A judge by having a penchant for history and Shakespeare may decided that March 15, 2016 will be a good deadline for Caesars to get lienholders on board 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 task to cut through the presssing issues with razor-sharp remarks and observations.
Sometimes, however, you simply have to throw your hands in the atmosphere and go WTF? With that in mind, here are the top five most gambling that is baffling of 2015.
The Coalition to Stop Web 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’ therefore the variation that is slightly zingier 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 really 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 keen on quoting study from 1999, the times of dial-up Internet, as proof that ‘Internet gambling can not be regulated.’
Finger on the pulse there, Professor.
However, the award for the most baffling CSIG declaration of the entire year goes to a ‘news’ header on the organization’s internet site which screamed ‘Online Gambling Hurts Farmers.’
The logic of why this demographic is specially 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 only correlation we will 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 had been pretty odd once you contemplate it. DFS continued its unstoppable rise through the first nine months of the year, with the very best two web sites, FanDuel and DraftKings, securing billions of bucks in investments as the multibillion dollar industry started mulling international expansion and world domination that is eventual.
With all this on the line, you may have thought that someone at the 2 kingpin companies would have remembered 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 information ahead of the week’s NFL games had begun. In identical week, this employee won $350,000 playing at FanDuel.
Accusations of ‘insider trading’ were possibly overblown, and the employee was ultimately cleared of wrongdoing, but the public’s faith in DFS was shaken, and suddenly the industry was facing attacks on all fronts, from player legal actions 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 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 company refrain from ‘building any Ferris wheels for the while’ to chuckles from assembled users of this press.
‘Everyone tosses the economy under the coach,’ snapped commission chairman Tony Alamo testily.
In searching for Chapter 11 proceedings because of its main operating device, Caesars happens to be accused by its second lien creditors of restructuring its assets in a way that unfairly favors its controlling private equity backers, who were the guys that got Caesars in this mess within the place that is first.
Faced with lawsuits and accusations of fraudulent behavior, Caesars devised a new restructuring plan. Now the company is faced with the duty of getting its reduced bondholders on board. The deadline 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 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 such a sense that is wicked of?
There were so many baffling moments this year, we’d to make 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 finished up 2015 saddled with the entire world’s biggest electric bill. (Image: Tom MacDonald/WHYY)
Welcome back to role Two of our run down of 2015’s most happenings that are baffling in which we ponder a number of the more mystifying occurrences for the year inside and around the video gaming universe.
In July, former Chukchansi tribal frontrunner Tex McDonald accepted a plea discount 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 previous October, he had lead an armed assault on the Chukchansi Gold Casino, near Fresno, California.
McDonald had stormed the home with some 20 accomplices, delivering clients operating for cover, and ordering security guards at gunpoint into a safe area regarding the building. Guards were reportedly handcuffed and assaulted, but no casino customers had been hurt.
This it appears, was the culmination of a power that is bizarre between two rival Chukchansi factions vying for control of the casino. McDonald was in fact 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 very good at surreptitiously taking over gaming properties, it appears his admin skills aren’t quite therefore hot, as he failed to register 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 guns drawn. We’re maybe not quite yes what their goal was, but he will have a lot of time to consider it in the pokey.
Straub’s Strange Energy
Eccentric billionaire Glen Straub has been a lively and um, interesting source of entertainment this 12 months. The property 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 had flown from New Jersey to his house in Florida to retrieve his medicine, a proven 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 the bid, Brookfield Asset Management, got wind of Revel’s astronomical power bill, a non-negotiable $36 million per year, 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 said he desired to reopen Revel maybe not as a casino, but as an ‘elite college’ 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’d his 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 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 risk,’ as Straub had been refusing to honor the agreement aided by the adjacent power plant and had been take off.
A insufficient flowing water through Revel’s pipes, and no electricity to allow firefighters access to the upper floors, intended that a fire outbreak could be potentially catastrophic.
The apparently cursed casino property stays shuttered while Straub’s unpaid energy bills run into the millions. Maybe 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 currently tumbling as 2015 started. The downturn actually started back in June 2014, whenever gambling hub recorded the first-ever monthly dip in revenues since Stanley Ho’s casino monopoly ended in 2012, a move that had effortlessly opened the Asian gambling region up to international investment.
However, no one could quite have expected numbers to fall so dramatically, and consecutively, month-on-month, for the remainder year and throughout 2015.
Macau’s casinos 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 year. (Image: Adrian Bradshaw/EPA)
Just 8 weeks 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 from 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 regarding casino-online-australia.net the earth’s fastest growing economies.’ The enclave had been 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 Chinese middle-income group 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 been VIP that is chinese high. These whales’ trips were facilitated by Macau’s multibillion-dollar junket industry with a fondness for high stakes baccarat. In fact, 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 consumers large sums of money in order to control restrictions in the level 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 money. Corruption had reached epidemic proportions in China, and Beijing had had enough, vowing to trace fraudulent officials ‘to the ends associated with earth.’
Fearing reprisals from Beijing, the VIPs started to stay away 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. Also 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 casinos did not improve issues.
But by early 2015, Asia 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 employees. By the junket industry was ‘broken,’ according to Rob Goldstein, LVS president september.
New casino resorts, conceived during the boom time, nevertheless started their doors this 12 months, such as for instance James Packer’s Studio City Macau, while Steve Wynn’s Wynn Palace Macau due to open at the center of next.
Regardless of 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 upbeat about the location’s long-term future, while conceding that Macau’s downturn happens to be ‘worse than anyone expected.’