A judge having a penchant for history and Shakespeare may are determined 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 issues with razor-sharp remarks and observations.
Sometimes, however, you merely have to throw your hands in the fresh air and go WTF? Understanding that, right here are the top five many baffling gambling moments 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 this year.
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 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 there, Professor.
However, the award for the baffling that is most CSIG declaration of the 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 very 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 correlation that is only might 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 had been pretty odd when you think about it. DFS continued its unstoppable rise throughout the first nine months of the year, with the most effective two web sites, FanDuel and DraftKings, securing vast sums of bucks in investments as the multibillion dollar industry began mulling international expansion and eventual world domination.
With all this on the line, you might have thought that someone at the 2 kingpin businesses would have recalled to prohibit their players from participating 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 perhaps overblown, and the employee was fundamentally cleared of wrongdoing, but the public’s faith in DFS was shaken, and suddenly the industry ended up being 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 unprecedented industry high of around $20 billion was a proven fact that baffled the Nevada Gaming Commission at a gathering to discuss its messy bankruptcy proceedings this season.
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 press.
‘Everyone tosses the economy under the bus,’ snapped commission chairman Tony Alamo testily.
In seeking Chapter 11 proceedings because of its main operating device, Caesars has been accused by its second lien creditors of restructuring its assets in an easy method that unfairly favors its controlling personal equity backers, who were the people 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 ongoing business is faced with the job of getting its smaller 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 fateful day’s Julius Caesar’s assassination by his previous supporter, Brutus.
Who’d have thought that a bankruptcy judge would have this type of wicked sense of humor?
There have been so many baffling moments this year, we’d to get this piece a two-parter, so come back tomorrow for more gambling that is bewildering 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 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 a number of the more mystifying occurrences of the 12 months inside and around the gaming universe.
In July, former Chukchansi tribal leader Tex McDonald accepted a plea discount and was sentenced to 485 days for false imprisonment after admitting to being the orchestrator of 1 of the very most idiotic moments in the history of the casino industry.
The earlier October, he had lead an assault that is armed the Chukchansi Gold Casino, near Fresno, California.
McDonald had stormed the property with some 20 accomplices, giving customers operating for cover, and security that is ordering at gunpoint into a protected area of this building. Guards were reportedly assaulted and handcuffed, but no casino customers were hurt.
This this indicates, was the culmination of a bizarre energy struggle between two rival Chukchansi factions vying for control of the casino. McDonald was indeed running the casino from the business that is nearby 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 excellent at surreptitiously taking over gaming properties, this indicates his admin skills aren’t quite therefore hot, as he failed to file the accounts, which meant that the casino was facing a $16 million fine from the regulator and closure that is possible.
McDonald made a decision to take drastic action and charged into the casino with weapons drawn. We are maybe not quite certain what their goal ended up being, but he will have lots 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 activity this 12 months. The home magnate initially lost the auction to buy the distressed Revel Casino property in Atlantic City and immediately blasted the auction as ‘improper.’
Having suffered a bad bout of something, Straub explained, he had flown from New Jersey to their home in Florida to recover his medicine, a fact that so coincidentally took him out of the picture during the last crucial stage of the bidding process.
However, when the champion associated with the bid, Brookfield Asset Management, got wind of Revel’s astronomical power bill, a non-negotiable $36 million per year, it bailed on the offer anyway. Straub stepped in, picking right up the $4.9 billion property for the song, at $82 million.
The idealistic developer initially said he wanted to reopen Revel not as being a casino, but as an ‘elite university’ 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.’
Once he’d their hands regarding the home, though, he decided that he’d probably simply reopen it as a casino after all, albeit it one devoted to ‘life extension science,’ whatever that is.
By of this year, it was none of these things april. What it ended up being, however, according to the Atlantic City Fire Department, ended up being a ’47-story fire danger,’ as Straub ended up being refusing to honor the agreement with the power that is adjacent and had been cut off.
A insufficient flowing water through Revel’s pipes, and no electricity allowing firefighters access to the upper floors, intended that a fire outbreak could possibly be potentially catastrophic.
The apparently cursed casino property stays shuttered while Straub’s unpaid energy bills encounter 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 started. 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 efficiently opened the Asian gambling region as much as investment that is foreign.
However, no one could quite have anticipated figures to fall so dramatically, and consecutively, month-on-month, for the remainder and throughout 2015 year.
Macau’s gambling enterprises were afflicted with 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 season. (Image: Adrian Bradshaw/EPA)
Just What occurred?
Simply two months prior to the initial downturn, Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. That was up 19.8 percent through the quarter that is first of. And 2014 was on program to beat the entire year prior, itself a year that is watershed and Forbes had been calling Macau ‘one associated with earth’s fastest growing economies.’ The enclave ended up being taking in in just two months what Las Vegas scored in a 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 from the mainland.
VIP Junkets Hit the Skids
But Macau’s bread and butter had always been Chinese VIP high rollers. With a fondness for high stakes baccarat, these whales’ trips were facilitated by Macau’s multibillion-dollar junket industry. 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 sums of cash in order to curb restrictions regarding the amount of money that could be brought from the mainland. VIPs would then settle their debts on their return to China.
Many of these VIPs were, in reality, corrupt Communist Party officials whoever fortunes were produced by kickbacks or embezzlement of general public money. Corruption had reached proportions that are epidemic China, and Beijing had had enough, vowing to track fraudulent officials ‘to the ends associated with earth.’
Fearing reprisals from Beijing, the VIPs began club player casino coupons 2018 to stay away of Macau, heading to Manilla in the Philippines, or even to Vietnam’s Ho Tram Strip to instead get their kicks.
The drive that is anti-corruption squeezing Macau throughout the second half 2014. Too as scaring off 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 ban that is smoking gambling enterprises failed to improve issues.
But by early 2015, China had ramped it up a notch, starting an ‘unprecedented crackdown’ regarding the junket industry, tightening regulatory controls 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.
New casino resorts, conceived during the boom time, still exposed their doors this 12 months, such as for example James Packer’s Studio City Macau, while Steve Wynn’s Wynn Palace Macau due to open in the middle of next.
Despite the general malaise and stingy dining table games allocations for new casinos from the Macau regulator that 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 happens to be ‘worse than anyone expected.’