Five Most moments that are baffling the Gambling Universe 2015: Part One
A judge by having a penchant for history and Shakespeare may have decided that March 15, 2016 would 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 is not our job to be baffled; it’s our task to cut through the problems with razor-sharp remarks and observations.
Sometimes, however, you just need certainly to throw your hands in the atmosphere and go WTF? With that in mind, here are the top five many gambling that is baffling of 2015.
The Coalition to Stop online Gambling CSIG) is an expert at churning out baffling statements, and in 2015, these may have struck 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’ while the slightly zingier variation ‘click your mouse, lose your house,’ went down gangbusters at anti-gambling cocktail parties this year.
Representative Jason Chaffetz’ (R- UT 3rd District) assertion that RAWA is 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 times of dial-up Internet, as proof that ‘Internet gambling can’t be regulated.’
Finger on the pulse there, Professor.
However, the award for the most baffling CSIG statement of the entire year would go to a ‘news’ header on the company’s internet site which screamed ‘Online Gambling Hurts Farmers.’
The logic of why this demographic is very at danger is lost we realize CSIG is not averse to resorting to the use of emotive language to make an intellectually dishonest point or two, but farmers on us, and? The only correlation we could make was that spades might be used by farmers to dig things, so there you go.
The Daily Fantasy Sports Scandal
The fantasy that is daily (DFS) scandal had been pretty odd when you think about it. DFS continued its unstoppable rise throughout the first nine months of the season, with the very best two sites, FanDuel and DraftKings, securing vast sums of dollars in opportunities as the multibillion dollar industry started mulling international expansion and eventual world domination.
With all of this at stake, you may have thought that someone at the 2 kingpin businesses would have remembered to prohibit their players from taking part in games at rival sites.
DFS became thoroughly unglued at the end of September, when it emerged that a DraftKings employee had accidentally released player data prior to the week’s NFL games had begun. In the same week, this employee won $350,000 playing at FanDuel.
Accusations of ‘insider trading’ were maybe overblown, and the employee was ultimately 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 fact that baffled the Nevada Gaming Commission at a meeting to discuss its messy bankruptcy proceedings this year.
The Commission called the problem ’embarrassing,’ and suggested that the company refrain from ‘building any Ferris wheels for a while’ to chuckles from assembled people associated with press.
‘Everyone throws the economy underneath the coach,’ snapped payment chairman Tony Alamo testily.
In searching for Chapter 11 proceedings for its main operating product, Caesars has been accused by its second lien creditors of restructuring its assets in an easy method that unfairly favors its controlling personal equity backers, who were the inventors that got Caesars in this mess in the first place.
Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a restructuring plan that is new. Now the company is faced with the job of getting its lower bondholders on board. The due date with this is March 15 of next year, after which Caesars will lose control over its own bankruptcy proceedings.
Shakespeare scholars among you will recognize this date because 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 kind of wicked feeling of humor?
There have been numerous baffling moments in 2010, we had to get this piece a two-parter, so come back tomorrow for more gambling that is bewildering moments from 2015.
Five baffling that is most Gambling Moments of 2015, Part Two
Revel owner Glen Straub ended up 2015 saddled with the entire world’s biggest bill that is electric. (Image: Tom MacDonald/WHYY)
Welcome back to role Two of our run down of 2015’s most baffling happenings, in which we ponder a few of the more mystifying occurrences of the 12 months inside and around the video gaming universe.
In July, former Chukchansi tribal leader Tex McDonald accepted a plea bargain and was sentenced to 485 days for false imprisonment after admitting to being the orchestrator of one of the most extremely idiotic moments in the history of the casino industry.
The prior October, he had lead an armed attack on the Chukchansi Gold Casino, near Fresno, California.
McDonald had stormed the home with some 20 accomplices, giving customers running for cover, and ordering security guards at gunpoint as a safe area associated with building. Guards were reportedly assaulted and handcuffed, but no casino customers had been hurt.
This it appears, was the culmination of a power that is bizarre between two rival Chukchansi factions vying for control of the casino. McDonald was indeed running the casino from the business that is nearby up until August 2014, when a rival group, led by one Reggie Lewis, resulted in the evening and literally took the casino over.
While Lewis is fantastic at surreptitiously taking over gaming properties, it appears his admin skills aren’t quite so 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 made a decision to take drastic action and charged into the casino with guns drawn. We are not quite yes what his goal ended up being, but he’ll casino-online-australia.net have a lot of time to consider it in the pokey.
Straub’s Strange Energy
Eccentric billionaire Glen Straub was a lively and um, interesting source of entertainment this year. The property 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 bout that is bad of, Straub explained, he’d flown from New Jersey to his house in Florida to retrieve his medicine, a proven fact that so coincidentally took him out of the picture during the last crucial phase of the bidding process.
However, when the champion regarding 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 up the $4.9 billion home for a song, at $82 million.
The idealistic developer initially said he wanted to reopen Revel perhaps not as a casino, but as an ‘elite university’ where the world’s brightest people could spend their days ruminating on solving global issues such as for example ‘famine, cancer and nuclear waste storage space.’
Once he’d his hands on the property, though, he decided that he’d probably just reopen it being a casino after all, albeit it one devoted to ‘life extension technology,’ whatever that is.
By April of this season, it was none of these things. What it was, however, in line with the Atlantic City Fire Department, was a ’47-story fire risk,’ as Straub ended up being refusing to honor the contract aided by the adjacent power plant and had been take off.
A not enough flowing water through Revel’s pipes, with no electricity to allow firefighters access to the top floors, intended that a fire outbreak might be potentially catastrophic.
The seemingly cursed casino property remains shuttered while Straub’s unpaid energy bills come across the millions. Possibly he can’t read them while sitting at nighttime.
Nov Macau: What took place to the Gambling Fireball in 2015?
The fortunes of Macau were already tumbling as 2015 began. The downturn actually started back in June 2014, if the gambling hub recorded the first-ever monthly dip in revenues since Stanley Ho’s casino monopoly finished in 2012, a move which had effortlessly opened the Asian gambling region up to international investment.
However, no one could quite have anticipated numbers to fall so significantly, and consecutively, month-on-month, for the rest of the and throughout 2015 year.
Macau’s casinos were affected by the anti-corruption drive of Asia’s president Xi Jinping (center) in 2015, which largely impacted the gambling that is asian’s junket industry this present year. (Image: Adrian Bradshaw/EPA)
What took place?
Just 8 weeks ahead of the downturn that is initial Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. Which was up 19.8 percent from the quarter that is first of. And 2014 was on course to beat the year prior, itself a watershed year, and Forbes ended up being calling Macau ‘one regarding the planet’s quickest 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 boom, 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 always been Chinese VIP high rollers. These whales’ trips were facilitated by Macau’s multibillion-dollar junket industry with a fondness for high stakes baccarat. In fact, the junkets accounted for a few 60 percent of Macau’s revenues during the boom years.
Junket operators would work as middlemen, arranging trips and lending their clients large amounts of cash in order to suppress restrictions on the amount of money which could be brought from the mainland. VIPs would then settle their debts on their return to China.
Lots of these VIPs were, in fact, corrupt Communist Party officials whoever fortunes were produced from kickbacks or embezzlement of public cash. Corruption had reached epidemic proportions in Asia, and Beijing had had enough, vowing to track fraudulent officials ‘to the ends of the earth.’
Fearing reprisals from Beijing, the VIPs started initially to stay away of Macau, maneuvering to Manilla in the Philippines, or to Vietnam’s Ho Tram Strip to instead get their kicks.
The drive that is anti-corruption squeezing Macau throughout the second 50 % 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 casinos failed to improve matters.
But by early 2015, Asia had ramped it up a notch, starting an ‘unprecedented crackdown’ in the junket industry, tightening regulatory settings and demanding more transparency through the junkets about their clients and the criminal history of their workers. By the junket industry was ‘broken,’ according to Rob Goldstein, LVS president september.
Brand New casino resorts, conceived during the boom time, nevertheless launched their doors this such as James Packer’s Studio City Macau, while Steve Wynn’s Wynn Palace Macau due to open in the middle of next year.
Inspite of the general malaise and stingy table games allocations for new casinos from the Macau regulator which will 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.’