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 is all right component of the Control Board’s ongoing investigation into allegations that $40 million in payments ended up being designed to Rodolfo Soriano, one of Universal’s casino project consultants into the Philippines. Possibly the insinuation is that Soriano received the cash to grease some Filipino palms, but we’d 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, happen taking a look to the matter to see if anything improprietous had been done. Universal Entertainment has maintained that it acted lawfully in the Philippines; all things considered, who doesn’t give their specialists $40 million 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 hush cash.
No Wrongdoing Alleged
This is certainly where we need to explain that no one has really or officially been accused to do anything, particularly anything wrong. However you can see 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 had been about to be deposed, Okada, ( that has been persona non grata at Wynn for quite a few years now), resigned, but the Board came ultimately back with a collective flip off by firing him anyway with about a 98% approval vote the extremely next day.
Okada vs. Wynn
The battle 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 much classier than ‘bribes,’ doesn’t it?) to Filipino heavyweights for his casino projects here. No body in the casino company likes to be associated with anyone whose hands might be dirty, ya know.
Of course, Okada has had some allegations of his very own towards Wynn aswell, stating that his 20 percent stake in Wynn Resorts was illegally seized from him at a 30 % discount, making him with only a promissory note worth some $1.9 billion which he can collect in 10 years. Oh, the cruel, cruel world of high-stakes finance.
Last month, Wynn Resorts retracted some allegations that are former such as for example that Universal had misappropriated trade secrets, that were originally filed in case on Feb. 19, 2012; the retractions signaled a triumph of types to Universal. Wynn Resorts remains unmoved, however.
‘It only illustrates our desire to target 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 business that is proprietary will be ripe if and whenever Okada sets them to make use of in their Phillipines casino, or elsewhere.’
Exactly 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 would be on a par to compete with Macau and Singapore, two of the very most lucrative video gaming revenue producers on the earth. Along side three other video gaming developments there, it will be known as Pagcor Entertainment City.
No pressure whatsoever.
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 professional Kai Chang this week at World Poker Tour (WPT) Bay 101 Shooting Star’s 2013 event.
Not only 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 Las 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 had been an industry of deep-stacked poker warriors, including Paul Volpe, who ultimately took third for the $435, 610 payday. It 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 12 months for a $19,200 finish, so must have been quite pleased about that much better performance. Other finishes that are top renowned poker pro Eric Seidel for $295, 590 in fourth; Chris Johnson in fifth spot for $208, 910; and Joe Kuether in sixth for a $162, 240 reward.
Chang’s previous victories of note add a 2006 second-place finish in the $10,000 World Series of Poker (WSOP) Circuit occasion at Harrah’s Rincon, since well as a 40th spot finish that same year in the WSOP Main Event. He bubbled the 2008 final table at the L.A. Poker Classic in 2008, getting nothing however some TV coverage from it all.
The Action Builds
Chang entered the last table as fifth of sixth in potato chips on an universally deep-stacked table. Starting 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 close to the leading runner right up to his first place finish. A combination of all deep stacks and an extremely solid band of players led to 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 only took six hands for Chang to knock Nguyen out having a right to Nguyen’s missed diamond flush draw.
The next WPT event will be in Venice, Italy on March 25 and you will be televised.
Minted Poker is fed up and embarrassed with the system they currently call home, the Everleaf Gaming system, and is telling their players to cash out all their money immediately. This is due to what they call ‘embarrassing’ money down delays regarding the network, with most withdrawals taking 6 months or even more to process, for the ones which can be actually being processed at all.
As well as telling their players to cash out, they will have additionally advised players to take actions that are several an effort to force Everleaf into action. One is to file complaints with the Lotteries and Gaming Authority(LGA) of Malta, though the LGA has a sketchy history of working with issues in their jurisdiction and enforcing their rules.
To that end, the LGA recently released a statement saying that they had looked into the issue of withdrawals at Everleaf and found that the majority of players was indeed compensated. That statement was quickly refuted by a combined group of several players whom claimed the most of their withdrawals nevertheless had not been processed significantly more than 9 months after the fact. The LGA added that they would carry on to monitor Everleaf to make certain funds had been being properly paid away to the players on its network.
Minted had even taken the step that is drastic block all deposit choices for their site; this for the sake of unique players to not sink more money to the network, along with 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 in the procedure of going to a brand new network, and hopes their players’ money balances will be transferred once that move is finished. Aided by the apparent state of disarray at Everleaf nevertheless, it is perhaps not probable that may come to pass in short order.
Minted Poker is just certainly one of several ‘skins’ on the Everleaf Network. A few of the dozens of other internet sites in the network 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 legal action by the Department of Homeland Security. U.S players who’d accounts have been unable to withdraw their funds since the move.
A study from Forbes mag earlier in the day this week stated that Caesars Entertainment Corporation, the largest gaming that is land-based in the world, has tried to offload two of its most widely used and recognisable brands to online poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and agreed 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 advised that this acquisition would give us a better relationship with Caesars Entertainment and would assist PokerStars gain a license in Nevada.’
Based on the mag, PokerStars was approached last month by an unnamed executive representing Caesars Entertainment to talk about a preliminary deal for PokerStars to take regarding the Rio All-Suite Hotel and Casino, since well as the World number 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 purchasing the Atlantic Club Casino and Hotel in Atlantic City which will allow 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 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 as well as the flouting that is systematic of States legislation’.
‘Any action enabling PokerStars to be licensed would send a damaging message to the world of video gaming and also to the world beyond gaming that businesses that engage in chronic lawbreaking are welcome in the licensed gaming business,’ stated the brief, as if trying to avoid online gaming Armageddon.
Should the AGA be successful in blocking PokerStars’ plans purchasing the venue for $50 million, a reported 2,400 jobs could possibly be in danger.
In reaction to the schoolyard-type chants of the AGA, Eric Hollreiser called upon the New Jersey Casino Control Commission and Division of Gaming Enforcement to come calmly to their own conclusion considering ‘expert regulators’ and suggested that the AGA was simply ‘picking a fight that is public aided by the firm. 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 invite them to comment on just what real-money-casino.club they find,’ stated Hollreiser.
‘PokerStars is one of the largest and most respected internet gaming companies because we work closely with regulators and are in good standing with governments throughout the world licenses that are holding France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue to work absolutely with regulators in nj and somewhere else whenever 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, 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.