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 side three other directors of his Universal Entertainment Corp., for a closed-door hearing week that is next. It’s all part of the Control Board’s ongoing investigation into allegations that $40 million in payments was made to Rodolfo Soriano, one of Universal’s casino project consultants within the Philippines. Perhaps the insinuation is that Soriano received the cash to grease some Filipino palms, but we would never imply such thing, of course.
We are able to only report that both the FBI and the Philippines’ equivalent, the National Bureau of Investigation, have already been having a look into the matter to see if anything improprietous had been done. Universal Entertainment has maintained that it acted lawfully in the Philippines; after all, who doesn’t give their professionals $40 million as being a token of their esteem?
Meanwhile, no body’s commenting: not the Nevada Gaming Control Board and certainly no one from Universal Entertainment. Maybe that is why they call it money that is hush.
No Wrongdoing Alleged
This is where we have to make clear that no body has actually or officially been accused to do 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 had been about to be deposed, Okada, ( that has been persona non grata at Wynn for quite some years now), resigned, but the Board came ultimately back with a collective flip down by firing him anyhow with about a 98% approval vote the extremely next time.
Okada vs. Wynn
The fight with Wynn has been going on for years now, and, stop the presses, stems from dilemmas 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 there. No body in the casino business likes to be associated with anyone whose hands may be dirty, ya understand.
Of course, Okada has had some allegations of his own towards Wynn also, saying 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 world of high-stakes finance.
Last thirty days, Wynn Resorts retracted some allegations that are former such as for instance that Universal had misappropriated trade secrets, that were initially filed in a lawsuit on Feb. 19, 2012; the retractions signaled a victory of sorts to Universal. Wynn Resorts remains unmoved, however.
‘It only illustrates our desire to target at this time upon the breaches of fiduciary duty 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 when Okada places them to utilize in his Phillipines casino, or elsewhere.’
Exactly What’s at Stake
The Philippines’ government has put a lot 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 will be on a par to compete with Macau and Singapore, two of the most extremely lucrative gaming income producers on the earth. Along side three other gaming developments here, it will be understood 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 seven-figure score. That dream came true for relatively unknown pro 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 table, he was also awarded $25,000 entry into the WPT World Championship, to be held at Bellagio in vegas from May 18-24. Nice work if it can be got by you.
Big Names Duke It Out
Seated at the last table with Chang were an industry of deep-stacked poker warriors, including Paul Volpe, who ultimately took third for a $435, 610 payday. This has been a hell of the for Volpe already, having taken home over $600,000 for second in the WPT L.A. Poker Classic only a little more than a week before, and finishing in the money in January’s PokerStars Caribbean Adventure 2013 as well year. Joe Nguyen took home second for $666, 740; he finished 29th in this same event last year for a $19,200 finish, so must were quite happy with this 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 prize.
Chang’s previous victories of note incorporate a 2006 second-place finish in the $10,000 World Series of Poker (WSOP) Circuit occasion 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 nothing many television coverage from it all.
The Action Builds
Chang joined the final table as fifth of sixth in chips on an universally deep-stacked table. Beginning out with a healthy 83 big blinds, he expanded to chip leader by the 42nd hand of the table that is final and remained at or near to the front runner right up until his first place finish. A combination of all deep stacks and a very solid number 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 with a right to Nguyen’s missed diamond flush draw.
The WPT that is next event be in Venice, Italy on March 25 and you will be televised.
Minted Poker Tells Their Players to Cash Out
Minted Poker is fed up and embarrassed using the network they currently call home, the Everleaf Gaming system, and is telling their players to cash out their money immediately. This is a result of what they call ’embarrassing’ money down delays in the community, with most withdrawals using 6 months or even more to process, regarding the ones which are actually being processed at all.
As well as telling their players to cash out, they have also advised players to take actions that are several an effort 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 history that is sketchy of 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 reported the majority of their withdrawals nevertheless had not been processed significantly more than 9 months after the fact. The LGA included they would carry on to monitor Everleaf to make sure funds were being properly paid away to the players on its system.
Minted had also taken the drastic step to block all deposit choices for their site; this for the sake of their players not to sink more cash into the community, in addition to to try and spur Everleaf into action. Nevertheless, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their current credibility into concern.
Minted Poker is within the procedure of going to a brand new network, and hopes their players’ money balances will be transferred once that move is completed. Utilizing the state that is apparent of at Everleaf nonetheless, it’s perhaps not probable that will come to pass in a nutshell purchase.
Minted Poker is just one of several ‘skins’ on the Everleaf system. A few of the dozens of other internet sites regarding the network 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 legal 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 United States Gaming Association
A report from Forbes mag earlier in the day this week stated that Caesars Entertainment Corporation, the biggest land-based video gaming firm in the planet, has attempted to offload two of its best and recognisable brands to online poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and agreed to sell us assets that are certain as the Rio Casino in Las vegas, nevada,’ stated head of business communications for PokerStars, Eric Hollreiser. ‘Caesars Entertainment proposed that this acquisition would give us a better relationship with Caesars Entertainment and would help PokerStars gain a license in Nevada.’
According to the magazine, PokerStars was approached last thirty days by an unnamed executive representing Caesars Entertainment to discuss a preliminary deal for PokerStars to take in the Rio All-Suite Hotel and Casino, as 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 process of buying the Atlantic Club Casino and Hotel in Atlantic City which would allow it to submit application to the New Jersey Casino Control Commission for an intrastate online poker license.
However, the program to submit such an application has been somewhat tainted following a brief opposing pokerstars proposed purchase associated with the Atlantic Club Casino and Hotel by the American Gaming Association (AGA).
The AGA presented 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 as well as the systematic flouting of United States law’.
‘Any action allowing PokerStars to be licensed casino mate bonus would send a message that is damaging the world of gaming and also to the world beyond video gaming that businesses that engage in chronic lawbreaking are welcome in the licensed video gaming business,’ stated the brief, as if attempting to prevent online gaming Armageddon.
Should the AGA be successful in blocking PokerStars’ plans to shop for the venue for $50 million, a reported 2,400 jobs might be in jeopardy.
In reaction to the schoolyard-type chants of the AGA, Eric Hollreiser called upon the nj-new Jersey Casino Control Commission and Division of Gaming Enforcement to come calmly to their own conclusion predicated on ‘expert regulators’ and suggested that the AGA was simply ‘picking a fight that is public aided by the company. He added 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 brand New Jersey regulators and other state that is interested to discuss our qualifications and permit them to comment on what they find,’ stated Hollreiser.
‘PokerStars is amongst the largest and most respected internet gaming organizations because we work closely with regulators and are in good standing with governments throughout the world keeping 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 nj-new jersey and somewhere else each time they review our qualifications,’ he completed.
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 firm on the planet sees healthy to offer two of these most prized brands to the firm, then perhaps PokerStars deserves a little more consideration than the AGA is willing to offer.