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 with three other directors of his Universal Entertainment Corp., for a closed-door hearing a few weeks. It’s all component of the Control Board’s ongoing research into allegations that $40 million in payments ended up being made 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 might never imply such 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 such a thing improprietous was done. Universal Entertainment has maintained that it acted lawfully in the Philippines; most likely, who does not give their consultants $40 million as a token of their esteem?
Meanwhile, nobody’s commenting: not the Nevada Gaming Control Board and certainly no one from Universal Entertainment. Maybe that is why they call it money that is hush.
No Wrongdoing Alleged
That is where we must make clear that nobody has really or officially been accused to do such a thing, particularly anything wrong. However 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 was about to be deposed, Okada, ( who 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 anyhow with about a 98% approval vote the very day that is next.
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 economic improprieties (that sounds so classier that is much ‚bribes,‘ doesn’t it?) to Filipino heavyweights for his casino projects there. Nobody in the casino company likes to be associated with anybody whose hands may be dirty, ya understand.
Needless to say, Okada has received some allegations of his very own towards Wynn too, saying 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 a decade. Oh, the cruel, cruel globe of high-stakes finance.
Last thirty days, Wynn Resorts retracted some allegations that are former such as for instance that Universal had misappropriated trade secrets, that were originally filed in a lawsuit on Feb. 19, 2012; the retractions signaled a victory of kinds to Universal. Wynn Resorts remains unmoved, however.
‚It only illustrates our desire to concentrate at this time upon the breaches of fiduciary duty owed to our company,‘ Wynn Resorts responded in a statement that is official. ‚The claim for theft of our trade secrets and proprietary business information will be ripe if and when Okada places them to use in their Phillipines casino, or elsewhere.‘
Just What’s on the line
The Philippines‘ government has placed a lot of eggs in Okada’s basket: 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 lucrative video gaming income producers on the earth. Along with three other video gaming developments here, it shall be known 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 get hold of a score that is real-money-casino.club seven-figure. 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 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 can 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. This 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 completing 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 occasion 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 5th place for $208, 910; and Joe Kuether in sixth for a $162, 240 prize.
Chang’s past victories of note add a 2006 second-place finish in the $10,000 World Series of Poker (WSOP) Circuit occasion at Harrah’s Rincon, because well as a 40th place finish that same 12 months in the WSOP Main Event. He bubbled the 2008 final dining table at the L.A. Poker Classic in 2008, getting nothing many TV coverage from it all.
The Action Builds
Chang joined the final table as fifth of sixth in potato chips on an universally deep-stacked table. Beginning out by having a healthy 83 big blinds, he expanded 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 really solid band of players resulted in no one even being eradicated 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 by having a right 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 Money Out
Minted Poker is given up and embarrassed with all the community they currently call home, the Everleaf Gaming system, and is telling their players to cash out their money immediately. This is due to what they call ‚embarrassing‘ money away delays regarding the network, with most withdrawals using 6 months or even more to process, of this ones which can be actually being processed at all.
In addition to telling their players to cash out, they 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, although the LGA has a history that is sketchy of with issues within their jurisdiction and enforcing their rules.
To that end, the LGA recently released a statement saying they had looked at the problem of withdrawals at Everleaf and found that a majority of players have been paid. That declaration was quickly refuted by a combined group of several players who advertised the most of their withdrawals nevertheless had not been processed significantly more than 9 months after the fact. The LGA included that they would continue to monitor Everleaf to ensure funds were being properly paid away to the players on its network.
Minted had even taken the step that is drastic block all deposit choices to their site; this for the sake of their own players not to sink more money into the system, in addition to to attempt to spur Everleaf into action. Nevertheless, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their current credibility into concern.
Minted Poker is within the process of moving to a network that is new and hopes their players‘ cash balances will be transferred once that move is finished. Utilizing the state that is apparent of at Everleaf however, it is perhaps not probable that will come to pass in a nutshell purchase.
Minted Poker is just one of several ’skins‘ on the Everleaf system. A number of the dozens of other internet sites regarding 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 had accounts have also been unable to withdraw their funds since the move.
PokerStars Battles It Out with the United States Gaming Association
A written report from Forbes magazine earlier this week stated that Caesars Entertainment Corporation, the greatest gaming that is land-based in the entire world, has recently tried to offload two of its best and recognisable brands to on the web 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 proposed that this acquisition would give us a better relationship with Caesars Entertainment and would assist PokerStars gain a license in Nevada.‘
Based on the magazine, PokerStars was approached last thirty days by an unnamed executive representing Caesars Entertainment to talk about a preliminary deal for PokerStars to take on the Rio All-Suite Hotel and Casino, since well as the planet Series of Poker brand.
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 will allow it to submit application to this new Jersey Casino Control Commission for an intrastate online poker license.
However, the program to submit such an application has been somewhat tainted following a brief opposing pokerstars 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 New 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 video gaming also to the world beyond video gaming that businesses that engage in chronic lawbreaking are welcome in the licensed video gaming business,‘ stated the brief, as if wanting to avoid online gaming Armageddon.
Should the AGA be successful in blocking PokerStars‘ plans to buy the venue for $50 million, a reported 2,400 jobs could be in danger.
In reaction towards the 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 considering ‚expert regulators‘ and suggested that the AGA was simply ‚picking a public fight‘ with the company. He included 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 New Jersey regulators and other state that is interested to talk about 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 keeping licenses in France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.‘
‚we shall continue steadily to work definitely with regulators in New Jersey and elsewhere whenever 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.