Okada to Meet with Gaming Control Board Over Foreign Payments
The Nevada Gaming Control Board has called in Japanese billionaire tycoon and previous Wynn director Kazuo Okada, along with three other directors of his Universal Entertainment Corp., for a closed-door hearing a few weeks. It is all part of the Control Board’s ongoing research into allegations that $40 million in payments ended up being designed to Rodolfo Soriano, certainly one of Universal’s casino project consultants within the Philippines. Perhaps the insinuation is that Soriano received the money to grease some Filipino palms, but we might never ever imply such a plain thing, of course.
We could only report that both the FBI and the Philippines’ comparable, the National Bureau of Investigation, happen having a look 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 doesn’t give their professionals $40 million being a token of the esteem?
Meanwhile, no body’s commenting: not the Nevada Gaming Control Board and certainly no one from Universal Entertainment. Possibly that is why they call it hush money.
No Wrongdoing Alleged
This might be where we have to make clear that no body has really or officially been accused of doing any such thing, particularly anything wrong. you can observe it may 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, ( who has been persona non grata at Wynn for quite a few years now), resigned, but the Board returned with a collective flip off by firing him anyway with about a 98% approval vote the really day that is next.
Okada vs. Wynn
The fight with Wynn has been going on for years now, and, stop the presses, stems from issues Wynn has had with Okada over allegations of some monetary 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 anyone whose hands may be dirty, ya know.
Needless to say, Okada has had some allegations of his very own towards Wynn aswell, stating that their 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 example that Universal had misappropriated trade secrets, that were originally filed in case on Feb. 19, 2012; the retractions signaled a success of sorts to Universal. Wynn Resorts remains unmoved, however.
‘It only illustrates our desire to concentrate at the moment upon the breaches of fiduciary duty owed to the company,’ Wynn Resorts responded within an official statement. ‘The claim for theft of our trade secrets and business that is proprietary will be ripe if and when Okada puts them to make use of in his Phillipines casino, or elsewhere.’
Just What’s at Stake
The Philippines’ government has put lots of eggs in Okada’s container: they granted him four casino licenses to build and operate a multibillion dollar manila gambling and entertainment complex that would be on a par to compete with Macau and Singapore, two of the very most lucrative video gaming revenue producers on the planet. Along with three other video gaming developments there, it will be known as Pagcor Entertainment City.
No pressure whatsoever.
Chang Takes Down WPT Event for over a Million
It’s every poker player’s dream: to master a major tournament and collect a seven-figure score. That dream came true for relatively unknown Kai that is pro Chang week at World Poker Tour (WPT) Bay 101 Shooting Star’s 2013 event.
Not only did Chang win $1,138,350 for defeating a particularly tough and deep-stacked table, he was also awarded $25,000 entry into the WPT World Championship, to be held at Bellagio in Las vegas, nevada from May 18-24. Nice work if it can be got by you.
Big Names Duke It Out
Seated at the table that is final Chang had been an industry of deep-stacked poker warriors, including Paul Volpe, who ultimately took third for the $435, 610 payday. This has been a hell of the year for Volpe already, having taken house over $600,000 for second into the WPT L.A. Poker Classic just a little more than a week before, and completing in the amount of money in January’s PokerStars Caribbean Adventure 2013 also. Joe Nguyen took home second for $666, 740; he finished 29th in this same event last 12 months for a $19,200 finish, so must have been quite happy with anywhere near this much better performance. Other top finishes were renowned poker pro Eric Seidel for $295, 590 in fourth; Chris Johnson in 5th spot for $208, 910; and Joe Kuether in sixth for a $162, 240 award.
Chang’s past victories of note include a 2006 second-place finish in the $10,000 World Series of Poker (WSOP) Circuit event at Harrah’s Rincon, because well as a 40th place finish that same year in the WSOP Main Event. He bubbled the 2008 table that is final the L.A. Poker Classic in 2008, getting absolutely nothing but some TV coverage from the jawhorse all.
The Action Builds
Chang entered the final table as fifth of sixth in chips on a table that is universally deep-stacked. Beginning out with a healthy 83 big blinds, he grew to chip leader by the 42nd hand for the last table, and remained at or close to the leading runner right up to his first place finish. A combination of all deep piles and a very solid number of players led to no one even being eradicated until the 79th hand.
Things moved a bit faster once action got down to the heads-up match between Chang and Nguyen. It just took six hands for Chang to knock Nguyen out by having a right to Nguyen’s missed diamond flush draw.
The WPT that is next event be in Venice, Italy on March 25 and will also be televised.
Minted Poker Tells Their Players to Money Out
Minted Poker is given up and embarrassed using the community they currently call home, the Everleaf Gaming Network, and is telling their players to cash out their money immediately. This is because of what they call ’embarrassing’ money away delays on the network, with most withdrawals using 6 months or maybe more to process, of this ones which can be actually being prepared at all.
In addition to telling their players to cash out, they will have also advised players to take actions that are several an attempt to force Everleaf into action. One would be to file complaints with the Lotteries and Gaming Authority(LGA) of Malta, though the LGA has a history that is sketchy of with issues inside their jurisdiction and enforcing their rules.
To that end, the LGA recently released a statement saying that they had looked at the matter of withdrawals at Everleaf and found that the bulk of players was in fact compensated. That statement was quickly refuted by group of several players whom stated the majority of their withdrawals nevertheless had not been processed more than 9 months after the fact. The LGA added that they would carry on to monitor Everleaf to make sure funds were being properly paid away to the players on its community.
Minted had even taken the step that is drastic block all deposit choices with their site; this for the sake of their very own players never to sink more cash to the network, as well as to attempt to spur Everleaf into action. However, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their credibility that is current into.
Minted Poker is within the procedure of going to a new network, and hopes their players’ money balances will be transferred once that move is finished. Utilizing the apparent state of disarray at Everleaf nevertheless, it’s not probable that may come to pass in a nutshell order.
Minted Poker is just one of several ‘skins’ on the Everleaf system. A number of the dozens of other sites in the community include bluffbet.com, palmbet.com, pokerutd.com, and valhallapoker.com. Traffic on the network has drastically decreased within the month that is last Everleaf banning U.S players due to threatened legal action by the Department of Homeland Security. U.S players who had accounts also have been unable to withdraw their funds since the move.
PokerStars Battles It Out with the American Gaming Association
A written report from Forbes mag early in the day this week stated that Caesars Entertainment Corporation, the largest land-based gaming firm mr green casino verification in the planet, has recently tried to offload two of its most well known and recognisable brands to online poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and agreed to sell us certain assets such as the Rio Casino in Las vegas, nevada,’ stated head of business communications for PokerStars, Eric Hollreiser. ‘Caesars Entertainment proposed that this acquisition would provide us with a better relationship with Caesars Entertainment and would assist PokerStars gain a license in Nevada.’
According to the mag, PokerStars was approached final month by an unnamed executive representing Caesars Entertainment to talk about a preliminary deal for PokerStars to take on Rio All-Suite Hotel and Casino, because well as the planet number of Poker brand name.
However, Hollreiser explained that PokerStars chose to decline the offer because the firm had no plans to ‘acquire another casino in the near term’. Currently, the online video gaming operator is amidst the entire process of buying the Atlantic Club Casino and Hotel in Atlantic City which allows it to submit application to this new Jersey Casino Control Commission for the intrastate online poker license.
However, the 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 United states Gaming Association (AGA).
The AGA submitted a 24-page ‘not-so-brief’ to the latest Jersey Casino Control Commission and Division of Gaming Enforcement stating that the Rational Group US Holdings is a ‘business built on deceit, chicanery while the systematic flouting of United States law’.
‘Any action allowing PokerStars to be licensed would send a message that is damaging the realm of gaming also to the entire world beyond gaming that organizations that engage in chronic lawbreaking are welcome into the licensed video gaming business,’ stated the brief, as if wanting to avoid online gaming Armageddon.
If the AGA be successful in blocking PokerStars’ plans to get the venue for $50 million, a reported 2,400 jobs could possibly be in danger.
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 to their own conclusion according to ‘expert regulators’ and suggested that the AGA was simply ‘picking a fight that is public aided by 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 such as the brand New Jersey regulators and other interested state regulators to discuss our qualifications and invite them to comment on exactly what they find,’ stated Hollreiser.
‘PokerStars is among the largest & most respected internet gaming companies because we work closely with regulators and are in good standing with governments throughout the world holding licenses in France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue to work favorably with regulators in nj-new jersey and elsewhere whenever 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, in the event that largest land-based gaming firm in the world sees fit to offer two of their most prized brands to the company, then perhaps PokerStars deserves only a little more consideration than the AGA is willing to provide.
