A high-stakes gambling session at Crown Perth has made headlines again after explosive court documents revealed that Chinese-born businessman Huang Youlong lost an incredible AUD $60 million in just a few days.
The losses reportedly took place in 2015, when Huang visited the Australian casino as a VIP player. According to court records, Crown initially refused to extend him a massive credit line because he already had significant gambling debts elsewhere.
Instead, junket operator Suncity reportedly stepped in, providing Huang with $40 million worth of casino chips.
The result was brutal
Court documents show the entire $40 million bankroll disappeared in just 48 hours. Rather than calling it quits, Huang reportedly asked for another $20 million in chips in a desperate attempt to recover his losses.
It didn't work.
The additional $20 million was also lost, bringing the total damage to a staggering $60 million in one gambling trip.
Court Battle Reveals More Surprises
The extraordinary losses only became public after a legal dispute in Hong Kong over repayment of the gambling debt.
During the case, court documents revealed that repayment efforts allegedly included bounced cheques, the transfer of a luxury Hong Kong mansion worth around AUD $13.3 million, and even a $950,000 payment described as a "wedding gift."
However, the Hong Kong High Court ultimately dismissed claims seeking additional interest on the debt, with the judge raising concerns about the reliability of key evidence presented during the proceedings.
A Reminder That Chasing Losses Can Be Costly
While most casino players will never wager anywhere near these amounts, the case highlights one of gambling's oldest lessons: chasing losses rarely ends well.
The revelations have also renewed attention on Australia's former VIP junket system, which later came under heavy scrutiny during investigations into Crown Resorts. Those inquiries uncovered serious governance and compliance failures, ultimately leading to sweeping reforms across the country's casino industry.
For the rest of us, a bad casino session might mean losing a few hundred dollars. For Huang Youlong, it meant watching $60 million vanish in less than two days, a reminder that even billionaires aren't immune to the odds.
Source:
https://www.news.com.au/finance/money/wealth/explosive-court-documents-show-asian-tycoon-lost-60-million-in-just-a-few-days-in-perth/news-story/f4f82f57eabd02b29af32a5ddcb71f92
