A judge by having a penchant for history and Shakespeare may are determined that March 15, 2016 would have been a good deadline for 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 presssing issues with razor-sharp feedback and observations.
Sometimes, though, you merely need certainly to throw your hands in the fresh atmosphere and go WTF? Knowing that, here are the top five most baffling gambling moments of 2015.
The Coalition to Stop Internet 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 house’ and 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 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 proof that ‘Internet gambling may not be regulated.’
Finger on the pulse there, Professor.
However, the award for the baffling that is most CSIG statement of the season would go to a ‘news’ header on the company’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 realize CSIG is not averse to resorting to your usage of emotive language to make an intellectually dishonest point or two, but farmers? The correlation that is only could make had been that spades might be utilised by farmers to dig things, so there you go.
The Daily Fantasy Sports Scandal
The daily fantasy sports https://casino-online-australia.net/club-player-casino-review/ (DFS) scandal was pretty odd once you contemplate it. DFS continued its unstoppable rise through the first nine months of the season, with the most truly effective two sites, FanDuel and DraftKings, securing billions of bucks in investments as the multibillion dollar industry started mulling international expansion and eventual world domination.
With all this at risk, you might have thought that someone at the two kingpin companies would have recalled to prohibit their players from playing games at rival sites.
DFS became thoroughly unglued at the conclusion of September, when it emerged that the DraftKings employee had accidentally released player information before 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 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 a proven 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 ongoing company refrain from ‘building any Ferris wheels for the while’ to chuckles from assembled people regarding the press.
‘Everyone throws the economy beneath the bus,’ snapped payment chairman Tony Alamo testily.
In looking for Chapter 11 proceedings for the main running device, 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 into the place that is first.
Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a restructuring plan that is new. Now the company is faced with the job of getting its lower 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 such a sense that is wicked of?
There have been so many baffling moments this season, we had to get 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 ended up 2015 saddled with the entire world’s biggest bill that is electric. (Image: Tom MacDonald/WHYY)
Welcome back to Part Two of our run down of 2015’s most baffling happenings, in which we ponder a few of the more mystifying occurrences regarding the year inside and around the video gaming universe.
In July, previous Chukchansi leader that is tribal McDonald accepted a plea bargain and was sentenced to 485 times for false imprisonment after admitting to being the orchestrator of 1 of the very idiotic moments in the history of the casino industry.
The last 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, delivering customers operating for cover, and ordering security guards at gunpoint in to a safe area associated with the building. Guards were reportedly handcuffed and assaulted, but no casino customers were 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 had been running the casino from the business that is nearby up until 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 very good 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 chose to take extreme action and charged into the casino with weapons drawn. We’re perhaps not quite sure what his goal had been, but he will have lots of time to contemplate 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 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 bout that is bad of, Straub explained, he had flown from New Jersey to his home in Florida to retrieve his medicine, a fact that so coincidentally took him out from the picture during the last crucial stage of the bidding process.
However, when the winner of the bid, Brookfield Asset Management, got wind of Revel’s astronomical energy 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 the song, at $82 million.
The idealistic developer initially stated he wanted to reopen Revel not being a casino, but as an ‘elite university’ where the globe’s brightest people could spend their days ruminating on solving global issues such as ‘famine, cancer and nuclear waste storage.’
Once he had their hands in 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 April of this year, it was none of the things. What it ended up being, however, in line with the Atlantic City Fire Department, had been a ’47-story fire danger,’ as Straub was refusing to honor the agreement using the power that is adjacent and had been cut off.
A not enough flowing water through Revel’s pipes, and no electricity to permit firefighters access to the upper floors, meant that a fire outbreak might 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 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, once the gambling hub recorded the first-ever monthly dip in revenues since Stanley Ho’s casino monopoly finished in 2012, a move which 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 dramatically, and consecutively, month-on-month, for the remainder 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)
Just two months before the downturn that is initial Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. That has been up 19.8 percent through the quarter that is first of. And 2014 was on course to beat the year prior, itself a watershed year, and Forbes ended up being calling Macau ‘one associated with the planet’s fastest growing economies.’ The enclave had been taking in in just two months what Las Vegas scored in a year.
Macau had benefitted significantly 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 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 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 fact, the junkets accounted for a few 60 percent of Macau’s revenues during the boom years.
Junket operators would work as middlemen, arranging trips and lending their consumers large amounts of cash in order to suppress restrictions in the quantity of money which could be brought from the mainland. VIPs would then settle their debts on their return to Asia.
Lots of these VIPs were, in fact, corrupt Communist Party officials whoever fortunes were produced by kickbacks or embezzlement of public money. Corruption had reached epidemic proportions in China, and Beijing had had enough, vowing to trace fraudulent officials ‘to the ends of the earth.’
Fearing reprisals from Beijing, the VIPs begun 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 anti-corruption drive had been squeezing Macau throughout the second half of 2014. Also as scaring from the high rollers, Beijing had imposed restrictions on the use of UnionPay, China’s only domestic bank card, which further stemmed the movement of middle-class money from the mainland.
Meanwhile, the introduction of a blanket smoking ban inside casinos failed to improve matters.
But by early 2015, China had ramped it up a notch, starting an ‘unprecedented crackdown’ in the junket industry, tightening regulatory settings and demanding more transparency through the junkets about their clients and the history that is criminal of workers. By the junket industry was ‘broken,’ according to Rob Goldstein, LVS president september.
New casino resorts, conceived throughout the boom time, still opened 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 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 is ‘worse than anyone expected.’