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’s all component of the Control Board’s ongoing investigation into allegations that $40 million in payments was made to Rodolfo Soriano, one of Universal’s casino project consultants within the Philippines. Possibly the insinuation is that Soriano received the cash to grease some Filipino palms, but we would never ever imply such a plain thing, of course.
We could only report that both the FBI and the Philippines’ equivalent, the National Bureau of Investigation, have been looking in to the matter to see if such a thing improprietous had been done. Universal Entertainment has maintained that it acted lawfully in the Philippines; all things considered, who does not give their consultants $40 million being a token of these esteem?
Meanwhile, no body’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
That is where we have to explain that no body has really or officially been accused of accomplishing anything, particularly anything wrong. But you can observe it may look funny is all.
All this falls on the heels of Okada’s present 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 down by firing him anyhow with about a 98% approval vote the very 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 monetary improprieties (that sounds so much classier than ‘bribes,’ does it not?) to Filipino heavyweights for his casino projects here. Nobody in the casino business likes to be associated with anybody whose hands might be dirty, ya know.
Needless to say, Okada has had some allegations of his own towards Wynn too, stating that 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 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 success of types to Universal. Wynn Resorts remains unmoved, however.
‘It only illustrates our desire to focus at this time upon the breaches of fiduciary responsibility 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 whenever Okada puts them to make use of in their Phillipines casino, or elsewhere.’
Exactly 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 will be for a par to compete with Macau and Singapore, two of the most lucrative video gaming revenue producers on the planet. Along with three other gaming developments there, 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 collect a seven-figure score. 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 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, nevada from May 18-24. Nice work if you can get it.
Big Names Duke It Out
Seated at the table that is final Chang were 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 currently, having taken home over $600,000 for second within the WPT L.A. Poker Classic a little more than a week before, and completing in the funds in January’s PokerStars Caribbean Adventure 2013 as well. 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 happen quite satisfied with anywhere near this much better performance. Other top finishes were 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 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, as well as a 40th place 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 but some TV coverage out of it all.
The Action Builds
Chang entered the last table as fifth of sixth in potato chips on an universally deep-stacked dining table. Beginning out with a healthy 83 big blinds, he expanded to chip leader by the 42nd hand regarding 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 a very solid band of players generated 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 just took six hands for Chang to knock Nguyen out with a right to Nguyen’s missed diamond flush draw.
The next WPT event will be real-money-casino.club in Venice, Italy on March 25 and you 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 their money immediately. This is a result of what they call ‘embarrassing’ money away delays on the community, with most withdrawals taking 6 months or even more to process, regarding the ones being actually being prepared at all.
As well as telling their players to cash out, they will have additionally advised players to take a few actions in an effort to force Everleaf into action. One is to register 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.
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 whom stated the most of their withdrawals nevertheless had not been processed more than 9 months after the fact. The LGA added which they would carry on to monitor Everleaf to make sure funds had been being properly paid out to the players on its system.
Minted had even taken the extreme step to block all deposit choices to their site; this for the sake of their players to not sink more cash into the community, along with to attempt to spur Everleaf into action. Nevertheless, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their credibility that is current into.
Minted Poker is within the process of moving to a new network, and hopes their players’ money balances will be transferred once that move is completed. Because of the apparent state of disarray at Everleaf nevertheless, it’s maybe not probable which will come to pass through in short order.
Minted Poker is just one of several ‘skins’ on the Everleaf system. A few of the dozens of other internet sites regarding the network 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 also 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 entire world, has recently tried to offload two of its most well known and recognisable brands to on the web poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and offered to sell us assets that are certain as the Rio Casino in vegas,’ stated head of corporate communications for PokerStars, Eric Hollreiser. ‘Caesars Entertainment suggested that this acquisition would give us a better relationship with Caesars Entertainment and would assist PokerStars gain a license in Nevada.’
In line with the mag, PokerStars was approached final month by an unnamed executive representing Caesars Entertainment to go over a preliminary deal for PokerStars to take on Rio All-Suite Hotel and Casino, because well as the World group 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 purchasing the Atlantic Club Casino and Hotel in Atlantic City which will allow it to submit application to the latest Jersey Casino Control Commission for the intrastate online poker license.
However, the program 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 United states Gaming Association (AGA).
The AGA presented 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 permitting PokerStars to be licensed would send a message that is damaging the realm of video gaming also to the entire world beyond video gaming that organizations that engage in chronic lawbreaking are welcome in the licensed gaming business,’ stated the brief, as if attempting to avoid online gaming Armageddon.
If the AGA be successful in blocking PokerStars’ plans to buy the venue for $50 million, a reported 2,400 jobs might be in jeopardy.
In response 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 according to ‘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 work with authorities like the New Jersey regulators and other interested state regulators to talk about our qualifications and invite them to comment on just 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 licenses that are holding France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue to work definitely 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 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.