Five Most Baffling Moments in the Gambling Universe 2015: component One

February 27, 2020 0 By admin

Five Mo<span id="more-1446"></span>st Baffling Moments in the Gambling Universe 2015: component One

A judge by having a penchant for history and Shakespeare may have decided that March 15, 2016 could be a deadline that is good Caesars to get lienholders on board with its bankruptcy restructuring plan.

Baffling moments in gambling, you state? What?

As top gambling journalists, it’s not our job to be baffled; it’s our job to cut through the presssing issues with razor-sharp responses and observations.

Sometimes, though, you merely need to throw your hands in the fresh air and go WTF? With that in mind, right here are the top five many baffling gambling moments of 2015.

CSIG Rhetoric

The Coalition to Stop online Gambling CSIG) is a specialist at churning out baffling statements, and in 2015, these may have hit their zenith. The coalition subscribes to the ‘it’s-true-because-it-rhymes’ brand of rhetoric, and thus phrases such as ‘click your phone, lose your house’ therefore the slightly zingier variation ‘click your mouse, lose your house,’ went down gangbusters at anti-gambling cocktail parties in 2010.

Representative Jason Chaffetz’ (R- UT 3rd District) assertion that RAWA is really a pro-states’ rights bill, despite all evidence to the contrary, was pretty ‘out there’ in the bafflement stakes, we thought. And meanwhile, John Kindt, a teacher at the University of Illinois Law School, was keen on quoting a scholarly study from 1999, the days of dial-up Internet, as evidence that ‘Internet gambling can’t be regulated.’

Finger on the pulse here, Professor.

However, the award for the baffling that is most CSIG statement of the year would go to a ‘news’ header on the organization’s website which screamed ‘Online Gambling Hurts Farmers.’

The logic of why this demographic is specially at risk is lost on us, and we realize CSIG is not averse to resorting towards the use of emotive language to make an intellectually dishonest point or two, but farmers? The only correlation we will make had been that spades might be utilised by farmers to dig things, so there you go.

The Daily Fantasy Sports Scandal

The fantasy that is daily (DFS) scandal ended up being pretty odd whenever you think about it. DFS continued its unstoppable rise through the first nine months of the season, with the most truly effective two internet sites, FanDuel and DraftKings, securing vast sums of bucks in assets as the multibillion dollar industry began mulling international expansion and eventual world domination.

With all this on the line, you might have thought that someone at the 2 kingpin businesses would have recalled to prohibit their players from taking part in games at rival sites.

Nope.

DFS became thoroughly unglued by the end of September, when it emerged that the DraftKings employee had accidentally released player data prior to the week’s NFL games had started. This employee won $350,000 playing at FanDuel in the same week.

Accusations of ‘insider trading’ were perhaps overblown, and the employee was fundamentally cleared of wrongdoing, but the public’s faith in DFS was shaken, and suddenly the industry ended up being attacks that are facing all fronts, from player lawsuits to judicial investigations to denouncements from regulators and politicians.

Beware the Ides of March

That Caesars Entertainment’s debt stands at an unprecedented industry high of around $20 billion had been a proven fact that baffled the Nevada Gaming Commission at a meeting to discuss its messy bankruptcy proceedings this season.

The Commission called the problem ’embarrassing,’ and suggested that the ongoing company refrain from ‘building any Ferris wheels for a while’ to chuckles from assembled people associated with the press.

‘Everyone throws the economy underneath the coach,’ snapped commission chairman Tony Alamo testily.

In looking for Chapter 11 proceedings for its main running product, Caesars has been accused by its second lien creditors of restructuring its assets in a way that unfairly prefers its controlling private equity backers, who were the inventors that got Caesars in this mess into the place that is first.

Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a new restructuring plan. Now the ongoing company is charged with the task of getting its lesser bondholders on board. The deadline because of this is March 15 of next year, after which Caesars will totally lose control over its own bankruptcy proceedings.

Shakespeare scholars among you will recognize this date as the one known as ‘the Ides of March’ in the Roman calendar and the fateful day’s Julius Caesar’s assassination by his previous supporter, Brutus.

Who’d have thought that a bankruptcy judge would have this type of wicked sense of humor?

There have been so many baffling moments this year, we had to get this piece a two-parter, so come back tomorrow for more bewildering gambling landmark moments from 2015.

Five baffling that is most Gambling Moments of 2015, Part Two

Revel owner Glen Straub finished up 2015 saddled with the planet’s biggest bill that is electric. (Image: Tom MacDonald/WHYY)

Welcome back to Part Two of our run down of 2015’s most baffling happenings, in which we ponder a number of the more mystifying occurrences associated with the year inside and around the gaming universe.

Chukchansi Fees

In July, previous Chukchansi tribal frontrunner Tex McDonald accepted a plea deal and was sentenced to 485 days for false imprisonment after admitting to being the orchestrator of one of the very idiotic moments in the history of the casino industry.

The prior October, he had lead an assault that is armed the Chukchansi Gold Casino, near Fresno, California.

McDonald had stormed the home with some 20 accomplices, delivering customers running for cover, and ordering security guards at gunpoint as a secure area regarding the building. Guards were reportedly assaulted and handcuffed, but no casino customers had been hurt.

This it seems, was the culmination of a power that is bizarre between two rival Chukchansi factions vying for control of the casino. McDonald have been running the casino from the nearby business park up to August 2014, when a rival group, led by one Reggie Lewis, turned up the evening and literally took the casino over.

While Lewis is excellent at surreptitiously taking over gaming properties, it appears his admin skills aren’t quite therefore hot, as he failed to file the accounts, which meant that the casino was dealing with a $16 million fine from the regulator and feasible closure.

McDonald decided to take action that is drastic charged into the casino with weapons drawn. We are maybe not quite yes what their goal ended up being, but he will have a lot of time to consider it in the pokey.

Straub’s Strange Energy

Eccentric billionaire Glen Straub is a lively and um, interesting source of activity this 12 months. The home magnate initially lost the auction to buy the revel that is distressed home in Atlantic City and immediately blasted the auction as ‘improper.’

Having suffered a bad bout of something, Straub explained, he’d flown from New Jersey to their home in Florida to retrieve his medicine, a proven fact that so coincidentally took him out from the picture during the last crucial stage of the bidding process.

However, when the champion for the bid, Brookfield Asset Management, got wind of Revel’s astronomical energy bill, a non-negotiable $36 million per it bailed on the deal anyway year. Straub stepped in, picking right on up the $4.9 billion home for a song, at $82 million.

The idealistic designer initially stated he wanted to reopen Revel perhaps not as a casino, but as an ‘elite college’ where the world’s brightest people could spend their days ruminating on solving global issues such as ‘famine, cancer and nuclear waste storage space.’

Once he previously their hands on the home, though, he decided that he’d probably simply reopen it as a casino after all, albeit it one devoted to ‘life extension technology,’ whatever that is.

By of this year, it was none of these things april. What it ended up being, however, according to the Atlantic City Fire Department, ended up being a ’47-story fire danger,’ as Straub had been refusing to honor the contract because of the adjacent power plant and had been cut off.

A insufficient flowing water through Revel’s pipes, with no electricity allowing firefighters access to the floors that are upper meant that a fire outbreak could be potentially catastrophic.

The apparently cursed casino property stays shuttered while Straub’s unpaid energy bills run into the millions. Maybe he can’t read them while sitting at night.

Nov Macau: What Happened to the Gambling Fireball in 2015?

The fortunes of Macau were already tumbling as 2015 started. The downturn actually started back in June 2014, as soon as the gambling hub recorded the first-ever monthly dip in revenues club player casino bonus codes 2017 since Stanley Ho’s casino monopoly finished in 2012, a move that had efficiently opened the Asian gambling region as much as international investment.

However, no one could quite have expected figures to fall so considerably, and consecutively, month-on-month, for the rest of the and throughout 2015 year.

Macau’s gambling enterprises were affected by the anti-corruption drive of China’s president Xi Jinping (center) in 2015, which largely impacted the Asian gambling mecca’s junket industry this present year. (Image: Adrian Bradshaw/EPA)

Just What happened?

Just 8 weeks before the downturn that is initial Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. That has been up 19.8 percent through the very first quarter of 2013. And 2014 was on program to beat the entire year prior, itself a watershed year, and Forbes had been calling Macau ‘one associated with world’s fastest growing economies.’ The enclave was ingesting in only two months what Las Vegas scored in a year.

Macau had benefitted significantly from the explosion in Chinese tourism in the years that are preceding. A greater freedom of movement and a burgeoning new Chinese middle class had certainly contributed to the gambling growth, and, as the Chinese economy began slow, so did the flow of gamblers from the mainland.

VIP Junkets Hit the Skids

But Macau’s bread and butter had been VIP that is chinese high. These whales’ trips were facilitated by Macau’s multibillion-dollar junket industry with a fondness for high stakes baccarat. In reality, the junkets accounted for a few 60 percent of Macau’s revenues during the boom years.

Junket operators would act as middlemen, organizing trips and lending their customers large amounts of profit order to suppress restrictions regarding the number of money that may be brought from the mainland. VIPs would then settle their debts on their return to Asia.

Lots of these VIPs were, in fact, corrupt Communist Party officials whoever fortunes were produced from kickbacks or embezzlement of general public cash. Corruption had reached epidemic proportions in Asia, and Beijing had had enough, vowing to track fraudulent officials ‘to the ends associated with earth.’

Fearing reprisals from Beijing, the VIPs started initially to steer clear of Macau, maneuvering to Manilla in the Philippines, or to Vietnam’s Ho Tram Strip to get their kicks instead.

Unprecedented Crackdown

The anti-corruption drive was squeezing Macau throughout the latter half of 2014. Also as scaring off the high rollers, Beijing had imposed restrictions on the usage of UnionPay, China’s only bank that is domestic, which further stemmed the flow of middle-class money from the mainland.

Meanwhile, the introduction of a blanket smoking ban inside gambling enterprises failed to improve matters.

But by early 2015, China had ramped it up a notch, starting an ‘unprecedented crackdown’ on the junket industry, tightening regulatory controls and demanding more transparency through the junkets about their clients and the criminal history of their employees. By the junket industry was ‘broken,’ according to Rob Goldstein, LVS president september.

Brand New casino resorts, conceived throughout the boom time, nevertheless started their doors this year, such as for instance James Packer’s Studio City Macau, while Steve Wynn’s Wynn Palace Macau due to start in the centre of next.

Inspite of the malaise that is general stingy dining table games allocations for new casinos from the Macau regulator which can be bowing to pressure from Beijing, Packer said he remained upbeat about the spot’s long-term future, while conceding that Macau’s downturn was ‘worse than anyone expected.’