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 next week. It is all right component of the Control Board’s ongoing research into allegations that $40 million in payments was designed to Rodolfo Soriano, one of Universal’s casino project consultants into the Philippines. Perhaps the insinuation is that Soriano received the money to grease some Filipino palms, but we might never imply such a plain 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 looking in to the matter to see if anything improprietous was done. Universal Entertainment has maintained that it acted lawfully in the Philippines; in the end, who does not give their professionals $40 million as being a token of the 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 money.
No Wrongdoing Alleged
This will be where we have to explain that nobody has actually or officially been accused to do anything, particularly anything wrong. you can observe how 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 some years now), resigned, but the Board came back with a collective flip down by firing him anyway with about a 98% approval vote the very next day.
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 financial improprieties (that sounds so much classier than ‘bribes,’ does it not?) to Filipino heavyweights for his casino projects here. No one in the casino company likes to be associated with anyone whose hands could be dirty, ya understand.
Needless to say, Okada has already established some allegations of his own towards Wynn too, 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 world of high-stakes finance.
Last thirty days, Wynn Resorts retracted some former allegations, such as 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 focus at the moment upon the breaches of fiduciary responsibility owed to our company,’ Wynn Resorts responded in an official statement. ‘The claim for theft of our trade secrets and proprietary company information will be ripe if and whenever Okada puts them to use in his Phillipines casino, or elsewhere.’
Just What’s at risk
The Philippines’ government has put a lot 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 very lucrative video gaming income producers on the planet. Along side three other gaming developments here, it will be known as Pagcor Entertainment City.
No pressure whatsoever.
Chang Takes Down WPT Event for longer than a Million
It’s every poker player’s dream: to master a major tournament and take home a seven-figure score. 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 just 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 you may get it.
Big Names Duke It Out
Seated at the table that is final Chang had been a field of deep-stacked poker warriors, including Paul Volpe, whom ultimately took third for the $435, 610 payday. It has been a hell of a year for Volpe already, having taken house 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 also. Joe Nguyen took home second for $666, 740; he finished 29th in this same event last year for a $19,200 finish, so must have already been quite pleased about 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 previous wins of note include a 2006 second-place finish in the $10,000 World casino app win real money 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 table that is final the L.A. Poker Classic in 2008, getting absolutely nothing many TV 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 by having a healthy 83 big blinds, he grew to chip leader by the 42nd hand regarding the table that is final and remained at or near to the leading runner right up until his first place finish. A combination of all deep stacks and a really solid band of players generated no one even being eliminated until the 79th hand.
Things moved a bit faster once action got right down to the heads-up match between Chang and Nguyen. It just took six hands for Chang to knock Nguyen out by having a straight to Nguyen’s missed diamond flush draw.
The next WPT occasion will be in Venice, Italy on March 25 and you will be televised.
Minted Poker Tells Their Players to Cash Out
Minted Poker is given up and embarrassed utilizing the system they currently call home, the Everleaf Gaming system, and is telling their players to cash out their money immediately. This is because of what they call ’embarrassing’ money away delays on the community, with most withdrawals taking 6 months or higher to process, associated with ones that are actually being processed at all.
Along with telling their players to cash out, they have additionally advised players to take actions that are several an endeavor 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 inside their jurisdiction and enforcing their rules.
To that end, the LGA recently released a statement saying they had investigated the problem of withdrawals at Everleaf and found that the majority of players was in fact paid. That statement was quickly refuted by a combined group of several players whom reported the most of their withdrawals still 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 had been being properly paid out to the players on its community.
Minted had also taken the step that is drastic block all deposit options for their site; this for the sake of their very own players to not sink more money in to the network, along with to try and spur Everleaf into action. However, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their credibility that is current into.
Minted Poker is in the process of moving to a new network, and hopes their players’ cash balances will be transferred once that move is finished. With all the apparent state of disarray at Everleaf however, it is perhaps not probable which will come to pass through in a nutshell order.
Minted Poker is just certainly one of several ‘skins’ on the Everleaf Network. Some 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 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 been unable to withdraw their funds since the move.
PokerStars Battles It Out with the United States Gaming Association
A written report from Forbes mag earlier in the day this week stated that Caesars Entertainment Corporation, the biggest gaming that is land-based in the entire world, has recently attempted to offload two of its most widely used and recognisable brands to online poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and wanted 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 advised 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 month by an unnamed executive representing Caesars Entertainment to discuss a preliminary deal for PokerStars to take the Rio All-Suite Hotel on and Casino, since well as the World Series of Poker brand.
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 gaming operator is amidst the entire process of buying the Atlantic Club Casino and Hotel in Atlantic City which would allow it to submit application to this 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 an opposing that is brief proposed purchase associated with the 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 and also the flouting that is systematic of States legislation’.
‘Any action allowing PokerStars to be licensed would send a message that is damaging the world of video gaming and 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 attempting to prevent online gaming Armageddon.
Should the AGA be successful in blocking PokerStars’ plans to acquire the venue for $50 million, a reported 2,400 jobs could be at risk.
In reaction towards the 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 centered on ‘expert regulators’ and suggested that the AGA was simply ‘picking a public fight’ 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 will continue to work with authorities like the brand New Jersey regulators and other interested state regulators to talk about our qualifications and permit them to comment on what they find,’ stated Hollreiser.
‘PokerStars is one of the largest & most respected internet gaming organizations because we work closely with regulators and are in good standing with governments around the globe licenses that are holding France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue to work favorably with regulators in New Jersey and elsewhere every time they review our qualifications,’ he finished.
Should Hollreiser’s good-light-shedding statements be believed, we’ve 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 company, then perhaps PokerStars deserves only a little more consideration than the AGA is willing to give.