Man Jumps from Casino Ship to Escape Loan Sharks
Gambling on loan-shark borrowed money is all fun and games before you lose most of that money and are forced to strip to your skivvies and jump from your own third floor cabin window aboard the casino ship which was the explanation for your short-lived fun and subsequent woes, into the frigid waters of Hong Kong’s Victoria Harbor below.
A Chinese national surnamed Lu discovered that out the way that is hard week, according to the china magazine Ming Pao. He allegedly borrowed HK$120,000 (more or less US$15,460) from loan sharks and embarked for a night of gambling aboard the casino ship, which skirts (or rather sails) around Hong Kong’s strict gambling laws by sailing out into international waters, a ever more popular ploy the world over.
The ship ended up being somewhere close to the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong once the man made his escape attempt (the loan sharks were presumably up to speed with him) after burning through the borrowed cash. He wrapped his papers and exactly what little money he had left in plastic, stripped down, donned a life jacket, and jumped from the window of his cabin.
Rather than being free to swim to safety and make their wet way home however, he was picked up by another ship, which promptly brought him, soaking and sullen, to a nearby police section, and then after that to the hospital for a check-up.
Whilst the man was released by police and hasn’t been charged with any crime, law enforcement are surely the least of his concerns at the moment, as he still has a formidable gambling debt hanging over their mind, and likely some extremely angry people looking for him over it; those who probably weren’t particularly impressed by his decision to select a late night swim.
Chinese Laundry Through the Slots: Money Laundering Alleged for Med Tech Firm
You think you have a gambling problem? How about $116,000 per on a slots habit month? That is just how much Bi Xiaodong, wife of China Medical Technologies (CMT) CEO Wu Xiaodong, is rumored to have pumped into the high roller slot machines at Las Vegas’ upscale Wynn and Bellagio casinos between 2005 and 2010, playing with a whopping allowance from the man from whom she was then separated.
Contrary to popular belief, there are individuals who throw money around at that crazy level in Vegas, so wagering $5K a hand at slots by itself probably will never have raised too numerous eyebrows. What did catch the eye of investigators, however, was the way that Mrs. Xiaodong received the enormous sums to be able to afford to play at that level, because one source suggests that she could have passed since much as $62 million through the Bellagio slots alone between 2008 and 2012.
The Missus claims she got her gambling money allowance from child care as well as for living expenses (begging the relevant question of whether her kids had footwear or milk to take in); and maintains she separated from Wu in 2001 and had absolutely nothing to do with his business CMT since before its IPO in 2005 on the New York Stock Exchange.
It had been last summer when CMT had to close down, after creditors relocated in to get missing interest payments from the company, forcing them into liquidation. Those bondholders included GLG Partners, a London firm that manages $26.4 billion in assets; GLG has become suing Wu Xiaodong in a suit that is civil California, alleging that Xiaodong stripped assets from CMT and then fed them surreptitiously to his wife, who in turn went them through the fancy Strip slots.
How It Works
Here’s the shell game: the casino allows players cash down from lengthy durations of slot play with a credit note for all of those other money deposited. The ball player can then simply take that note to a casino cashier, receive a check for the remaining quantity, deposit said sign in their own bank account, and declare it as ‘gambling winnings’ on their tax returns ( that are then terminated away by the same quantity in ‘gambling losses,’ needless to say.)
Reports say that Bi Xiaodong declared near to $17 million on her returns in wins between 2009 and 2011, with the ancillary loss to cancel the wins out. But the questions about where the cash emanated from were what led investigators to look into the cash that is CMT possibility, and the chance for money laundering of CMT’s massive IPO funds.
Now CMT’s liquidators are wanting to track some $670 million in lacking money which was raised throughout the business’s 2005 IPO. Also under investigation are the company’s former finance director Takyung Tsang and his wife.
Is actually a full case of dirty laundry.
Macau Gaming Revenues Through the Roof for March
The economy may still be crawling back on its belly every-where else, however in Macau, cash appears to be falling out in clumps of the sky, at the very least for its lucrative casino industry.
A J.P. Morgan analyst estimates that March gross Macau gaming revenues for the world’s most successful gambling location ever will top away at $3.67 billion, a brand new monthly record even for Macau. A sector that appears to have exploded with a 15 to 20 percent growth rate this year with the final monthly tallies not even in yet, it’s predicted that final intakes could end up at a 25 percent increase over the same time in 2012, and it looks like that’s thanks to a proliferation of Asian whales.
On the other hand associated with the Coin
Talk about trickle-down economics: seems nearly all of Macau’s casino industry employees are also having a year that is good far. In a 2013 survey known as the Macau worker Confidence and Satisfaction Index, 1,026 employees responded about their different levels of job satisfaction, as well as their overall task confidence. The movement downward was subtle enough to be able to categorize their feelings as ‘stable’ in the mysterious world of index rankers although slightly down from last year’s Index.
Casinos Employ Many
With almost a third associated with survey respondents working in Macau’s booming casino industry, it would appear that non-casino employees have ever-so-slightly higher job satisfaction than their casino worker counterparts, with croupiers publishing the lowest satisfaction away from the entire gaming employee team. With regards to income, however, croupiers rake within the satisfaction that is highest of any of workers, gaming and non-gaming alike. Could all those extremely wealthy Asian whales be both impossibly demanding and tippers that are also great they winnings? Sure appears like it.
The Year Ahead
Now it just remains become seen if the rest of 2013 is going to be since profitable as March looks want it will be whenever all the true numbers are entirely tallied.
We understand one group specially who is wishing for continued wide range to come hit the tables in Macau: the croupiers.
Record-Breaking Poker Jackpot Relaunched
BetVictor Poker recently revamped and relaunched its massive Bad Beat Poker Jackpot with a summary of george orwell 1984 prize that is record-breaking of €921,603 (those Euros translate to $1,193,291).
‘We’re delighted in order to launch the all-new Bad Beat Jackpot by having an industry record-breaking award pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.
Better to Win, More Payouts
Suspended earlier this thirty days to ensure BetVictor could make a few changes that are positive the structure for its players, the jackpot can now be won more effortlessly, with more benefiting from the payout too.
‘Will it achieve €1 million? Who knows.? The modifications suggest it will often be won more and by more folks now,’ explained Horne. ‘The current jackpot will discover over €90,000 paid out to opted-in players playing at the exact same stakes as the winner, so even though you’re maybe not during the table where it hits, it is possible to share within the good fortune, and that is no bad beat.’
Opt In for Players
Players trying to be involved in the Bad Beat Jackpot now require to make use of the ‘opt-in’ option that exist on all cash tables above €0.10/€0.20, Each hand they play a small price to pay for the chance to win a chunk of a big prize at which point they will contribute €0.02 to the increasing jackpot.
So as to increase the chances of winning, the new hand that is qualifying been paid down from four-of-a-kind eights, to four-of-a-kind deuces.
Whenever the lucky winner manages to sweep the jackpot up, ten percent of this award pool is going to be distributed to players who possess opted in at the stake level at which the jackpot is hit.
It’s All Yours
In addition, BetVictor, which ended up being created in 1946 and is now among the earth’s leading independent bookmaking and gaming groups, has established that there are no administration fees involved, so the complete jackpot are distributed to the players involved.
With increased chances of winning, and a record-breaking reward pool of almost one million euros just waiting to burst, BetVictor is certainly going to have its flood gates battered down by those looking to play on low-stakes tables using the chance of a payout that is decent.