A judge with 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 say? What?
As top gambling journalists, it is not our job become baffled; it’s our job to cut through the difficulties with razor-sharp comments and observations.
Sometimes, however, you simply have to throw your hands in the air 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 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 property’ 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 School, was fond of quoting study from 1999, the times of dial-up Internet, as evidence that ‘Internet gambling cannot be regulated.’
Finger on the pulse here, Professor.
However, the award for the baffling that is most CSIG declaration of the entire year would go to a ‘news’ header on the organization’s site which screamed ‘Online Gambling Hurts Farmers.’
The logic of why this demographic is very 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 correlation that is only could make was that spades might be used by farmers to dig things, so there you go.
The Daily Fantasy Sports Scandal
The fantasy that is daily (DFS) scandal was pretty odd whenever you consider it. DFS continued its unstoppable rise through the entire first nine months of the year, with the most effective two web sites, FanDuel and DraftKings, securing vast sums of dollars in investments as the multibillion dollar industry started mulling international expansion and eventual world domination.
With all this at stake, you may have thought that someone at the two kingpin businesses would have recalled to prohibit their players from participating in games at rival sites.
DFS became thoroughly unglued at the conclusion of casino-online-australia.net September, when it emerged that the DraftKings employee had accidentally released player information ahead of the week’s NFL games had begun. In identical week, this worker won $350,000 playing at FanDuel.
Accusations of ‘insider trading’ were maybe overblown, and the employee was eventually cleared of wrongdoing, but the public’s faith in DFS was shaken, and suddenly the industry had been 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 ended up being 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 people associated with press.
‘Everyone tosses the economy beneath the bus,’ snapped payment chairman Tony Alamo testily.
In searching for Chapter 11 proceedings for the main running device, Caesars has been accused by its second lien creditors of restructuring its assets in an easy method that unfairly prefers its controlling private 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 new restructuring plan. Now the ongoing business is charged with the duty of getting its smaller bondholders on board. The deadline because of this is March 15 of next year, after which Caesars will eventually 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 fateful day’s Julius 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 so many baffling moments in 2010, we’d 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 planet’s biggest electric bill. (Image: Tom MacDonald/WHYY)
Welcome back to Part Two of our run down of 2015’s most baffling happenings, in which we ponder some of the more mystifying occurrences associated with year inside and around the video gaming universe.
In July, previous 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 one of the most extremely idiotic moments in the history of the casino industry.
The previous October, he had lead an assault that is armed the Chukchansi Gold Casino, near Fresno, California.
McDonald had stormed the home with some 20 accomplices, sending clients operating for cover, and ordering security guards at gunpoint right into a protected area of this building. Guards were reportedly assaulted and handcuffed, but no casino customers had been hurt.
This it seems, was the culmination of a strange energy struggle between two rival Chukchansi factions vying for control of the casino. McDonald was indeed running the casino from the nearby business park up until August 2014, when a rival group, led by one Reggie Lewis, turned up the evening 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 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 action that is drastic charged into the casino with guns drawn. We’re perhaps not quite yes what their goal was, but he’ll have lots of time to think about it in the pokey.
Straub’s Strange Energy
Eccentric billionaire Glen Straub happens to be 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 bad bout of something, Straub explained, he previously flown from New Jersey to his home in Florida to recover his medicine, an undeniable fact that so coincidentally took him out from the picture during the last crucial phase of the bidding process.
However, when the winner associated with the bid, Brookfield Asset Management, got wind of Revel’s astronomical power bill, a non-negotiable $36 million per it bailed on the deal anyway year. Straub stepped in, picking right up the $4.9 billion home for a song, at $82 million.
The idealistic designer initially said he desired to reopen Revel not 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 had his hands on the property, though, he decided that he’d probably just reopen it as being a casino after all, albeit it one devoted to ‘life extension science,’ whatever that is.
By April of this present year, it was none of the things. What it ended up being, however, according to the Atlantic City Fire Department, ended up being a ’47-story fire risk,’ as Straub ended up being refusing to honor the agreement with the adjacent power plant and had been cut off.
A lack of flowing water through Revel’s pipes, and no electricity to allow firefighters access to the upper floors, designed that a fire outbreak could be potentially catastrophic.
The seemingly cursed casino property stays shuttered while Straub’s unpaid energy bills run into 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, once the gambling hub recorded the first-ever monthly dip in revenues since Stanley Ho’s casino monopoly ended in 2012, a move which had efficiently opened the Asian gambling region as much as international investment.
However, no one could quite have anticipated figures to fall so considerably, and consecutively, month-on-month, for all of those other and throughout 2015 year.
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 in 2010. (Image: Adrian Bradshaw/EPA)
What took place?
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 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 was calling Macau ‘one associated with world’s quickest growing economies.’ The enclave ended up being ingesting in just two months what Las Vegas scored in per 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 always been Chinese VIP high rollers. These whales’ trips were facilitated by Macau’s multibillion-dollar junket industry with a fondness for high stakes baccarat. In reality, the junkets accounted for many 60 percent of Macau’s revenues during the boom years.
Junket operators would act as middlemen, arranging trips and lending their clients large amounts of money in order to control restrictions regarding the quantity of cash that could be brought from the mainland. VIPs would then settle their debts on their return to Asia.
Many of these VIPs were, in fact, corrupt Communist Party officials whoever fortunes were produced by kickbacks or embezzlement of 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 started initially to steer clear of Macau, maneuvering to Manilla in the Philippines, or to Vietnam’s Ho Tram Strip to get their kicks instead.
The anti-corruption drive ended up being squeezing Macau throughout the second half 2014. Too as scaring from the high rollers, Beijing had imposed restrictions on the use of UnionPay, China’s only bank that is domestic, which further stemmed the movement 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 settings 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 opened their doors this year, such as for example James Packer’s Studio City Macau, while Steve Wynn’s Wynn Palace Macau due to start in the middle of next.
Despite the general malaise and stingy dining table games allocations for new casinos from the Macau regulator that is bowing to pressure from Beijing, Packer said he remained upbeat about the spot’s long-term future, while conceding that Macau’s downturn was ‘worse than anyone expected.’