary logic of events. I am not persuaded that it is credible.”

Ms Fong has been ordered to pay costs.

In December last year, Ms Wei made a social media post confirming she had divorced Mr Youlong “many years ago”.

“Our marriage ended legally a long time ago,” she said in a statement, according to the South China Morning Post.

“Any issues, speculation and news reports related to him have nothing to do with me.

“I urge the concerned parties to recognise this reality and to avoid dragging me into unfounded allegations or reports.”

Ms Wei is best known for the 1998 television series, My Fair Princess.

The pair married in 2008 and have a daughter.