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 is all right part of the Control Board’s ongoing investigation into allegations that $40 million in payments had been made to Rodolfo Soriano, certainly one of Universal’s casino project consultants into the Philippines. Perhaps the insinuation is that Soriano received the cash to grease some Filipino palms, but we would never ever imply such thing, of course.
We can only report that both the FBI and the Philippines’ equivalent, the National Bureau of Investigation, have now been looking into the matter to see if such a thing improprietous ended up being done. Universal Entertainment has maintained that it acted lawfully in the Philippines; all things considered, who does not give their experts $40 million being 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 money.
No Wrongdoing Alleged
This might be where we have to make clear that nobody has actually or officially been accused of accomplishing any such thing, particularly anything wrong. However you can observe 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 had been about to be deposed, Okada, ( that has been persona non grata at Wynn for quite a few years now), resigned, but the Board came back with a collective flip down by firing him anyway with about a 98% approval vote the really day that is next.
Okada vs. Wynn
The fight with Wynn has been going on for years now, and, stop the presses, stems from issues 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 there. Nobody in the casino company likes to be associated with anybody whose hands may be dirty, ya understand.
Of course, Okada has received some allegations of his very own towards Wynn also, stating 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 he can collect in ten years. Oh, the cruel, cruel globe of high-stakes finance.
Last month, Wynn Resorts retracted some allegations that are former such as that Universal had misappropriated trade secrets, that were initially filed in a lawsuit on Feb. 19, 2012; the retractions signaled a triumph of types to Universal. Wynn Resorts remains unmoved, however.
‘It only illustrates our desire to target at this time upon the breaches of fiduciary responsibility owed to our 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 whenever Okada sets them to utilize in his Phillipines casino, or elsewhere.’
Just What’s at Stake
The Philippines’ government has put lots of eggs in Okada’s container: they granted him four casino licenses to build and operate a dollar that is multibillion gambling and entertainment complex that will be on a par to compete with Macau and real-money-casino.club Singapore, two of the most lucrative video gaming income producers on the planet. Along side three other video gaming developments here, 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 take home a score that is seven-figure. 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 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 Las vegas, nevada from May 18-24. Nice work if you will get it.
Big Names Duke It Out
Seated at the table that is final Chang had been a field of deep-stacked poker warriors, including Paul Volpe, whom ultimately took third for the $435, 610 payday. It has been a hell of a year for Volpe currently, having taken home over $600,000 for second in the WPT L.A. Poker Classic only a little higher than a week before, and finishing in the amount of money in January’s PokerStars Caribbean Adventure 2013 as well. 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 happen quite pleased with that 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 prize.
Chang’s past wins of note come with a 2006 second-place finish in the $10,000 World Series of Poker (WSOP) Circuit event at Harrah’s Rincon, as well as a 40th place 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 however some TV coverage from the jawhorse all.
The Action Builds
Chang entered the final table as fifth of sixth in potato chips on an universally deep-stacked dining table. Starting 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 piles and a really solid number of players resulted in no one even being eradicated 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 only 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 will be televised.
Minted Poker Tells Their Players to Money Out
Minted Poker is fed up and embarrassed with the network they currently call home, the Everleaf Gaming system, and is telling their players to cash out all their money immediately. This is because of what they call ’embarrassing’ money out delays in the community, with most withdrawals using 6 months or even more to process, of the ones being 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 is to file 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 rules.
To that end, the LGA recently released a statement saying that they had looked at the issue of withdrawals at Everleaf and found that a majority of players have been compensated. That declaration was quickly refuted by a combined group of several players who claimed the most of their withdrawals nevertheless had not been processed significantly more than 9 months after the fact. The LGA included which they would continue to monitor Everleaf to ensure funds had been being properly paid out to the players on its system.
Minted had even taken the step that is drastic block all deposit options to their site; this for the sake of their players not to ever sink more money in to the community, in addition to to try and 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 procedure of moving to a network that is new and hopes their players’ money balances will be transferred once that move is finished. With all the apparent state of disarray at Everleaf nonetheless, it’s perhaps not probable which will come to pass through in short purchase.
Minted Poker is just one of several ‘skins’ on the Everleaf Network. Some of the dozens of other 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 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 American Gaming Association
A written report from Forbes magazine previously this week stated that Caesars Entertainment Corporation, the greatest gaming that is land-based in the world, has tried to offload two of its best and recognisable brands to on line poker firm PokerStars.
‘Caesars Entertainment approached PokerStars and wanted to sell us assets that are certain as the Rio Casino in nevada,’ 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 help PokerStars gain a license in Nevada.’
According to the magazine, PokerStars was approached last thirty days by an unnamed executive representing Caesars Entertainment to discuss a preliminary deal for PokerStars to take the Rio All-Suite Hotel on and Casino, because well as the World Series of Poker brand.
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 purchasing the Atlantic Club Casino and 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 plan to submit such an application has been somewhat tainted following a brief opposing pokerstars proposed purchase regarding 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 and also the systematic flouting of United States legislation’.
‘Any action allowing PokerStars to be licensed would send a damaging message to the realm of gaming and also to the world beyond gaming that organizations that engage in chronic lawbreaking are welcome into the licensed video gaming business,’ stated the brief, as if trying 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 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’ using 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 continue to work with authorities including the New Jersey regulators and other interested state regulators to talk about our qualifications and allow them to comment on exactly 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 around the globe licenses that are holding France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’
‘We will continue steadily to work positively 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’ve to question the motive behind the AGA’s squabble-like claims. After all, if the largest land-based gaming company in the world sees healthy to offer two of these most prized brands to the company, then perhaps PokerStars deserves only a little more consideration than the AGA is willing to offer.