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 in a few days. 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, certainly 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 imply such a plain thing, of course.
We can only report that both the FBI and the Philippines’ comparable, the National Bureau of Investigation, have now been having a look to the matter to see if anything improprietous was done. Universal Entertainment has maintained that it acted lawfully in the Philippines; most likely, who does not give their professionals $40 million as a token of the esteem?
Meanwhile, nobody’s commenting: not the Nevada Gaming Control Board and certainly no one from Universal Entertainment. Possibly that is why they call it hush cash.
No Wrongdoing Alleged
This will be where we need to make clear that no one has actually or officially been accused of doing any such 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, ( 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 anyhow with about a 98% approval vote the extremely next time.
Okada vs. Wynn
The struggle 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 one in the casino company likes to be associated with anybody whose hands may be dirty, ya know.
Needless to say, Okada has already established some allegations of his own towards Wynn also, saying that his 20 percent stake in Wynn Resorts was illegally seized from him at a 30 % discount, leaving him with only a promissory note worth some $1.9 billion he can collect in ten years. Oh, the cruel, cruel world of high-stakes finance.
Last month, Wynn Resorts retracted some former allegations, such as for instance that Universal had misappropriated trade secrets, that were initially filed in a lawsuit on Feb. 19, 2012; the retractions signaled a triumph of sorts to Universal. Wynn Resorts remains unmoved, however.
‘It only illustrates our desire to focus at this time upon the breaches of fiduciary duty owed to the company,’ Wynn Resorts responded in a official statement. ‘The claim for theft of our trade secrets and business that is proprietary will be ripe if and when Okada sets them to make use of in his Phillipines casino, or elsewhere.’
Just What’s at risk
The Philippines’ government has put 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 on a par to compete with Macau and Singapore, two of the most lucrative gaming income producers on the planet. Along with three other video gaming developments there, it shall be understood 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 collect a seven-figure score. That dream came true for relatively unknown pro 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 will get it.
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 the $435, 610 payday. This has been a hell of a year for Volpe already, having taken house over $600,000 for second into the WPT L.A. Poker Classic a little higher than a week before, and completing in the money in January’s PokerStars Caribbean Adventure 2013 as well. Joe Nguyen took home second for $666, 740; he finished 29th in this same event last year for a $19,200 finish, so must were quite pleased about anywhere near this much better performance. Other finishes that are top 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 reward.
Chang’s previous victories of note include a 2006 second-place finish in the $10,000 World Series of Poker (WSOP) Circuit event at Harrah’s Rincon, since well as a 40th spot finish that same 12 months in the WSOP Main Event. He bubbled the 2008 last dining table at the L.A. Poker Classic in 2008, getting absolutely nothing many TV coverage from it all.
The Action Builds
Chang joined the last table as fifth of sixth in chips on an universally deep-stacked dining table. Beginning out with a healthy 83 big blinds, he grew to chip leader by the 42nd hand regarding the final table, and remained at or near to the front runner right up to his first place finish. A combination of all deep piles and an extremely solid band of players led to no one even being eradicated 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 with a straight 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 Cash Out
Minted Poker is fed up and embarrassed utilizing the community they currently call home, the Everleaf Gaming Network, and is telling their players to cash out their money immediately. This is because of what they call ’embarrassing’ money out delays in the community, with most withdrawals using 6 months or maybe more to process, for the ones that are actually being prepared at all.
As well as 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 register complaints with the Lotteries and Gaming Authority(LGA) of Malta, though the LGA has a history that is sketchy of with issues within their jurisdiction and enforcing their guidelines.
To that end, the LGA recently released a statement saying they had investigated the matter of withdrawals at Everleaf and found that the majority of players was indeed paid. That declaration was quickly refuted by a combined group of several players whom stated the most of their withdrawals still had not been processed significantly more than 9 months after the fact. The LGA added they would continue to monitor Everleaf to make sure funds were being properly paid out to the players on its community.
Minted had even taken the drastic step to block all deposit options for their site; this for the sake of their own players never to sink more money in to the community, as well as to try to spur Everleaf into action. However, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their current credibility into question.
Minted Poker is in the procedure of moving to a network that is new and hopes their players’ cash balances will be transferred once that move is completed. Using the apparent state of disarray at Everleaf nonetheless, it is maybe not probable that will come to pass through simply speaking order.
Minted Poker is just certainly one of several ‘skins’ on the Everleaf Network. Some of the dozens of other web sites in the system 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 had 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 largest gaming that is land-based in the world, has recently attempted to offload two of its most widely used and recognisable brands to on the web poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and agreed to sell us assets that are certain as the Rio Casino in Las Vegas,’ stated head of corporate communications for PokerStars, Eric Hollreiser. ‘Caesars Entertainment proposed that this acquisition would provide us with a better relationship with Caesars Entertainment and would assist PokerStars gain a license in Nevada.’
Based on the magazine, PokerStars was approached final month by an unnamed executive representing Caesars Entertainment to discuss a preliminary deal for PokerStars to take in the Rio All-Suite Hotel and Casino, as well as the planet group of Poker brand name.
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 video gaming operator is amidst the entire process of buying the Atlantic Club Casino and real-money-casino.club Hotel in Atlantic City which will allow it to submit application to the New Jersey Casino Control Commission for an 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 Atlantic Club Casino and Hotel by the United states Gaming Association (AGA).
The AGA presented a 24-page ‘not-so-brief’ to the brand new Jersey Casino Control Commission and Division of Gaming Enforcement stating that the Rational Group US Holdings is a ‘business built on deceit, chicanery while the systematic flouting of United States law’.
‘Any action allowing PokerStars to be licensed would send a message that is damaging the realm of gaming and 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 prevent online gaming Armageddon.
Should the AGA be successful in blocking PokerStars’ plans to purchase the venue for $50 million, a reported 2,400 jobs could possibly be in jeopardy.
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 based on ‘expert regulators’ and suggested that the AGA was simply ‘picking a fight that is public using 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 work with authorities like the 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 and most respected internet gaming companies because we work closely with regulators and are in good standing with governments around the globe keeping licenses in France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue to work favorably with regulators in nj-new jersey and somewhere else whenever they review our qualifications,’ he completed.
Should Hollreiser’s good-light-shedding statements be believed, we have 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.