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 week that is next. It is all right component of the Control Board’s ongoing research into allegations that $40 million in payments was made to Rodolfo Soriano, one of Universal’s casino project consultants in the Philippines. Perhaps the insinuation is that Soriano received the cash to grease some Filipino palms, but we might never imply such thing, of course.
We could only report that both the FBI and the Philippines’ comparable, the National Bureau of Investigation, are having a look in to the matter to see if anything improprietous was done. Universal Entertainment has maintained that it acted lawfully in the Philippines; after all, who does not give their experts $40 million as a token of these 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 money that is hush.
No Wrongdoing Alleged
That is where we need to explain that no body has really or officially been accused of doing such a thing, particularly anything wrong. But you can see how it may 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, ( that has been persona non grata at Wynn for many years now), resigned, but the Board came ultimately back with a collective flip down by firing him anyway with about a 98% approval vote the really next time.
Okada vs. Wynn
The battle with Wynn has been going on for years now, and, stop the presses, stems from dilemmas Wynn has had with Okada over allegations of some financial improprieties (that sounds so classier that is much ‘bribes,’ does it not?) to Filipino heavyweights for his casino projects there. No one in the casino company likes to be associated with anybody whose hands might be dirty, ya understand.
Of course, Okada has already established some allegations of his very own towards Wynn too, saying that his 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 allegations that are former such as for instance that Universal had misappropriated trade secrets, that were initially filed in case on Feb. 19, 2012; the retractions signaled a victory of kinds 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 an official statement. ‘The claim for theft of our trade secrets and business that is proprietary will be ripe if and when Okada places them to utilize in their Phillipines casino, or elsewhere.’
What’s at Stake
The Philippines’ government has placed a lot raging bull bonuses 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 could 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 video gaming developments there, it shall be known as Pagcor Entertainment City.
No pressure whatsoever.
Chang Takes Down WPT Event for More Than 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 deep-stacked dining table, he was also awarded $25,000 entry into the WPT World Championship, to be held at Bellagio in vegas from May 18-24. Nice work if it can be got by you.
Big Names Duke It Out
Seated at the final table with Chang were an industry of deep-stacked poker warriors, including Paul Volpe, whom ultimately took third for a $435, 610 payday. This has been a hell of a 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 occasion last 12 months for a $19,200 finish, so must have now been quite pleased about that much better performance. Other top finishes were 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 reward.
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, since well as a 40th spot finish that same year 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 from it all.
The Action Builds
Chang entered the last 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 of this final table, and remained at or close to the leading runner right up to his first place finish. A combination of all deep piles and an extremely solid group of players generated no one even being eradicated until the 79th hand.
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 having a straight to Nguyen’s missed diamond flush draw.
The WPT that is next event be in Venice, Italy on March 25 and will also be televised.
Minted Poker Tells Their Players to Cash Out
Minted Poker is fed up and embarrassed aided by the community they currently call home, the Everleaf Gaming system, and is telling their players to cash out all of their money immediately. This is due to what they call ’embarrassing’ money away delays in the system, with most withdrawals taking 6 months or more to process, regarding the ones that are actually being prepared at all.
In addition to telling their players to cash out, they have additionally advised players to take actions that are several an attempt to force Everleaf into action. One would be 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.
To that end, the LGA recently released a statement saying they had investigated the matter of withdrawals at Everleaf and found that the bulk of players had been paid. That declaration was quickly refuted by a combined group of several players whom claimed the majority of their withdrawals still had not been processed a lot more than 9 months after the fact. The LGA included which they would carry on to monitor Everleaf to make certain funds were being properly paid out to the players on its community.
Minted had also taken the extreme step to block all deposit choices for their site; this for the sake of their players to not sink more money to the system, as well as 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 in the process of going to a network that is new and hopes their players’ money balances will be transferred once that move is finished. Aided by the apparent state of disarray at Everleaf however, it’s not probable that will come to pass through simply speaking purchase.
Minted Poker is just one of several ‘skins’ on the Everleaf Network. Some of the dozens of other sites on 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 have been unable to withdraw their funds since the move.
PokerStars Battles It Out with the American Gaming Association
A report from Forbes magazine earlier this week stated that Caesars Entertainment Corporation, the greatest land-based video gaming firm in the world, has attempted to offload two of its best and recognisable brands to on line poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and agreed to sell us certain assets such as the Rio Casino in Las Vegas,’ stated head of corporate 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.’
In line with the magazine, PokerStars was approached final thirty days by an unnamed executive representing Caesars Entertainment to talk about a preliminary deal for PokerStars to take on Rio All-Suite Hotel and Casino, because well as the World Series 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 gaming operator is amidst the entire process of buying the Atlantic Club Casino and Hotel in Atlantic City which would allow it to submit application to the newest Jersey Casino Control Commission for an intrastate online poker license.
However, the plan 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 American 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 enabling PokerStars to be licensed would send a message that is damaging the world of video gaming also to the planet beyond video gaming that organizations that engage in chronic lawbreaking are welcome into the licensed video gaming business,’ stated the brief, as if attempting to prevent online gaming Armageddon.
Should the AGA be successful in blocking PokerStars’ plans purchasing the venue for $50 million, a reported 2,400 jobs might be at risk.
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 quickly to their own conclusion predicated on ‘expert regulators’ and suggested that the AGA was simply ‘picking a public fight’ with all the company. He added that PokerStars was deemed suitable for application to a license in America by the U.S. Department of Justice.
‘We works with authorities including the New Jersey regulators and other state that is interested to discuss our qualifications and permit them to comment on what they find,’ stated Hollreiser.
‘PokerStars is amongst the largest and most respected internet gaming companies because we work closely with regulators and are in good standing with governments throughout the world holding licenses in France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue steadily to work positively with regulators in New Jersey and elsewhere each time they review our qualifications,’ he finished.
Should Hollreiser’s good-light-shedding statements be believed, we have to question the motive behind the AGA’s squabble-like claims. After all, if the largest land-based gaming firm on the planet sees fit to offer two of the most prized brands to the firm, then perhaps PokerStars deserves just a little more consideration than the AGA is willing to provide.