Five Most moments that are baffling the Gambling Universe 2015: Part One

Five Mo<span id="more-13629"></span>st moments that are baffling the Gambling Universe 2015: Part One

A judge having a penchant for history and Shakespeare may have decided 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 say? What?

As top gambling journalists, it is not our job become baffled; it’s our task to cut through the difficulties with razor-sharp responses and observations.

Sometimes, though, you simply need to throw your hands in the fresh atmosphere and go WTF? With that in mind, here are the top five many gambling that is baffling of 2015.

CSIG Rhetoric

The Coalition to Stop Internet Gambling CSIG) is an expert 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’ while 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 proof 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 keen on quoting a scholarly research from 1999, the times of dial-up Internet, as evidence that ‘Internet gambling can’t be regulated.’

Finger on the pulse there, Professor.

However, the award for the most baffling CSIG declaration of the season 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 risk is lost on us, and we understand 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 will 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 when you consider it. DFS continued its unstoppable rise throughout the first nine months of the year, with the most truly effective two internet sites, FanDuel and DraftKings, securing vast sums of bucks in opportunities as the multibillion dollar industry began mulling international expansion and eventual world domination.

With all of this at risk, you may have thought that someone at the two kingpin companies would have remembered to prohibit their players from participating in games at rival sites.

Nope.

DFS became thoroughly unglued by the end of September, when it emerged that a 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 possibly overblown, and the employee was fundamentally 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 appears at an industry that is unprecedented of around $20 billion had been a proven fact that baffled the Nevada Gaming Commission at a gathering to discuss its messy bankruptcy proceedings this present year.

The Commission called the situation ’embarrassing,’ and suggested that the ongoing company refrain from ‘building any Ferris wheels for a while’ to chuckles from assembled members associated with the press.

‘Everyone throws the economy beneath the coach,’ snapped payment chairman Tony Alamo testily.

In searching for Chapter 11 proceedings for the main working device, Caesars was accused by its second lien creditors of restructuring its assets in an easy method that unfairly prefers its controlling private equity backers, who had been the guys that got Caesars in this mess in the first destination.

Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a new restructuring plan. Now the business is charged with the job of getting its lesser 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 fateful day of Julius Caesar’s assassination by his former supporter, Brutus.

Who’d have thought that a bankruptcy judge would have this kind of wicked feeling of humor?

There were so many baffling moments this year, we had 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 Part Two of our run down of 2015’s most happenings that are baffling in which we ponder some of the more mystifying occurrences associated with the 12 months inside and around the video gaming universe.

Chukchansi Costs

In July, previous Chukchansi tribal frontrunner Tex McDonald accepted a plea deal and was sentenced to 485 times for false imprisonment after admitting to being the orchestrator of just one of the very 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 home with some 20 accomplices, sending customers running for cover, and security that is ordering at gunpoint in to a protected area regarding the building. Guards were reportedly handcuffed and assaulted, but no casino customers were hurt.

This this indicates, 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 business that is nearby up until August 2014, when a rival group, led by one Reggie Lewis, resulted in the evening and literally took the casino over.

While Lewis is fantastic at surreptitiously taking over gaming properties, it seems his admin skills aren’t quite therefore 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 maybe not quite sure what his goal was, 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 revel that is distressed property in Atlantic City and immediately blasted the auction as ‘improper.’

Having suffered a bout that is bad of, Straub explained, he previously flown from New Jersey to their house 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 champion associated with 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 on 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 for example ‘famine, cancer and nuclear waste storage.’

Once he previously his hands regarding the property, though, he decided that he’d probably simply reopen it as being 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 was, however, according to the Atlantic City Fire Department, was a ’47-story fire risk,’ as Straub ended up being refusing to honor the contract because of the adjacent power plant and had been cut off.

A lack of flowing water through Revel’s pipes, and no electricity allowing firefighters access to the floors that are upper implied that a fire outbreak could be potentially catastrophic.

The seemingly cursed casino property continues to be shuttered while Straub’s unpaid energy bills come across the millions. Possibly he can’t read them while sitting at nighttime.

Nov Macau: What took place to the Gambling Fireball in 2015?

The fortunes of Macau were currently 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 ended in 2012, a move which had effectively opened the Asian gambling region up to foreign investment.

However, no one could quite have anticipated figures to fall so dramatically, and consecutively, month-on-month, for the the club player casino remainder and throughout 2015 year.

Macau’s casinos were 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 season. (Image: Adrian Bradshaw/EPA)

What took place?

Just two months ahead of the initial downturn, Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. That has been up 19.8 percent through the very first quarter of 2013. And 2014 was on program to beat the year prior, itself a watershed year, and Forbes ended up being calling Macau ‘one for the planet’s quickest growing economies.’ The enclave ended up being taking in 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 through the mainland.

VIP Junkets Hit the Skids

But Macau’s bread and butter had for ages 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, arranging trips and lending their customers large amounts of money in order to suppress restrictions on the amount of money which could be brought from the mainland. VIPs would then settle their debts on their return to China.

Many 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 track fraudulent officials ‘to the ends regarding the earth.’

Fearing reprisals from Beijing, the VIPs started to stay away of Macau, heading to Manilla in the Philippines, or to Vietnam’s Ho Tram Strip to get their kicks instead.

Unprecedented Crackdown

The anti-corruption drive ended up being squeezing Macau throughout the second half 2014. Also as scaring off 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 neglected to improve matters.

But by early 2015, China had ramped it up a notch, starting an ‘unprecedented crackdown’ in the junket industry, tightening regulatory controls and demanding more transparency from 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 during the boom time, nevertheless launched 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.

Despite the general malaise and stingy table games allocations for new casinos from the Macau regulator that will be bowing to pressure from Beijing, Packer said he remained positive about the spot’s long-term future, while conceding that Macau’s downturn has been ‘worse than anyone expected.’