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 side three other directors of his Universal Entertainment Corp., for a closed-door hearing week that is next. It’s all component of the Control Board’s ongoing research into allegations that $40 million in payments ended up being designed to Rodolfo Soriano, 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’d never ever imply such a plain thing, of course.

We could only report that both the FBI and the Philippines’ comparable, the National Bureau of Investigation, are taking a look into 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 being a token of these esteem?

Meanwhile, no body’s commenting: not the Nevada Gaming Control Board and certainly no one from Universal Entertainment. Possibly that’s why they call it money that is hush.

No Wrongdoing Alleged

This will be where we need to make clear that nobody has actually or officially been accused of accomplishing anything, particularly anything wrong. However you can observe it might look funny is all.

All this falls on the heels of Okada’s present 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 returned with a real-money-casino.club collective flip off by firing him anyhow with about a 98% approval vote the extremely day that is next.

Okada vs. Wynn

The battle 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 economic improprieties (that sounds so classier that is much ‘bribes,’ does it not?) to Filipino heavyweights for his casino projects there. No body in the casino business likes to be associated with anyone whose hands may be dirty, ya know.

Of course, Okada has had some allegations of his very own towards Wynn aswell, stating that their 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 thirty days, Wynn Resorts retracted some former allegations, such as that Universal had misappropriated trade secrets, that were originally filed in case on Feb. 19, 2012; the retractions signaled a victory of types 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 your company,’ Wynn Resorts responded within 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.’

Exactly What’s at Stake

The Philippines’ government has put plenty of eggs in Okada’s container: they granted him four casino licenses to build and operate a multibillion dollar manila gambling and entertainment complex that will be for a par to compete with Macau and Singapore, two of the very most lucrative gaming revenue producers on the planet. Along with three other video gaming developments there, it shall be understood 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 take home a seven-figure score. 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 just did Chang win $1,138,350 for defeating a particularly tough and table that is deep-stacked he was also awarded $25,000 entry into the WPT World Championship, to be held at Bellagio in Las Vegas from May 18-24. Nice work if you will get it.

Big Names Duke It Out

Seated at the last table with Chang had been an industry of deep-stacked poker warriors, including Paul Volpe, who ultimately took third for a $435, 610 payday. This has been a hell of a year for Volpe already, 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 money 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 12 months for a $19,200 finish, so must were quite happy with anywhere near this much better performance. Other finishes that are top 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 previous victories of note come with 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 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 but some television coverage from it all.

The Action Builds

Chang joined the final table as fifth of sixth in chips on a table that is universally deep-stacked. Starting out by having a healthy 83 big blinds, he grew to chip leader by the 42nd hand of this table that is final and remained at or close to the leading runner right up until his first place finish. A combination of all deep stacks and a very solid band of players generated no one even being eliminated until the 79th hand.

Things moved a bit faster once action got down seriously to the heads-up match between Chang and Nguyen. It only took six hands for Chang to knock Nguyen out having a right 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 Money Out

Minted Poker is given up and embarrassed with the network they currently call home, the Everleaf Gaming system, and is telling their players to cash out their money immediately. This is a result of what they call ’embarrassing’ money out delays regarding the community, with most withdrawals using 6 months or higher to process, of this ones that are actually being processed at all.

Along with telling their players to cash out, they have also advised players to take a few actions in an effort 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 in their jurisdiction and enforcing their guidelines.

To that end, the LGA recently released a statement saying that they had looked into the problem of withdrawals at Everleaf and found that the bulk of players have been paid. That statement was quickly refuted by a combined group of several players who reported the majority of their withdrawals still had not been processed significantly more than 9 months after the fact. The LGA included they would carry on to monitor Everleaf to make certain funds were being properly paid away to the players on its network.

Minted had even taken the extreme step to block all deposit choices for their site; this for the sake of their own players not to ever sink more cash in to the community, in addition to to attempt to spur Everleaf into action. However, Everleaf has remained unresponsive throughout the fiasco, which certainly brings their credibility that is current into.

Minted Poker is in the procedure of going to a network that is new and hopes their players’ cash balances will be transferred once that move is finished. With all the apparent state of disarray at Everleaf nonetheless, it is 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 internet sites in the system 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 legal action by the Department of Homeland Security. U.S players who had accounts have also been unable to withdraw their funds since the move.

PokerStars Battles It Out with the United States Gaming Association

A study from Forbes mag early in the day this week stated that Caesars Entertainment Corporation, the greatest land-based gaming firm in the world, has recently tried to offload two of its most widely used and recognisable brands to on the web poker firm PokerStars.

‘Caesars Entertainment approached PokerStars and offered to sell us certain assets such as the Rio Casino in nevada,’ stated head of business 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.’

In line with the magazine, PokerStars was approached final thirty days by an unnamed executive representing Caesars Entertainment to discuss a preliminary deal for PokerStars to take regarding the Rio All-Suite Hotel and Casino, since well as the planet 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 purchasing the Atlantic Club Casino and Hotel in Atlantic City which allows it to submit application to the brand new Jersey Casino Control Commission for the intrastate online poker license.

However, the master plan to submit such an application has been somewhat tainted following an opposing that is brief proposed purchase regarding the Atlantic Club Casino and Hotel by the United states Gaming Association (AGA).

The AGA submitted a 24-page ‘not-so-brief’ to the brand new Jersey Casino Control Commission and Division of Gaming Enforcement stating that the Rational Group US Holdings is a ‘business built on deceit, chicanery as well as the systematic flouting of United States legislation’.

‘Any action enabling PokerStars to be licensed would send a damaging message to the world of video gaming and to the planet beyond video gaming that businesses that engage in chronic lawbreaking are welcome in the licensed video gaming business,’ stated the brief, as if wanting to prevent online gaming Armageddon.

Should the AGA be successful in blocking PokerStars’ plans to acquire the venue for $50 million, a reported 2,400 jobs could be at risk.

In response towards 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 calmly to their own conclusion centered on ‘expert regulators’ and suggested that the AGA was simply ‘picking a public fight’ utilizing the firm. 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 talk about our qualifications and invite 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 across the world holding licenses in France, Germany, Italy, Spain, Denmark, Estonia, Belgium, Malta and the Isle of Man.’

‘We are going to continue steadily to work positively with regulators in New Jersey and somewhere else every 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, in the event that largest land-based gaming firm in the world sees healthy to offer two of the most prized brands to the company, then perhaps PokerStars deserves only a little more consideration than the AGA is willing to offer.