Wynn Successful Sues Fund Manager over Owed Money

Wynn Macau's property.
  • Wynn Macau successfully wins case for $4.3 million in Malaysia
  • The guilty party will have to pay out the owed money, plus interest
  • Meanwhile Wynn and Genting are getting closer to a court battle due to begin on January 29

Wynn Macau Ltd. has successfully concluded a court case against a fund manager who owed the company money. The guilty party had been paid in the form of a credit, which Wynn has now successfully recuperated in court.

Wynn Settles Legal Challenge in Malaysia

In a rare turn of events, Wynn Macau Ltd. managed to win a court case against an individual, identified as Paul Poh Yang Hong, who owed the company money in the form of a line of credit. Based on the active legislation in the country, gambling contracts are not legally binding, and this is precisely what made the case interesting.

However, Wynn specified that it wasn’t looking to collect gaming proceedings, but rather – honor a credit agreement, which proved to be the winning argument in court. The sum of the contract was substantial with the individual previously requesting HKD40 million credit from Wynn, which was granted.

Since then, the fund manager had still to honor HKD33 million in due payments, prompting Wynn Macau Ltd to launch a lawsuit in 2017. The news was also reported by Reuters, which fleshed out details of the case.

Judge S. Nantha Balan from the Kuala Lumpur court has ruled that Poh will have to pay the outstanding amount to Wynn Macau, plus interest.

The decision is not final as Poh can still appeal, although Wynn’s attorney Vincent Law believes that the case constituted an important victory for the gaming industry.

Malaysia and Wynn, Tied into a Legal Pickle

Interestingly enough Wynn’s U.S. subsidiary, Wynn Resorts Ltd. is tied up with Malaysia in another way. Last year, Wynn filed a complaint against Malaysia-based Genting Berhad over a property built at the northern end of the Las Vegas Strip.

Genting Denies Wynn Copyright Claims, Prepares for Court

According to the complaint, Genting was intentionally copying Wynn and Encore Towers’ design in a bid to syphon off customers from its own property. Genting has since dismissed the statement, issuing their official statement at the end of 2018.

Moving into 2019, none of the parties has seemed prepared to relent. Genting’s World Resorts Las Vegas is estimated at $4 billion, making a hiatus or cacellation of construction work not an option.

Meanwhile, Wynn continues to maintain that the claims made in its unlawful competition lawsuit dated December 21 very much apply. However, Genting has since said that the allegations were “baseless”.

Here’s what Genting SVP PR and Development Michael Levoff had to say, cited by Review Journal:

Genting (Resorts World’s parent company) remains confident that once all of the relevant facts are presented the company will defeat Wynn’s baseless claims.

The two parties are expected to meet in court in Nevada on January 29. In so many ways, Wynn continues to be legally bound to Malaysia, and not always in a good way.

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Wynn Successful Sues Fund Manager over Owed Money
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Wynn Successful Sues Fund Manager over Owed Money
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Wynn Macau Ltd. has successfully sued a fund manager which owed the company $4.3 million. The guilty party will have to pay the full sum plus interest.
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Casino Classic
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Grant Mahon

Grant is the self-professed casino madman and reporter that brought this eclectic team of dedicated and talented writers together from around the world to proudly build an humble empire of authentic casino news.

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