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A judge having a penchant for history and Shakespeare may have decided that March 15, 2016 will be a good deadline for Caesars to get lienholders up to speed with its bankruptcy restructuring plan.
Baffling moments in gambling, you say? What?
As top gambling journalists, it’s not our job become baffled; it’s our task to cut through the problems with razor-sharp feedback and observations.
Sometimes, however, you merely need certainly to throw your hands in the fresh air and go WTF? Knowing that, here are the top five most gambling that is baffling of 2015.
The Coalition to Stop Internet 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’ as well as 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 just 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 class, was fond of quoting research from 1999, the days 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 statement of the season would go to a ‘news’ header on the company’s website which screamed ‘Online Gambling Hurts Farmers.’
The logic of why this demographic is particularly at risk 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 will make had been 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 once you contemplate it. DFS continued its unstoppable rise throughout the first nine months of the year, with the very best two sites, FanDuel and DraftKings, securing vast sums of bucks in investments as the multibillion dollar industry started mulling international expansion and world domination that is eventual.
With all this on the line, you may have thought that someone at the two kingpin organizations would have remembered to prohibit their players from participating in games at rival sites.
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. This employee won $350,000 playing at FanDuel in the same week.
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 was 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 appears at an unprecedented industry high of around $20 billion had been an undeniable fact that baffled the Nevada Gaming Commission at a meeting to discuss its messy bankruptcy proceedings this present year.
The Commission called the situation ’embarrassing,’ and suggested that the company refrain from ‘building any Ferris wheels for the while’ to chuckles from assembled users of the press.
‘Everyone tosses the economy under the bus,’ snapped commission chairman Tony Alamo testily.
In searching for Chapter 11 proceedings for its main running product, Caesars was accused by its second lien creditors of restructuring its assets in an easy method that unfairly favors its controlling personal equity backers, who had been the people that got Caesars in this mess within the place that is first.
Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a restructuring plan that is new. Now the business is charged with the job of getting its lower bondholders on board. The due date because of 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 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 such a sense that is wicked of?
There were numerous baffling moments this year, we’d to make this piece a two-parter, so come back tomorrow for more gambling that is bewildering moments from 2015.
Five Most Baffling Gambling Moments of 2015, Part Two
Revel owner Glen Straub ended up 2015 saddled with the planet’s biggest electric bill. (Image: Tom MacDonald/WHYY)
Welcome back to role Two of our run down of 2015’s most happenings that are baffling in which we ponder a few of the club player casino no deposit codes november 2017 more mystifying occurrences for the 12 months inside and around the gaming universe.
In July, former Chukchansi leader that is tribal McDonald accepted a plea deal and was sentenced to 485 times for false imprisonment after admitting to being the orchestrator of just one of the very idiotic moments in the history of the casino industry.
The last October, he had lead an armed assault on the Chukchansi Gold Casino, near Fresno, California.
McDonald had stormed the property with some 20 accomplices, delivering customers operating for cover, and ordering security guards at gunpoint as a protected area of the building. Guards were reportedly handcuffed and assaulted, 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 business that is nearby up until August 2014, when a rival group, led by one Reggie Lewis, turned up 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 therefore hot, as he failed to register the accounts, which meant that the casino was facing a $16 million fine from the regulator and possible closure.
McDonald made a decision to take drastic action and charged into the casino with weapons drawn. We’re not quite yes what their goal had been, but he will have lots of time to contemplate it in the pokey.
Straub’s Strange Energy
Eccentric billionaire Glen Straub happens to be a lively and um, interesting source of entertainment this year. The property 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 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 of this bid, Brookfield Asset Management, got wind of Revel’s astronomical power bill, a non-negotiable $36 million per 12 months, it bailed on the deal anyway. Straub stepped in, picking up the $4.9 billion property 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 ‘famine, cancer and nuclear waste storage.’
Once he had his hands regarding the property, though, he decided that he’d probably just reopen it as a casino after all, albeit it one devoted to ‘life expansion science,’ whatever that is.
By of this year, it was none of these things april. What it ended up being, however, based on the Atlantic City Fire Department, had been a ’47-story fire danger,’ as Straub had been refusing to honor the contract with all the adjacent power plant and had been take off.
A lack of flowing water through Revel’s pipes, and no electricity allowing firefighters access to the top floors, implied that a fire outbreak could be potentially catastrophic.
The seemingly cursed casino property continues to be shuttered while Straub’s unpaid power bills run into the millions. Perhaps he can’t read them while sitting at night.
Nov Macau: What Happened to the Gambling Fireball in 2015?
The fortunes of Macau were already tumbling as 2015 started. 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 ended in 2012, a move that had effectively opened the Asian gambling region as much as international investment.
However, no one could quite have anticipated figures to fall so considerably, and consecutively, month-on-month, for all of those other 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 present year. (Image: Adrian Bradshaw/EPA)
What took place?
Just 8 weeks before 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 season prior, itself a year that is watershed and Forbes ended up being calling Macau ‘one of the planet’s quickest growing economies.’ The enclave had been 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 Chinese middle income had certainly contributed to the gambling growth, 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 for ages been VIP that is chinese high. With a fondness for high stakes baccarat, these whales’ trips were facilitated by Macau’s multibillion-dollar junket industry. In reality, the junkets accounted for a few 60 percent of Macau’s revenues during the boom years.
Junket operators would act as middlemen, organizing trips and lending their clients large amounts of money in order to control restrictions on the quantity of money that may be brought from the mainland. VIPs would then settle their debts on their return to Asia.
Many of these VIPs were, in reality, corrupt Communist Party officials whose fortunes were produced by kickbacks or embezzlement of general public money. Corruption had reached epidemic proportions in China, and Beijing had had enough, vowing to track fraudulent officials ‘to the ends of the earth.’
Fearing reprisals from Beijing, the VIPs started to stay away of Macau, maneuvering to Manilla in the Philippines, or even to Vietnam’s Ho Tram Strip to get their kicks instead.
The drive that is anti-corruption squeezing Macau throughout the latter half of 2014. Aswell as scaring off the high rollers, Beijing had imposed restrictions on the usage of UnionPay, China’s only domestic bank card, which further stemmed the flow of middle-class money from the mainland.
Meanwhile, the introduction of a blanket ban that is smoking casinos didn’t improve things.
But by early 2015, Asia had ramped it up a notch, initiating an ‘unprecedented crackdown’ regarding the junket industry, tightening regulatory controls and demanding more transparency from the junkets about their clients and the criminal history of their employees. By the junket industry was ‘broken,’ according to Rob Goldstein, LVS president september.
Brand New casino resorts, conceived during the boom time, still 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 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 spot’s long-term future, while conceding that Macau’s downturn is ‘worse than anyone expected.’