A judge with a penchant for history and Shakespeare may have decided that March 15, 2016 would 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’s not our job become baffled; it’s our job to cut through the presssing problems with razor-sharp feedback and observations.
Sometimes, however, you simply have to throw your hands in the atmosphere and go WTF? Knowing that, right here are the top five many baffling gambling moments of 2015.
The Coalition to Stop Web Gambling CSIG) is an expert at churning out baffling statements, and in 2015, these may have struck 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 this year.
Representative Jason Chaffetz’ (R- UT 3rd District) assertion that RAWA is 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 class, was fond of quoting a scholarly study from 1999, the times of dial-up Internet, as proof that ‘Internet gambling can’t be regulated.’
Finger on the pulse here, Professor.
However, the award for the most baffling CSIG statement of the entire year goes to a ‘news’ header on the organization’s web site which screamed ‘Online Gambling Hurts Farmers.’
The logic of why this demographic is very at danger is lost on us, and we understand CSIG is not averse to resorting to the use of emotive language to make an intellectually dishonest point or two, but farmers? The only correlation we will 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 when you consider it. DFS continued its unstoppable rise through the first nine months of the year, with the utmost effective two internet sites, FanDuel and DraftKings, securing vast sums of bucks in opportunities as the multibillion dollar industry started mulling international expansion and world domination that is eventual.
With all of this at stake, you might have thought that someone at the 2 kingpin companies would have recalled to prohibit their players from taking part in games at rival sites.
DFS became thoroughly unglued at the conclusion of September, when it emerged that a DraftKings employee had accidentally released player data prior to the week’s NFL games had started. In identical week, this worker won $350,000 playing at FanDuel.
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 legal actions 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 was a fact that baffled the Nevada Gaming Commission at a gathering 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 the while’ to chuckles from assembled members associated with the press.
‘Everyone tosses the economy beneath the coach,’ snapped payment chairman Tony Alamo testily.
In searching for Chapter 11 proceedings for its main working unit, Caesars has been accused by its second lien creditors of restructuring its assets in an easy method that unfairly favors its controlling private equity backers, who were the people that got Caesars in this mess into 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 duty of getting its lesser bondholders on board. The due date for 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 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 former supporter, Brutus.
Who’d have thought that a bankruptcy judge would have such a wicked sense of humor?
There have been countless baffling moments this year, 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 role Two of our operate down of 2015’s most baffling happenings, in which we ponder a number of the more mystifying occurrences associated with the year inside and around the gaming universe.
In July, previous Chukchansi tribal leader Tex McDonald accepted a plea bargain and was sentenced to 485 days for false imprisonment after admitting to being the orchestrator of 1 of the most extremely idiotic moments in the history of the casino industry.
The prior October, he had lead an armed attack on the Chukchansi Gold Casino, near Fresno, California.
McDonald had stormed the home with some 20 accomplices, giving clients operating for cover, and ordering security guards at gunpoint into a protected area of the building. Guards were reportedly assaulted and handcuffed, but no casino customers had been hurt.
This it seems, 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 a nearby business park up to August 2014, each time a rival group, led by one Reggie Lewis, turned up the night and literally took the casino over.
While Lewis is fantastic at surreptitiously taking over gaming properties, it appears his admin skills aren’t quite so hot, as he failed to register the accounts, which meant that the casino was dealing with a $16 million fine from the regulator and closure that is possible.
McDonald chose to take drastic action and charged into the casino with firearms drawn. We’re not quite yes what their goal ended up being, but he’ll have a lot of time to consider 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 house in Florida to retrieve his medicine, an undeniable fact that so coincidentally took him out from the picture during the last crucial stage of the bidding process.
However, when the winner associated with 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 right on up the $4.9 billion home for a song, at $82 million.
The idealistic designer initially said he wanted to reopen Revel maybe not as 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’d his hands regarding the property, 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 of this year, it was none of these things april. What it was, however, according to the Atlantic City Fire Department, was a ’47-story fire danger,’ as Straub was refusing to honor the agreement using the adjacent power plant and had been cut off.
A insufficient flowing water through Revel’s pipes, and no electricity to permit firefighters access to the floors that are upper intended that a fire outbreak could be potentially catastrophic.
The apparently cursed casino property stays shuttered while Straub’s unpaid energy bills come across the millions. Perhaps he can’t read them while sitting at night.
Nov Macau: What occurred 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 finished in 2012, a move that had effortlessly opened the Asian gambling region as much as investment that is foreign.
However, no one could quite have anticipated numbers to fall so significantly, and consecutively, month-on-month, for all of those other and throughout 2015 year.
Macau’s casinos had been suffering from 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?
Just 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 course to beat the year prior, itself a year that is watershed and Forbes was calling Macau ‘one regarding the earth’s fastest growing economies.’ The enclave was taking in in only 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 group had certainly contributed to the gambling growth, and, as the Chinese economy began slow, so did the flow of gamblers from the mainland.
VIP Junkets Hit the Skids
But Macau’s bread and butter had for ages 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 a few 60 percent of Macau’s revenues during the boom years.
Junket operators would work as middlemen, organizing trips and lending their consumers large sums of money in order to curb restrictions regarding the quantity of money which could be brought from the mainland. VIPs would then settle their debts on the return to Asia.
Lots of these VIPs were, in fact, corrupt Communist Party officials whoever fortunes were based on kickbacks or embezzlement of general public cash. 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 club player casino coupon begun to steer clear of Macau, going to Manilla in the Philippines, or to Vietnam’s Ho Tram Strip to get their kicks instead.
The drive that is anti-corruption squeezing Macau throughout the second half of 2014. Too as scaring from the high rollers, Beijing had imposed restrictions on the usage of UnionPay, Asia’s only domestic bank card, which further stemmed the flow of middle-class money from the mainland.
Meanwhile, the introduction of a blanket smoking ban inside casinos didn’t 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 criminal history of their employees. By September, the junket industry was ‘broken,’ according to Rob Goldstein, LVS president.
Brand New casino resorts, conceived during the boom time, still exposed 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 general malaise and stingy dining table games allocations for new casinos from the Macau regulator which can be 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.’