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’s all part of the Control Board’s ongoing investigation into allegations that $40 million in payments ended up being designed to Rodolfo Soriano, certainly one of Universal’s casino project consultants within the Philippines. Probably 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 into the matter to see if such a thing improprietous was done. Universal Entertainment has maintained that it acted lawfully in the Philippines; after all, who does not give their specialists $40 million as being a token of these esteem?
Meanwhile, no body’s commenting: not the Nevada Gaming Control Board and certainly no one from Universal Entertainment. Perhaps that is why they call it hush money.
No Wrongdoing Alleged
This really is where we need to make clear that no body has really or officially been accused of doing such a thing, particularly anything wrong. However 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 was about to be deposed, Okada, ( that has been persona non grata at Wynn for quite some years now), resigned, but the Board returned with a collective flip off by firing him anyhow with about a 98% approval vote the extremely next day.
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 financial improprieties (that sounds so classier that is much ‘bribes,’ doesn’t it?) to Filipino heavyweights for his casino projects there. Nobody in the casino business likes to be associated with anybody whose hands may be dirty, ya understand.
Needless to say, Okada has received some allegations of his own towards Wynn as well, saying that their 20 percent stake in Wynn Resorts was illegally seized from him at a 30 percent discount, making him with only a promissory note worth some $1.9 billion that he can collect in a decade. Oh, the cruel, cruel world of high-stakes finance.
Last thirty days, Wynn Resorts retracted some allegations that are former such as for example that Universal had misappropriated trade secrets, that were initially filed in a lawsuit on Feb. 19, 2012; the retractions signaled a triumph of kinds 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 our company,’ Wynn Resorts responded in an statement that is official. ‘The claim for theft of our trade secrets and business that is proprietary will be ripe if and whenever Okada puts them to utilize in his Phillipines casino, or elsewhere.’
Just What’s at risk
The Philippines’ government has placed plenty of eggs in Okada’s basket: they granted him four casino licenses to build and operate a dollar that is multibillion gambling and entertainment complex that could be on a par to compete with Macau and Singapore, two of the very most lucrative gaming income producers on the earth. Along with three other video gaming developments here, 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 score that is 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, 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 had been an industry 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 currently, having taken house over $600,000 for second within the WPT L.A. Poker Classic only a little higher than a week before, and finishing in the funds in January’s PokerStars Caribbean Adventure 2013 also. Joe Nguyen took home second for $666, 740; he finished 29th in this event that is same year for a $19,200 finish, so must were quite pleased with anywhere near this much better performance. Other top finishes were renowned poker pro Eric Seidel for $295, 590 in fourth; Chris Johnson in 5th destination for $208, 910; and Joe Kuether in sixth for a $162, 240 award.
Chang’s past wins 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 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 nothing many television coverage from the jawhorse all.
The Action Builds
Chang entered 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 of this final table, and remained at or near to the leading runner right up to his first place finish. A combination of all deep stacks and a very solid number of players generated no one even being eliminated until the hand that is 79th.
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 by having a straight to Nguyen’s missed diamond flush draw.
The WPT that is next event be 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 using the community they currently call home, the Everleaf Gaming Network, and is telling their players to cash out all of their money immediately. This is a result of what they call ’embarrassing’ cash away delays in the system, with most withdrawals using 6 months or higher to process, for the ones that are actually being prepared at all.
Along with telling their players to cash out, they’ve additionally advised players to take actions that are several an attempt to force Everleaf into action. One would be to file complaints with the Lotteries and Gaming Authority(LGA) of Malta, though the LGA has a sketchy history of working with issues in their jurisdiction and enforcing their guidelines.
To that end, the LGA recently released a statement saying that they had investigated the problem of withdrawals at Everleaf and found that a majority of players was compensated. That statement was quickly refuted by a combined group of several players who reported the majority of their withdrawals nevertheless had not been processed more than 9 months after the fact. The LGA added they would carry on to monitor Everleaf to ensure funds had been being properly paid away to the players on its community.
Minted had even taken the step that is drastic block all deposit choices for their site; this for the sake of their very own players never to sink more cash into the system, also to try 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 new network, and hopes their players’ cash balances will be transferred once that move is completed. Because of the apparent state of disarray at Everleaf nevertheless, it is not probable that may come to pass through in short purchase.
Minted Poker is just one of several ‘skins’ on the Everleaf Network. A number 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 last month following Everleaf banning U.S players due to threatened appropriate 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 American Gaming Association
A study from Forbes mag previously this week stated that Caesars Entertainment Corporation, the biggest gaming that is land-based in the planet, has recently tried to offload two of its top and recognisable brands to on line 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 recommended that this acquisition would give us a better relationship with Caesars Entertainment and would assist PokerStars gain a license in Nevada.’
According to the mag, PokerStars was approached last thirty days by an unnamed executive representing Caesars Entertainment to go over a preliminary deal for PokerStars to take regarding the Rio All-Suite Hotel and Casino, since well as the planet 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 gaming operator is amidst the process of purchasing the Atlantic Club Casino and Hotel in Atlantic City which allows 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 for the Atlantic Club Casino and Hotel by the United states Gaming Association (AGA).
The AGA submitted 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 red bull casino, chicanery plus the flouting that is systematic of States legislation’.
‘Any action enabling PokerStars to be licensed would send a damaging message to the realm of gaming and to the entire world beyond gaming that organizations that engage in chronic lawbreaking are welcome in the licensed gaming business,’ stated the brief, as if attempting to prevent online gaming Armageddon.
If the AGA be successful in blocking PokerStars’ plans to shop for the venue for $50 million, a reported 2,400 jobs could possibly be at risk.
In reaction to 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 to their own conclusion considering ‘expert regulators’ and suggested that the AGA was simply ‘picking a public fight’ with all the firm. He added that PokerStars was deemed suitable for application to a license in America by the U.S. Department of Justice.
‘We will work with authorities such as the New Jersey regulators and other state that is interested to discuss our qualifications and allow them to comment on what they find,’ stated Hollreiser.
‘PokerStars is amongst the largest & most respected internet gaming companies because we work closely with regulators and are in good standing with governments across the world holding licenses in France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘we shall continue to work absolutely with regulators in New Jersey and elsewhere whenever they review our qualifications,’ he completed.
Should Hollreiser’s good-light-shedding statements be believed, we’ve 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.