THE M3: WYNN WINS MONG CASE

02/16/10 08:16AM EST

The Macau Metro Monitor, Februrary 16th, 2010

WYNN RESORTS WINS HIGH COURT ACTION AGAINST HENRY MONG OVER $3.9MM DEBT South China Morning Post

Wynn won a court action in Hong Kong against a high roller over a HK$30MM in gambling debt, this past Friday. The claim against high roller Henry Mong Hengli was for debts he ran up in Macau, although Wynn Las Vegas also filed a writ against Mong in Hong Kong for Nevada debts. Mong allegedly owes the company a total of US$6.75MM.


Mong’s lawyers argued that Macau law requires the Gaming Inspection and Co-ordination Bureau to individually approve credit agreements. Lawyers for Wynn said the Macau law in question doesn't apply to direct loans to players but rather credit agreements between casinos and VIP junkets, and that requiring casinos to seek gaming bureau approval every time they issue credit to players wasn't feasible.  This was the first case where a Macau casino operator attempted to recoup gambling debts through the courts in either Macau or Hong Kong. Macau passed its first legislation on gaming credit in 2004.


 

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