A judge having a penchant for history and Shakespeare may have decided that March 15, 2016 could 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 become baffled; it’s our work to cut through the club player casino no deposit bonus codes september 2015 presssing issues with razor-sharp commentary and observations.
Sometimes, however, you merely need certainly to throw your hands in the atmosphere and go WTF? Understanding that, here are the top five most baffling gambling moments of 2015.
The Coalition to Stop online Gambling CSIG) is an expert 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 home’ and also the variation that is slightly zingier 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 just a pro-states’ rights bill, despite all proof to the contrary, was pretty ‘out there’ in the bafflement stakes, we thought. And meanwhile, John Kindt, a professor at the University of Illinois Law School, was fond of quoting a scholarly study from 1999, the times of dial-up Internet, as evidence that ‘Internet gambling may not be regulated.’
Finger on the pulse here, Professor.
However, the award for the most baffling CSIG declaration of the year goes to a ‘news’ header on the organization’s website which screamed ‘Online Gambling Hurts Farmers.’
The logic of why this demographic is particularly at danger is lost on us, and we realize CSIG is not averse to resorting towards the usage of emotive language to make an intellectually dishonest point or two, but farmers? The correlation that is only might make was that spades might be utilised 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 whenever you consider it. DFS continued its unstoppable rise through the first nine months of the season, with the very best two web sites, FanDuel and DraftKings, securing billions of dollars in investments as the multibillion dollar industry began mulling international expansion and world domination that is eventual.
With all this at stake, you might have thought that someone at the 2 kingpin organizations would have remembered to prohibit their players from playing games at rival sites.
DFS became thoroughly unglued at the end of September, when it emerged that the DraftKings employee had accidentally released player information prior to the week’s NFL games had begun. This employee won $350,000 playing at FanDuel in the same week.
Accusations of ‘insider trading’ were perhaps overblown, and the employee was eventually cleared of wrongdoing, but the public’s faith in DFS was shaken, and suddenly the industry had been 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 industry that is unprecedented of around $20 billion had been a proven 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 members of the press.
‘Everyone tosses the economy beneath the bus,’ snapped payment chairman Tony Alamo testily.
In looking for Chapter 11 proceedings because of its main running device, Caesars is accused by its second lien creditors of restructuring its assets in a way that unfairly favors its controlling personal equity backers, who had been the guys that got Caesars in this mess within the place that is first.
Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a new restructuring plan. Now the business is charged 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 as the one known as ‘the Ides of March’ in the Roman calendar and the day that is fateful of Caesar’s assassination by his former 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 this year, we had to make this piece a two-parter, so come back tomorrow for more bewildering gambling landmark moments from 2015.
Five baffling that is most Gambling Moments of 2015, Part Two
Revel owner Glen Straub finished up 2015 saddled with the world’s biggest electric bill. (Image: Tom MacDonald/WHYY)
Welcome back to role Two of our operate down of 2015’s most happenings that are baffling in which we ponder some of the more mystifying occurrences for the 12 months inside and around the gaming universe.
In July, previous Chukchansi leader that is tribal McDonald accepted a plea discount and was sentenced to 485 times for false imprisonment after admitting to being the orchestrator of 1 of the most idiotic moments in the history of the casino industry.
The previous October, he had lead an armed assault 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 right into a safe area associated with building. Guards were reportedly handcuffed and assaulted, but no casino customers had been hurt.
This this indicates, was the culmination of a bizarre energy struggle between two rival Chukchansi factions vying for control of the casino. McDonald had been running the casino from a business that is nearby up to August 2014, each time a rival group, led by one Reggie Lewis, turned up the evening and literally took the casino over.
While Lewis is great at surreptitiously taking over gaming properties, it appears his admin skills aren’t quite therefore 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 extreme action and charged into the casino with firearms drawn. We are perhaps not quite certain what his goal was, but he will have lots of time to think about it in the pokey.
Straub’s Strange Energy
Eccentric billionaire Glen Straub has been a lively and um, interesting source of activity 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 bad bout of something, Straub explained, he’d flown from New Jersey to their home in Florida to recover his medicine, a fact that so coincidentally took him from the picture during the final crucial stage of the bidding process.
However, when the champion for 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 on up the $4.9 billion home for the song, at $82 million.
The idealistic designer initially said he wanted to reopen Revel perhaps not being a casino, but as an ‘elite college’ 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 their hands in the home, though, he decided that he’d probably just reopen it as being a casino after all, albeit it one devoted to ‘life expansion technology,’ whatever that is.
By April of this season, it was none of the things. What it had been, however, in line with the Atlantic City Fire Department, ended up being a ’47-story fire danger,’ as Straub had been refusing to honor the agreement with all the power that is adjacent and had been cut off.
A insufficient flowing water through Revel’s pipes, with no electricity to permit firefighters access to the top floors, intended that a fire outbreak could possibly be potentially catastrophic.
The seemingly cursed casino property stays shuttered while Straub’s unpaid energy bills run into the millions. Possibly he can’t read them while sitting in the dark.
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, 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 effortlessly opened the Asian gambling region up to foreign investment.
However, no one could quite have expected figures to fall so considerably, and consecutively, month-on-month, for the remainder year and throughout 2015.
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 present year. (Image: Adrian Bradshaw/EPA)
Exactly What took place?
Simply 8 weeks before the initial downturn, Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. Which was up 19.8 percent from the first quarter of 2013. And 2014 was on program to beat the year prior, itself a year that is watershed and Forbes had been calling Macau ‘one regarding the earth’s fastest growing economies.’ The enclave ended up being consuming in just two months what Las Vegas scored in per year.
Macau had benefitted significantly 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 many 60 percent of Macau’s revenues during the boom years.
Junket operators would act as middlemen, arranging trips and lending their customers large sums of cash in order to control restrictions on the level of money that may be brought from the mainland. VIPs would then settle their debts on their return to China.
Lots of these VIPs were, in reality, corrupt Communist Party officials whose fortunes were produced from kickbacks or embezzlement of public cash. Corruption had reached epidemic proportions in Asia, and Beijing had had enough, vowing to trace fraudulent officials ‘to the ends regarding the earth.’
Fearing reprisals from Beijing, the VIPs started to stay away of Macau, going to Manilla in the Philippines, or to Vietnam’s Ho Tram Strip to instead get their kicks.
The anti-corruption drive was squeezing Macau throughout the second 50 % of 2014. Also 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 gambling enterprises neglected to improve matters.
But by early 2015, China had ramped it up a notch, initiating an ‘unprecedented crackdown’ regarding the junket industry, tightening regulatory settings and demanding more transparency through the junkets about their clients and the history that is criminal of employees. By the junket industry was ‘broken,’ according to Rob Goldstein, LVS president september.
New casino resorts, conceived through 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.
Regardless of the general malaise and stingy dining table games allocations for new casinos from the Macau regulator that is bowing to pressure from Beijing, Packer said he remained positive about the location’s long-term future, while conceding that Macau’s downturn has been ‘worse than anyone expected.’