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

Five Mo<span id="more-8132"></span>st Baffling Moments in the Gambling Universe 2015: component One

A judge with a penchant for history and Shakespeare may decided that March 15, 2016 will be a deadline that is good Caesars to get lienholders up to speed 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 work to cut through the presssing problems with razor-sharp responses and observations.

Sometimes, though, you simply need certainly to throw your hands in the atmosphere and go WTF? Knowing that, 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‘ while 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 fond of quoting research from 1999, the times of dial-up Internet, as proof that ‚Internet gambling cannot be regulated.‘

Finger on the pulse here, Professor.

However, the award for the most baffling CSIG declaration of the entire year would go to a ’news‘ header on the organization’s internet site which screamed ‚Online Gambling Hurts Farmers.‘

The logic of why this demographic is particularly 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 correlation that is only could make was that spades might be used by farmers to dig things, so there you go.

The Daily Fantasy Sports Scandal

The daily fantasy sports (DFS) scandal ended up being pretty odd when you consider it. DFS continued its unstoppable rise throughout the first nine months of the year, with the very best two internet sites, FanDuel and DraftKings, securing billions of bucks in assets as the multibillion dollar industry started mulling international expansion and eventual world domination.

With all of this at risk, you might have thought that someone at the 2 kingpin organizations would have remembered 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 a DraftKings employee had accidentally released player data prior to the week’s NFL games had begun. In identical week, this employee won $350,000 playing at FanDuel.

Accusations of ‚insider trading‘ were possibly overblown, and the employee was eventually cleared of wrongdoing, but the public’s faith in DFS was shaken, and suddenly the industry was facing attacks on all fronts, from player lawsuits to judicial investigations to denouncements from regulators and politicians.

Beware the Ides of March

That Caesars Entertainment’s debt appears at an unprecedented industry high of around $20 billion ended up being a fact that baffled the Nevada Gaming Commission at a gathering to discuss its messy bankruptcy proceedings in 2010.

The Commission called the problem ‚embarrassing,‘ and suggested that the company refrain from ‚building any Ferris wheels for the while‘ to chuckles from assembled people of this press.

‚Everyone tosses the economy underneath the bus,‘ snapped payment chairman Tony Alamo testily.

In seeking Chapter 11 proceedings for its main operating unit, Caesars happens to be accused by its second lien creditors of restructuring its assets in an easy method that unfairly prefers its controlling private equity backers, who were the casino-online-australia.net 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 business is faced with the job of getting its smaller bondholders on board. The due date with this is March 15 of next year, after which Caesars will eventually 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 of Julius Caesar’s assassination by his previous supporter, Brutus.

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

There have been countless baffling moments in 2010, we’d to make this piece a two-parter, so come back tomorrow for more bewildering gambling landmark moments from 2015.

Five Most Baffling Gambling Moments of 2015, Part Two

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

Welcome back to Part Two of our operate down of 2015’s most baffling happenings, in which we ponder some of the more mystifying occurrences of this year inside and around the gaming universe.

Chukchansi Costs

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

The previous October, he had lead an armed attack on the Chukchansi Gold Casino, near Fresno, California.

McDonald had stormed the home with some 20 accomplices, delivering customers operating for cover, and security that is ordering at gunpoint as a protected area of the building. Guards were reportedly assaulted and handcuffed, but no casino customers had been hurt.

This this indicates, 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 a 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 very good at surreptitiously taking over gaming properties, it seems his admin skills aren’t quite so hot, as he failed to file the accounts, which meant that the casino was facing a $16 million fine from the regulator and feasible closure.

McDonald decided to take extreme action and charged into the casino with guns drawn. We are not quite sure what his goal had been, but he will have lots of time to consider it in the pokey.

Straub’s Strange Energy

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

Having suffered a bout that is bad of, Straub explained, he previously flown from New Jersey to their house in Florida to recover his medicine, a proven fact that so coincidentally took him out from the picture during the last crucial phase of the bidding process.

However, when the winner associated with 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 up the $4.9 billion home for a song, at $82 million.

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

Once he previously his hands on the property, though, he decided that he’d probably just reopen it as a casino after all, albeit it one devoted to ‚life extension science,‘ whatever that is.

By April of this year, it was none of those things. What it had been, however, based on the Atlantic City Fire Department, was a ’47-story fire risk,‘ as Straub ended up being refusing to honor the agreement because of the power that is adjacent and had been cut off.

A not enough flowing water through Revel’s pipes, with no electricity allowing firefighters access to the floors that are upper suggested that a fire outbreak might be potentially catastrophic.

The seemingly cursed casino property stays shuttered while Straub’s unpaid energy bills come across the millions. Maybe he can’t read them while sitting in the dark.

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

The fortunes of Macau were already tumbling as 2015 began. The downturn actually started back in June 2014, as soon as the gambling hub recorded the first-ever monthly dip in revenues since Stanley Ho’s casino monopoly ended in 2012, a move that had effectively opened the Asian gambling region up to international investment.

However, no one could quite have expected numbers to fall so dramatically, 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 year. (Image: Adrian Bradshaw/EPA)

Exactly What took place?

Simply two months ahead of 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 for the world’s fastest growing economies.‘ The enclave ended up being consuming in just two months what Las Vegas scored in per year.

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

VIP Junkets Hit the Skids

But Macau’s bread and butter had always 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 fact, the junkets accounted for some 60 percent of Macau’s revenues during the boom years.

Junket operators would work as middlemen, organizing trips and lending their customers large amounts of cash in order to suppress restrictions on the level of cash that may be brought from the mainland. VIPs would then settle their debts on the return to China.

Lots of these VIPs were, in reality, corrupt Communist Party officials whose fortunes were produced by kickbacks or embezzlement of public money. Corruption had reached proportions that are epidemic Asia, and Beijing had had enough, vowing to trace fraudulent officials ‚to the ends associated with earth.‘

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

Unprecedented Crackdown

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

Meanwhile, the introduction of a blanket ban that is smoking casinos did not improve matters.

But by early 2015, China had ramped it up a notch, initiating an ‚unprecedented crackdown‘ on the junket industry, tightening regulatory settings and demanding more transparency through the junkets about their clients and the history that is criminal of workers. By September, the junket industry was ‚broken,‘ according to Rob Goldstein, LVS president.

Brand New casino resorts, conceived through the boom time, still exposed their doors this 12 months, such as for instance James Packer’s Studio City Macau, while Steve Wynn’s Wynn Palace Macau due to open at the center of next.

Inspite of the malaise that is general 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 location’s long-term future, while conceding that Macau’s downturn is ‚worse than anyone expected.‘

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