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 side three other directors of his Universal Entertainment Corp., for a closed-door hearing week that is next. It’s all right part of the Control Board’s ongoing investigation into allegations that $40 million in payments had been designed to Rodolfo Soriano, 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 would never imply such thing, of course.
We can only report that both the FBI and the Philippines’ comparable, the National Bureau of Investigation, happen having a look to the matter to see if anything improprietous ended up being done. Universal Entertainment has maintained that it acted lawfully in the Philippines; most likely, who doesn’t give their specialists $40 million being a token of their esteem?
Meanwhile, nobody’s commenting: not the Nevada Gaming Control Board and certainly no one from Universal Entertainment. Possibly that’s why they call it money that is hush.
No Wrongdoing Alleged
This might be where we must explain that nobody has really or officially been accused of accomplishing anything, particularly anything wrong. But you can see how 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, ( who has been persona non grata at Wynn for quite a few years now), resigned, but the Board returned with a collective flip down by firing him anyhow with about a 98% approval vote the really day that is next.
Okada vs. Wynn
The battle 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,’ doesn’t it?) to Filipino heavyweights for his casino projects there. No body in the casino company likes to be associated with anyone whose hands may be dirty, ya know.
Needless to say, Okada has received some allegations of his own towards Wynn as well, stating that their 20 percent stake in Wynn Resorts was illegally seized from him at a 30 percent discount, leaving him with only a promissory note worth some $1.9 billion that he can collect in 10 years. Oh, the cruel, cruel world of high-stakes finance.
Last month, Wynn Resorts retracted some former allegations, such as for example that Universal had misappropriated trade secrets, that were initially filed in a lawsuit on Feb. 19, 2012; the retractions signaled a success of kinds to Universal. Wynn Resorts remains unmoved, however.
‘It only illustrates our desire to target at the moment upon the breaches of fiduciary duty owed to your company,’ Wynn Resorts responded within an statement that is official. ‘The claim for theft of our trade secrets and business that is proprietary will be ripe if and whenever Okada places them to utilize in his Phillipines casino, or elsewhere.’
What’s at risk
The Philippines’ government has placed lots 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 for a par to compete with Macau and Singapore, two of the most lucrative gaming revenue producers on the earth. Along with three other video 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 Kai that is pro Chang 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 table that is deep-stacked 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 you may get it.
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 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 event that is same 12 months for a $19,200 finish, so must have been quite pleased about anywhere near this much better performance. Other top finishes were renowned poker pro Eric Seidel for $295, 590 in fourth; Chris Johnson in fifth destination 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 occasion at Harrah’s Rincon, as well as a 40th spot finish that same year in the WSOP Main Event. He bubbled the 2008 last table at the L.A. Poker Classic in 2008, getting nothing many television coverage from the jawhorse all.
The Action Builds
Chang entered the final table as fifth of sixth in potato chips on a table that is universally deep-stacked. Beginning out by having a healthy 83 big blinds, he grew to chip leader by the 42nd hand for 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 generated no one even being eliminated until the hand that is 79th.
Things moved a bit faster once action got down seriously to the heads-up match between Chang and Nguyen. It just took six hands for Chang to knock Nguyen out with a straight to Nguyen’s missed diamond flush draw.
The WPT that is next event be in Venice, Italy on March 25 and will be televised.
Minted Poker Tells Their Players to Cash Out
Minted Poker is given up and embarrassed with the network they currently call home, the Everleaf Gaming system, and is telling their players to cash out all of their money immediately. This is because of what they call ‘embarrassing’ money away delays on the network, with most withdrawals using 6 months or higher to process, associated with the ones that are actually being prepared at all.
In addition to telling their players to cash out, they have also advised players to take actions that are several an endeavor to force Everleaf into action. One is to register 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.
To that end, the LGA recently released a statement saying they had looked at the matter of withdrawals at Everleaf and found that the bulk of players was paid. That declaration was quickly refuted by a combined group of several players who claimed the most of their withdrawals nevertheless had not been processed more than 9 months after the fact. The LGA added they would continue 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 options for their site; this for the sake of their own players never to sink more money in to the community, in addition to to try to spur Everleaf into action. Nevertheless, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their credibility that is current into.
Minted Poker is in the procedure of going to a network that is new and hopes their players’ cash balances will be transferred once that move is completed. With all the state that is apparent of at Everleaf nonetheless, it’s maybe not probable which will come to pass through simply speaking order.
Minted Poker is just one of several ‘skins’ on the Everleaf Network. A number of the dozens of other web 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 had accounts have been unable to withdraw their funds since the move.
PokerStars Battles It Out with the United States Gaming Association
A report from Forbes magazine previously this week stated that Caesars Entertainment Corporation, the biggest land-based gaming firm in the planet, has recently attempted to offload two of its preferred and recognisable brands to on line poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and wanted to sell us certain assets such as the Rio Casino in Las vegas, nevada,’ stated head of corporate communications for PokerStars, Eric Hollreiser. ‘Caesars Entertainment recommended that this acquisition would provide us with a better relationship with Caesars Entertainment and would help PokerStars gain a license in Nevada.’
Based on the magazine, PokerStars was approached last thirty days by an unnamed executive representing Caesars Entertainment to go over a preliminary deal for PokerStars to take regarding the Rio All-Suite Hotel and Casino, since well as the World number 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 purchasing 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 of the Atlantic Club Casino and Hotel by the United states 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 plus the flouting that is systematic of States law’.
‘Any action permitting PokerStars to be licensed would send a message that is damaging the world of gaming also to the entire world beyond video gaming that organizations that engage in chronic lawbreaking are welcome in the licensed gaming business,’ stated the brief, as if trying to avoid online gaming Armageddon.
If the AGA be successful in blocking PokerStars’ plans to shop for the venue for $50 million, a reported 2,400 jobs might be in danger.
In response to your schoolyard-type chants of the AGA, Eric Hollreiser called upon the nj-new Jersey Casino Control Commission and Division of Gaming Enforcement to come quickly to their own conclusion according to ‘expert regulators’ and suggested that the AGA was simply ‘picking a fight that is public utilizing the company. He added that PokerStars was deemed suitable for application to a license in America by the U.S. Department of Justice.
‘We will continue real-money-casino.club to work 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 amongst the largest and most respected internet gaming organizations because we work closely with regulators and are in good standing with governments across the world licenses that are holding France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue steadily to work favorably with regulators in nj and elsewhere each time they review our qualifications,’ he completed.
Should Hollreiser’s good-light-shedding statements be believed, we now have to question the motive behind the AGA’s squabble-like claims. After all, then perhaps PokerStars deserves a little more consideration than the AGA is willing to give if the largest land-based gaming firm in the world sees fit to offer two of their most prized brands to the firm.