A judge by having a penchant for history and Shakespeare may have decided that March 15, 2016 could be a good deadline for Caesars to get lienholders on board with its bankruptcy restructuring plan.
Baffling moments in gambling, you state? What?
As top gambling journalists, it’s not our job to be baffled; it’s our job to cut through the difficulties with razor-sharp comments and observations.
Sometimes, though, you simply need to throw your hands in the fresh atmosphere and go WTF? Knowing that, right here are the top five many gambling that is baffling of 2015.
The Coalition to Stop Web 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 house’ plus 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 class, was fond of quoting a scholarly research from 1999, the times of dial-up Internet, as proof that ‘Internet gambling can not be regulated.’
Finger on the pulse there, Professor.
However, the award for the most baffling CSIG declaration of the year would go to a ‘news’ header on the company’s internet site which screamed ‘Online https://casino-online-australia.net/club-player-casino-review/ 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 only correlation we could make was that spades might be utilised 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 whenever you contemplate it. DFS continued its unstoppable rise through the entire first nine months of the season, with the most truly effective two sites, FanDuel and DraftKings, securing billions of bucks in assets as the multibillion dollar industry started mulling international expansion and world domination that is eventual.
With all of this at risk, you might have thought that someone at the two kingpin companies 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 the DraftKings employee had accidentally released player information ahead of the week’s NFL games had begun. This employee won $350,000 playing at FanDuel in the same week.
Accusations of ‘insider trading’ were possibly 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 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 was an undeniable 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 a while’ to chuckles from assembled people associated with press.
‘Everyone tosses the economy under the bus,’ snapped payment chairman Tony Alamo testily.
In searching for Chapter 11 proceedings for its main working product, Caesars happens to be accused by its second lien creditors of restructuring its assets in a means that unfairly prefers its controlling personal equity backers, who had been the inventors that got Caesars in this mess into the place that is first.
Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a new restructuring plan. Now the ongoing business is charged with the job of getting its reduced bondholders on board. The due date for this is March 15 of next year, after which Caesars will totally 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 day that is fateful of Caesar’s assassination by his previous supporter, Brutus.
Who’d have thought that a bankruptcy judge would have this kind of sense that is wicked of?
There were so many baffling moments in 2010, we had 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 finished 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 some of the more mystifying occurrences regarding the 12 months inside and around the gaming universe.
In July, former 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 1 of the very idiotic moments in the history of the casino industry.
The prior October, he had lead an armed assault on the Chukchansi Gold Casino, near Fresno, California.
McDonald had stormed the property with some 20 accomplices, sending clients operating for cover, and ordering security guards at gunpoint into a protected area associated with building. Guards were reportedly handcuffed and assaulted, 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 have been running the casino from the nearby business park 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 excellent 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 closure that is possible.
McDonald made a decision to take action that is drastic charged into the casino with firearms drawn. We’re maybe not quite sure what their goal had been, but he will have a lot of time to think about it in the pokey.
Straub’s Strange Energy
Eccentric billionaire Glen Straub was a lively and um, interesting source of entertainment this 12 months. The property magnate initially lost the auction to buy the distressed Revel Casino 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 recover his medicine, an undeniable fact that so coincidentally took him from the picture during the last crucial phase of the bidding process.
However, when the champion associated with 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 property for the song, at $82 million.
The idealistic designer initially stated he wanted to reopen Revel perhaps 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 for example ‘famine, cancer and nuclear waste storage space.’
Once he’d their hands regarding the home, though, he decided that he’d probably just reopen it being a casino after all, albeit it one devoted to ‘life expansion science,’ whatever that is.
By April of this present year, it was none of those things. What it ended up being, however, according to the Atlantic City Fire Department, ended up being a ’47-story fire risk,’ as Straub was refusing to honor the contract with all the power that is adjacent and had been cut off.
A not enough flowing water through Revel’s pipes, and no electricity allowing firefighters access to the upper floors, implied that a fire outbreak could possibly be potentially catastrophic.
The seemingly cursed casino property remains shuttered while Straub’s unpaid power bills encounter the millions. Perhaps he can’t read them while sitting at nighttime.
The Fall of Macau: What took place to the Gambling Fireball in 2015?
The fortunes of Macau were already tumbling as 2015 started. The downturn actually started back in June 2014, when the gambling hub recorded the first-ever monthly dip in revenues since Stanley Ho’s casino monopoly ended in 2012, a move that had efficiently opened the Asian gambling region up to international investment.
However, no one could quite have expected numbers to fall so considerably, and consecutively, month-on-month, for the remainder 12 months and throughout 2015.
Macau’s casinos were affected by the anti-corruption drive of China’s president Xi Jinping (center) in 2015, which largely impacted the gambling that is asian’s junket industry this year. (Image: Adrian Bradshaw/EPA)
Just What occurred?
Simply 8 weeks ahead of the downturn that is initial Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. That 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 was calling Macau ‘one of this world’s quickest growing economies.’ The enclave ended up being ingesting in only two months what Las Vegas scored in a year.
Macau had benefitted greatly from the explosion in Chinese tourism in the years that are preceding. A greater freedom of movement and a burgeoning new middle that is chinese 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 some 60 percent of Macau’s revenues during the boom years.
Junket operators would act as middlemen, arranging trips and lending their clients large sums of money in order to control restrictions in the quantity of cash 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 based on kickbacks or embezzlement of general public money. Corruption had reached epidemic proportions in Asia, and Beijing had had enough, vowing to track fraudulent officials ‘to the ends of this earth.’
Fearing reprisals from Beijing, the VIPs started initially to stay away of Macau, going 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 50 % of 2014. Too as scaring from the high rollers, Beijing had imposed restrictions on the usage 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 smoking ban inside gambling enterprises didn’t improve things.
But by early 2015, China had ramped it up a notch, starting an ‘unprecedented crackdown’ in the junket industry, tightening regulatory controls and demanding more transparency from the junkets about their clients and the criminal history of their workers. By September, the junket industry was ‘broken,’ according to Rob Goldstein, LVS president.
New casino resorts, conceived through 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.
Regardless of the malaise that is general stingy table games allocations for new casinos from the Macau regulator which can be bowing to pressure from Beijing, Packer said he remained upbeat about the spot’s long-term future, while conceding that Macau’s downturn has been ‘worse than anyone expected.’