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 in a few days. It’s all part of the Control Board’s ongoing investigation into allegations that $40 million in payments ended up being made to Rodolfo Soriano, one of Universal’s casino project consultants within the Philippines. Possibly 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 looking to 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 experts $40 million as being a token of these 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 will be where we must explain that no body has really or officially been accused of accomplishing such a thing, particularly anything wrong. you can see how it might look funny is all.
All this falls on the heels of Okada’s current 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 many years now), resigned, but the Board came back with a collective flip down by firing him anyway with about a 98% approval vote the extremely day that is next.
Okada vs. Wynn
The fight with Wynn has been going on for years now, and, stop the presses, stems from problems Wynn has had with Okada over allegations of some financial improprieties (that sounds so classier that is much ‘bribes,’ doesn’t it?) to Filipino heavyweights for his casino projects there. No body in the casino business likes to be associated with anybody whose hands might be dirty, ya understand.
Needless to say, Okada has received some allegations of his own towards Wynn as well, saying that playamo review 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 former allegations, such as that Universal had misappropriated trade secrets, that were initially filed in case on Feb. 19, 2012; the retractions signaled a success of types to Universal. Wynn Resorts remains unmoved, however.
‘It only illustrates our desire to focus at the moment upon the breaches of fiduciary duty owed to the company,’ Wynn Resorts responded in a 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 plenty 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 could be for a par to compete with Macau and Singapore, two of the most extremely lucrative gaming income producers on the planet. Along side three other video gaming developments here, it shall be understood 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 score that is seven-figure. 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 nevada 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 had been a field of deep-stacked poker warriors, including Paul Volpe, who ultimately took third for a $435, 610 payday. It has been a hell of a year for Volpe already, having taken home over $600,000 for second within the WPT L.A. Poker Classic just 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 event that is same 12 months for a $19,200 finish, so must are quite satisfied with this much better performance. Other finishes that are top 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 wins of note incorporate a 2006 second-place finish in the $10,000 World Series of Poker (WSOP) Circuit event at Harrah’s Rincon, as well as a 40th place finish that same year in the WSOP Main Event. He bubbled the 2008 last dining table at the L.A. Poker Classic in 2008, getting nothing many television 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. Beginning out by having a healthy 83 big blinds, he grew to chip leader by the 42nd hand regarding the last table, and remained at or near to the leading runner right up to his first place finish. A combination of all deep stacks and a very solid group of players resulted in no one even being eliminated 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 straight to Nguyen’s missed diamond flush draw.
The next WPT event will be in Venice, Italy on March 25 and will be televised.
Minted Poker Tells Their Players to Cash Out
Minted Poker is fed up and embarrassed aided by the network they currently call home, the Everleaf Gaming Network, and is telling their players to cash out all of their money immediately. This is a result of what they call ’embarrassing’ cash down delays in the system, with most withdrawals taking 6 months or more to process, of the ones that are actually being processed at all.
In addition to telling their players to cash out, they will have also advised players to take several actions in 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 sketchy reputation for dealing 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 a combined group of several players who advertised the majority of their withdrawals still had not been processed a lot more than 9 months after the fact. The LGA added which they would carry on to monitor Everleaf to make certain funds were being properly paid away to the players on its network.
Minted had even taken the step that is drastic block all deposit options for their site; this for the sake of their own players to not sink more money into the network, as well as to try 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 moving to a brand new network, and hopes their players’ money balances will be transferred once that move is finished. Using the state that is apparent of at Everleaf nevertheless, it’s maybe not probable that may 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 internet 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 appropriate action by the Department of Homeland Security. U.S players that has accounts also have been unable to withdraw their funds since the move.
PokerStars Battles It Out with the United States Gaming Association
A study from Forbes magazine early in the day this week stated that Caesars Entertainment Corporation, the greatest gaming that is land-based in the world, has recently tried to offload two of its best and recognisable brands to on line poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and offered to sell us certain assets such as the Rio Casino in vegas,’ stated head of business 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.’
According to the mag, PokerStars was approached final thirty days by an unnamed executive representing Caesars Entertainment to talk about a preliminary deal for PokerStars to take in the Rio All-Suite Hotel and Casino, as well as the planet Series 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 video gaming operator is amidst the process of buying the Atlantic Club Casino and Hotel in Atlantic City which allows it to submit application to the brand new Jersey Casino Control Commission for the intrastate online poker license.
However, the plan to submit such an application has been somewhat tainted following an opposing that is brief proposed purchase of this Atlantic Club Casino and Hotel by the American 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 allowing PokerStars to be licensed would send a message that is damaging the realm of video gaming and to the entire world beyond gaming that companies that engage in chronic lawbreaking are welcome into the licensed video gaming business,’ stated the brief, as if wanting 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 possibly be in jeopardy.
In reaction 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 considering ‘expert regulators’ and suggested that the AGA was simply ‘picking a public fight’ using the firm. He included that PokerStars was deemed suitable for application to a license in America by the U.S. Department of Justice.
‘We will work with authorities such as the brand New Jersey regulators and other interested state regulators to discuss our qualifications and allow them to comment on what they find,’ stated Hollreiser.
‘PokerStars is one of the largest and most respected internet gaming organizations because we work closely with regulators and are in good standing with governments all over the world keeping licenses in France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue to work positively with regulators in nj and elsewhere every time they review our qualifications,’ he completed.
Should Hollreiser’s good-light-shedding statements be believed, we’ve to concern 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.