The Times of London said Thursday the issue began after billionaire Fouad al-Zayat lost his initial chips during a 2000 night of gambling at Aspinall's Club and wrote an undated check for more than $3.5 million to recoup his losses at the blackjack table.

The successful aviation official ultimately lost the millions of dollars on March 10, 2000, and promptly alleged impropriety by the club and canceled the check.

Negotiations between the two sides for the missing funds resulted in the casino agreeing to a 12-month payment postponement plan.

That deal was what the High Court found violated the country's 1968 Gambling Act, which is aimed at preventing casinos from giving gamblers credit that they potentially cannot afford.

Julian Spalter, al-Zayat's lawyer, told The Times the court's ruling was a "bloody nose" for the gambling operation.

"Aspinall's have received a bloody nose," he said. "They should have seen it coming."