A judge by having a penchant for history and Shakespeare may are determined that March 15, 2016 would have been 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 isn’t our job become baffled; it’s our job to cut through the problems with razor-sharp comments and observations.
Sometimes, however, you merely have to throw your hands in the atmosphere and go WTF? Knowing that, here are the top five many gambling that is baffling of 2015.
The Coalition to Stop online Gambling CSIG) is a specialist 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’ plus 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 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 study from 1999, the days of dial-up Internet, as evidence that ‘Internet gambling may not be regulated.’
Finger on the pulse there, Professor.
However, the award for the most baffling CSIG statement of the year would go 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 risk is lost on us, and we understand CSIG is not averse to resorting towards the use of emotive language to make an intellectually dishonest point or two, but farmers? The only correlation we 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 (DFS) scandal ended up being pretty odd once you consider it. DFS continued its unstoppable rise throughout the first nine months of the season, with the most truly effective two web sites, FanDuel and DraftKings, securing billions of dollars in opportunities as the multibillion dollar industry began mulling international expansion and world domination that is eventual.
With all of this at risk, you might have thought that someone at the 2 kingpin businesses 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. This employee won $350,000 playing at FanDuel in the same week.
Accusations of ‘insider trading’ were maybe 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 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 stands at an unprecedented industry high of around $20 billion had been a fact that baffled the Nevada Gaming Commission at a meeting 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 the while’ to chuckles from assembled members of the press.
‘Everyone tosses the economy underneath the coach,’ snapped payment chairman Tony Alamo testily.
In seeking Chapter 11 proceedings for the main operating product, Caesars has been accused by its second lien creditors of restructuring its assets in a means that unfairly favors its controlling private equity backers, who were the guys that got Caesars in this mess in the place that is first.
Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a new restructuring plan. Now the ongoing business is faced with the job of getting its reduced bondholders on board. The due date because of 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 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 this type of sense that is wicked of?
There were countless 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 Most Baffling Gambling Moments of 2015, Part Two
Revel owner Glen Straub finished up 2015 saddled with the planet’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 regarding the year inside and around the video gaming universe.
In July, former Chukchansi tribal leader Tex McDonald accepted a plea bargain and was sentenced to 485 times for false imprisonment after admitting to being the orchestrator of 1 of the most idiotic moments in the history of the casino industry.
The previous 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 security that is ordering at gunpoint into a protected area associated with the building. Guards were reportedly assaulted and handcuffed, but no casino customers had been hurt.
This this indicates, was the culmination of a strange power struggle between two rival Chukchansi factions vying for control of the casino. McDonald have been running the casino from a business that is nearby up to August 2014, whenever 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, it seems 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 feasible closure.
McDonald decided to take extreme action and charged into the casino with firearms drawn. We are maybe not quite sure what his goal ended up being, but he’ll have lots of time to think about it in the pokey.
Straub’s Strange Energy
Eccentric billionaire Glen Straub is a lively and um, interesting source of entertainment this year. The home 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 had flown from New Jersey to their home in Florida to recover his medicine, a proven fact that so coincidentally took him from the picture during the final crucial stage of the bidding process.
However, when the champion of 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 up the $4.9 billion property for a song, at $82 million.
The idealistic developer initially said he desired to reopen Revel maybe not as 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 for example ‘famine, cancer and nuclear waste storage.’
Once he’d their 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 technology,’ whatever that is.
By of this year, it was none of these things april. What it had been, however, according to the Atlantic City Fire Department, was a ’47-story fire danger,’ as Straub ended up being refusing to honor the contract with the power that is adjacent and had been cut off.
A insufficient flowing water through Revel’s pipes, with no electricity to allow firefighters access to the top floors, intended that a fire outbreak could be potentially catastrophic.
The apparently cursed casino property remains shuttered while Straub’s unpaid energy bills encounter the millions. Possibly he can’t read them while sitting in the dark.
Nov Macau: What took place 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 efficiently 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 year and throughout 2015.
Macau’s casinos were afflicted with 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 What happened?
Just two months ahead of 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 first quarter of 2013. And 2014 was on program to beat the year prior, itself a watershed year, and Forbes was calling Macau ‘one of this planet’s fastest growing economies.’ The enclave ended up being ingesting 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 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 work as middlemen, organizing trips and lending their customers large sums of profit order to control restrictions in the number of money that 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 derived from kickbacks or embezzlement of general public cash. Corruption had reached proportions that are epidemic Asia, and Beijing had had enough, vowing to track fraudulent officials ‘to the ends associated with the earth.’
Fearing reprisals from Beijing, the VIPs begun to steer clear of Macau, heading to Manilla in the Philippines, or to Vietnam’s Ho Tram Strip to instead get their kicks.
The anti-corruption drive ended up being squeezing Macau throughout the second half of 2014. Too 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 movement of middle-class money from the mainland.
Meanwhile, the introduction of a blanket smoking ban inside gambling enterprises did not improve things.
But by early 2015, China had ramped it up a notch, initiating an ‘unprecedented crackdown’ on the junket industry, tightening regulatory controls and demanding more transparency from the junkets about their clients and the history that is criminal of employees. By the junket industry was ‘broken,’ according to Rob Goldstein, LVS president september.
New casino resorts, conceived during the boom time, still exposed their doors this year, such as James Packer’s Studio City Macau, while Steve Wynn’s Wynn Palace Macau due to open in the centre of next.
Inspite of the malaise that is general 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 region’s long-term future, while conceding that Macau’s downturn happens to be ‘worse than anyone expected.’