A Singaporean businessman and former husband of Chinese actress Vicki Zhao reportedly lost S$53.8 million at an Australian casino over the course of just six days, according to court documents recently made public in Hong Kong.
The businessman, Huang Youlong, is a China-born tycoon known for his business ventures and association with Alibaba founder Jack Ma. Details of the staggering gambling losses emerged following a Hong Kong High Court judgment relating to a dispute over gambling debts and interest payments.
Court documents revealed that Huang visited Crown Perth in Western Australia in February 2015 with the intention of gambling. However, the casino’s credit department reportedly refused to extend gaming credit to him due to existing debts owed to other casinos and junket operators around the world.
Despite the refusal, an arrangement was later made through Hong Kong and Macau-based junket operator Suncity, allowing Huang access to A$40 million (approximately S$35.8 million) worth of casino chips. According to court findings, he lost the entire amount within just 48 hours.
Additional A$20 Million Lost In Attempt To Recover Losses
After losing the first A$40 million, Huang reportedly requested another A$20 million (around S$18 million) in gaming credit in an attempt to recover his losses.
The gamble failed to pay off.
Court records showed that the additional funds were also lost, bringing his total losses to A$60 million, equivalent to about S$53.8 million, within less than a week.
The arrangement was facilitated by Michelle Chua Eh Fong, a former vice-president of marketing at Crown Melbourne. She later claimed that Huang had verbally agreed to repay the loans within a specified period and pay interest of 24 per cent annually if repayments were delayed.
Huang denied entering into any such agreement.
Luxury Mansion And Bounced Cheques Revealed
The court also heard details of several attempts to settle the debt.
One arrangement involved Huang agreeing to purchase a luxury mansion in Hong Kong’s Regalia Bay for approximately A$13.3 million (S$12 million) and transferring it as part of the repayment process.
He also reportedly paid an additional A$950,000, which was described during proceedings as a “wedding gift” to thank Chua for assisting with the debt arrangements.
In another instance, three security cheques worth A$11.4 million each were issued to secure repayment. However, one of the cheques reportedly bounced when it was presented for payment.
By 2019, the principal amount owed to Suncity had been fully repaid and a termination agreement was signed confirming settlement of the debt.
Hong Kong Court Dismisses Interest Claim
Although the principal sum had been settled, Chua later pursued legal action seeking millions in interest payments that she claimed were owed under the alleged verbal agreement.
Hong Kong Deputy High Court Judge Alan Kwong ultimately dismissed the claim, stating that the allegations did not align with normal commercial logic and were not credible.
The court ruled in Huang’s favour and ordered Chua to pay his legal costs.
The case has also renewed attention on the era of high-roller gambling arrangements that existed within Australia’s casino industry before regulatory reforms were introduced. Subsequent investigations and royal commissions into Crown Resorts found significant governance failures, including dealings with junket operators and shortcomings in anti-money laundering controls.