It is common practice for high stakes casinos to request personal checks from their high rolling guests as a form of collateral. This is to ensure that in case of massive losses that the casino is not left running after a client to pay his or her debt. And Star Casino is no different.
Located in Sydney – Australia, Star Casino is a place where the high rollers are required to deposit a check before they start gambling in high stakes games. Doing this ensures that the gamblers are aware of their gambling limit and they do not bet more than they can afford in a given night. While the numbers may often be staggering amounts for any normal gambler, these are no ordinary gamblers. These are the highest of the high rollers.
One such high roller goes by the name Wai Chong Wong, hailing from the land of the rising sun – China. Wai Chong Wong is a high roller in the gambling circles but that does not make him a good gambler. It just means he has a lot of money to lose when the time comes and a time like that did come.
Wai Chong Wong deposited two checks, one of $2 Million and the other of $5 Million to The Star Casino in Sydney, Australia as collateral for his gambling bets. We’re pretty sure that at that time he didn’t think they would dace the shred.
As gambling goes and gambling that night in particular went, Wai Chong Wong ended up losing a substantial amount. The amount totaled to $6,139,534.98 (only).
As per casino rules, the checks remain with the establishment until the client has paid up the dues and in case the client does not pay the dues in the time frame given, the checks are then cashed. In case of the client settling the debt, the checks are handed back to the client. In some cases they face the shred.
The problem in this situation is that the client did not pay up his dues and the casino accidentally shredded the checks that were being held as collateral for Mr. Wai Chong Wong. Mr. Wai Chong Wong had been outstanding on his debts for over 2 years with Star Casino at the time this happened.
The case has been since then taken to court. The justice Monika Schmidt ordered that Mr. Wai Chong Wong pays the casino a total of $7 Million. The original debt was of $6.15 Million to be paid but since Mr. Wai Chong Wong has been avoiding the casino and has not paid his debt in over 2 years, counting the total interest and fee to be paid, the total comes to $850,000 by order of the court.
Hopefully this matter will come to a close and the employee responsible for this debacle will find a much lower risk job when the dust settles.
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