Okada to Meet with Gaming Control Board Over Foreign Payments
The Nevada Gaming Control Board has called in Japanese billionaire tycoon and former Wynn director Kazuo Okada, along with three other directors of his Universal Entertainment Corp., for a closed-door hearing week that is next. It is all right component of the Control Board's ongoing research into allegations that $40 million in payments had been designed to Rodolfo Soriano, one of Universal's casino project consultants in the Philippines. Probably the insinuation is that Soriano received the cash to grease some Filipino palms, but we'd never imply such thing, of course.
We could only report that both the FBI and the Philippines' comparable, the National Bureau of Investigation, were looking in to the matter to see if such a thing improprietous ended up being done. Universal Entertainment has maintained that it acted lawfully in the Philippines; most likely, who does not give their consultants $40 million as a token of their esteem?
Meanwhile, nobody's commenting: not the Nevada Gaming Control Board and certainly no one from Universal Entertainment. Maybe that's why they call it hush cash.
No Wrongdoing Alleged
This will be where we must make clear that nobody has actually or officially been accused of doing any such thing, particularly anything wrong. you can observe it might look funny is all.
All this falls on the heels of Okada's recent resignation slash firing from the Board of Directors of Wynn Resorts; sensing he was about to be deposed, Okada, ( that has been persona non grata at Wynn for quite a few years now), resigned, but the Board came back with a collective flip down by firing him anyhow with about a 98% approval vote the extremely day that is next.
Okada vs. Wynn
The fight with Wynn has been going on for years now, and, stop the presses, stems from problems Wynn has had with Okada over allegations of some economic improprieties (that sounds so much classier than 'bribes,' does it not?) to Filipino heavyweights for his casino projects here. No body in the casino company likes to be associated with anybody whose hands might be dirty, ya know.
Of course, Okada has received some allegations of his own towards Wynn aswell, stating that his 20 percent stake in Wynn Resorts was illegally seized with only a promissory note worth some $1.9 billion that he can collect in ten years from him at a 30 percent discount, leaving him. Oh, the cruel, cruel globe of high-stakes finance.
Last thirty days, Wynn Resorts retracted some former allegations, such as for instance that Universal had misappropriated trade secrets, that were originally filed in case on Feb. 19, 2012; the retractions signaled a success of kinds to Universal. Wynn Resorts remains unmoved, however.
'It only illustrates our desire to concentrate at this time upon the breaches of fiduciary responsibility owed to your company,' Wynn Resorts responded in an official statement. 'The claim for theft of our trade secrets and business that is proprietary will be ripe if and whenever Okada sets them to use in his Phillipines casino, or elsewhere.'
What's at risk
The Philippines' government has put plenty of eggs in Okada's container: they granted him four casino licenses to build and operate a dollar that is multibillion gambling and entertainment complex that would be on a par to compete with Macau and Singapore, two of the very most lucrative gaming revenue producers on the planet. Along with three other gaming developments here, it will be known as Pagcor Entertainment City.
No pressure whatsoever.
Chang Takes Down WPT Event for More Than a Million
It's every poker player's dream: to master a major tournament and collect a score that is seven-figure. That dream came true for relatively unknown professional Kai Chang this week at World Poker Tour (WPT) Bay 101 Shooting Star's 2013 event.
Not merely did Chang win $1,138,350 for defeating a particularly tough and deep-stacked dining table, he was also awarded $25,000 entry into the WPT World Championship, to be held at Bellagio in Las Vegas from May 18-24. Nice work if it can be got by you.
Big Names Duke It Out
Seated at the final table with Chang were an industry of deep-stacked poker warriors, including Paul Volpe, whom ultimately took third for a $435, 610 payday. It has been a hell of a year for Volpe currently, having taken home over $600,000 for second in the WPT L.A. Poker Classic just a little higher than a week before, and completing in the funds in January's PokerStars Caribbean Adventure 2013 as well. Joe Nguyen took home second for $666, 740; he finished 29th in this event that is same year for a $19,200 finish, so must have now been quite satisfied with that much better performance. Other top finishes were renowned poker pro Eric Seidel for $295, 590 in fourth; Chris Johnson in fifth place for $208, 910; and Joe Kuether in sixth for a $162, 240 award.
Chang's past wins of note come with a 2006 second-place finish in the $10,000 World Series of Poker (WSOP) Circuit occasion at Harrah's Rincon, since well as a 40th spot finish that same 12 months in the WSOP Main Event. He bubbled the 2008 final table at the L.A. Poker Classic in 2008, getting nothing however some television coverage out of it all.
The Action Builds
Chang entered the final table as fifth of sixth in chips on a table that is universally deep-stacked. Starting out with a healthy 83 big blinds, he expanded to chip leader by the 42nd hand for the table that is final and remained at or close to the leading runner right up to his first place finish. A combination of all deep stacks and a really solid band of players resulted in no one even being eradicated until the hand that is 79th.
Things moved a bit faster once action got down to the heads-up match between Chang and Nguyen. It only took six hands for Chang to knock Nguyen out by having a right to Nguyen's missed diamond flush draw.
The next WPT event will be in Venice, Italy on March 25 and will be televised.
Minted Poker Tells Their Players to Money Out
Minted Poker is fed up and embarrassed with the network they currently call home, the Everleaf Gaming system, and is telling their players to cash out their money immediately. This is due to what they call 'embarrassing' money away delays on the network, with most withdrawals using 6 months or more to process, of this ones being actually being prepared at all.
Along with telling their players to cash out, they've additionally advised players to take several actions in an attempt to force Everleaf into action. One would be to file complaints with the Lotteries and Gaming Authority(LGA) of Malta, although the LGA has a sketchy history of working with issues in their jurisdiction and enforcing their rules.
The LGA recently released a statement saying they had looked into the issue of withdrawals at Everleaf and found that a majority of players had been paid to that end. That statement was quickly refuted by group of several players whom stated the most of their withdrawals still had not been processed significantly more than 9 months after the fact. The LGA included they would continue to monitor Everleaf to ensure funds had been being properly paid out to the players on its network.
Minted had also taken the drastic step to block all deposit options for their site; this for the sake of their players not to sink more cash into the community, along with to attempt to spur Everleaf into action. Nevertheless, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their current credibility into question.
Minted Poker is in the process of going to a network that is new and hopes their players' money balances will be transferred once that move is completed. Because of the apparent state of disarray at Everleaf nonetheless, it's maybe not probable that will come to pass through in a nutshell purchase.
Minted Poker is just certainly one of several 'skins' on the Everleaf system. A few of the dozens of other sites in the system include bluffbet.com, palmbet.com, pokerutd.com, and valhallapoker.com. Traffic on the network has drastically decreased within the last month following Everleaf banning U.S players due to threatened appropriate action by the Department of Homeland Security. U.S players who'd accounts have also been unable to withdraw their funds since the move.
PokerStars Battles It Out with the American Gaming Association
A report from Forbes mag early in the day this week stated that Caesars Entertainment Corporation, the biggest land-based video gaming firm in the world, has recently attempted to offload two of its top and recognisable brands to on the web poker firm PokerStars.
'Caesars Entertainment approached PokerStars and agreed to sell us certain assets such as the Rio Casino in vegas,' stated head of contact leo vegas business communications for PokerStars, Eric Hollreiser. 'Caesars Entertainment suggested that this acquisition would give us a better relationship with Caesars Entertainment and would help PokerStars gain a license in Nevada.'
In line with the magazine, PokerStars was approached last thirty days by an unnamed executive representing Caesars Entertainment to talk about a preliminary deal for PokerStars to take regarding the Rio All-Suite Hotel and Casino, as well as the World variety of Poker brand name.
However, Hollreiser explained that PokerStars chose to decline the offer because the firm had no intends to 'acquire another casino in the near term'. Currently, the online gaming operator is amidst the process of buying the Atlantic Club Casino and Hotel in Atlantic City which allows it to submit application to the brand new Jersey Casino Control Commission for the intrastate online poker license.
However, the master plan to submit such an application has been somewhat tainted following a brief opposing pokerstars proposed purchase associated with Atlantic Club Casino and Hotel by the American Gaming Association (AGA).
The AGA presented a 24-page 'not-so-brief' to the newest Jersey Casino Control Commission and Division of Gaming Enforcement stating that the Rational Group US Holdings is a 'business built on deceit, chicanery as well as the flouting that is systematic of States law'.
'Any action allowing PokerStars to be licensed would send a damaging message to the realm of video gaming and also to the entire world beyond gaming that organizations that engage in chronic lawbreaking are welcome in the licensed video gaming business,' stated the brief, as if attempting to avoid online gaming Armageddon.
If the AGA be successful in blocking PokerStars' plans to buy the venue for $50 million, a reported 2,400 jobs might be at risk.
In response to your schoolyard-type chants of the AGA, Eric Hollreiser called upon the New Jersey Casino Control Commission and Division of Gaming Enforcement to come quickly to their own conclusion predicated on 'expert regulators' and suggested that the AGA was simply 'picking a public fight' with the company. He included that PokerStars was deemed suitable for application to a license in America by the U.S. Department of Justice.
'We works with authorities including the New Jersey regulators and other state that is interested to discuss our qualifications and invite them to comment on what they find,' stated Hollreiser.
'PokerStars is among the largest and most respected internet gaming companies because we work closely with regulators and are in good standing with governments across the world holding licenses in France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.'
'We will continue steadily to work definitely with regulators in New Jersey and somewhere else each time they review our qualifications,' he finished.
Should Hollreiser's good-light-shedding statements be believed, we now have to concern the motive behind the AGA's squabble-like claims. After all, if the largest land-based gaming company in the world sees fit to offer two of their most prized brands to the firm, then perhaps PokerStars deserves just a little more consideration than the AGA is willing to give.