Man Jumps from Casino Ship to Escape Loan Sharks
Gambling on loan-shark borrowed money is all fun and games until such time you lose each of that money and are forced to remove to your skivvies and jump from your third floor cabin window aboard the casino ship which was the explanation for your short-lived fun and subsequent woes, into the frigid waters of Hong Kong’s Victoria Harbor below.
A Chinese national surnamed Lu discovered that out the difficult way final week, based on the oriental magazine Ming Pao. He allegedly borrowed HK$120,000 (more or less US$15,460) from loan sharks and embarked on a evening of gambling aboard the casino ship, which skirts (or rather sails) around Hong Kong’s strict gambling laws by sailing out into international waters, a ever more popular ploy the world over.
The ship ended up being somewhere close to the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong when the man made his escape effort (the loan sharks were presumably up to speed with him) after burning through the lent cash. He covered their documents and exactly what money that is little had left in plastic https://shmoop.pro/1984-by-george-orwell-part-one-summary/, stripped down, donned a life coat, and jumped from the window of his cabin.
Rather than being free to swim to safety and make their wet way house however, he was found by another ship, which quickly brought him, soaking and sullen, to a nearby police place, and then after that to a healthcare facility for a check-up.
While the man was released by police and hasn’t been charged with any crime, law enforcement are clearly minimal of his concerns at the moment, over it; people who probably weren’t particularly impressed by his decision to go for a late night swim as he still has a formidable gambling debt hanging over his head, and likely some very angry people looking for him.
Chinese Laundry Through the Slots: Money Laundering Alleged for Med Tech Firm
You are thought by you’ve got a gambling problem? How about $116,000 per month on a slots habit? That is just how much Bi Xiaodong, wife of China Medical Technologies (CMT) CEO Wu Xiaodong, is rumored to have pumped into the high roller slot machines at Las Vegas’ upscale Wynn and Bellagio casinos between 2005 and 2010, playing with a whopping allowance from the man from whom she was then separated.
The truth is, you will find individuals who throw money around at that crazy level in Vegas, so wagering $5K a hand at slots by itself most likely will never have raised too numerous eyebrows. Exactly What did catch the interest of investigators, however, was the way in which Mrs. Xiaodong received the enormous sums to manage to afford to play at that level, because one source shows that she could have passed as much as $62 million through the Bellagio slots alone between 2008 and 2012.
The Missus claims she got her gambling money allowance from child care and for living expenses (begging the question of whether her kids had footwear or milk to drink); and maintains she separated from Wu in 2001 and had absolutely nothing to do with his business CMT since before its IPO in 2005 on the New York Stock market.
It had been summer that is last CMT had to shut down, after creditors relocated in to get missing interest payments from the company, forcing them into liquidation. Those bondholders included GLG Partners, a London firm that manages $26.4 billion in assets; GLG is now suing Wu Xiaodong in a suit that is civil California, alleging that Xiaodong stripped assets from CMT and then fed them surreptitiously to his wife, who in turn went them through the fancy Strip slot machines.
How It Works
Here’s the shell game: the casino lets players cash down from lengthy periods of slot play with a credit note for the remainder money deposited. The ball player can then simply take that note to a casino cashier, receive a check for the amount that is remaining deposit said check in their own bank account, and declare it as ‘gambling winnings’ on their tax statements ( which are then terminated away by the same quantity in ‘gambling losses,’ needless to say.)
Reports say that Bi Xiaodong declared close to $17 million on her comes back in wins between 2009 and 2011, with the ancillary loss to cancel the wins out. But the concerns about where the money emanated from were what led detectives to look into the CMT cash flow possibility, and the probability of money laundering of CMT’s massive IPO funds.
Now CMT’s liquidators are wanting to monitor some $670 million in missing cash that was raised through the business’s 2005 IPO. Also under investigation are the company’s former finance director Takyung Tsang and their wife.
Might be a full case of dirty laundry.
Macau Gaming Revenues Through the Roof for March
The economy may nevertheless be crawling back on its stomach everywhere else, however in Macau, cash appears to be falling out of this sky, at least for its profitable casino industry.
A J.P. Morgan analyst quotes that March gross Macau video gaming revenues for the world’s most successful gambling location ever will top away at $3.67 billion, a new month-to-month record even for Macau. Utilizing the final monthly tallies not even in yet, it is predicted that final intakes could end up at a 25 per cent increase over the exact same time in 2012, and it looks like that is as a result of a expansion of Asian whales, a sector that appears to have exploded by having a 15 to 20 percent growth rate this year.
On the Other Side associated with Coin
Talk about trickle-down economics: seems most of Macau’s casino industry workers are also having a good year so far. In a 2013 survey referred to as Macau Employee self-esteem and Satisfaction Index, 1,026 workers responded about their various amounts of job satisfaction, along with their job that is overall self- confidence. The movement downward was subtle enough to be able to categorize their feelings as ‘stable’ in the mysterious world of index rankers although slightly down from last year’s Index.
Casinos Employ Many
With almost a third associated with the survey respondents involved in Macau’s booming casino industry, it would appear that non-casino employees have ever-so-slightly higher job satisfaction than their casino worker counterparts, with croupiers posting the lowest satisfaction out of the entire gaming employee team. When it comes to income, however, croupiers rake within the satisfaction that is highest of any of workers, gaming and non-gaming alike. Could all those incredibly wealthy Asian whales be both impossibly demanding and also great tippers when they winnings? Sure appears like it.
The Coming Year
Now it just remains to be seen if the rest of 2013 will be since profitable as March appears like it will be when all the numbers are totally tallied.
We know one group particularly whom is wishing for continued wide range to come strike the tables in Macau: the croupiers.
Record-Breaking Poker Jackpot Relaunched
BetVictor Poker recently revamped and relaunched its massive Bad Beat Poker Jackpot with a prize that is record-breaking of €921,603 (those Euros translate to $1,193,291).
‘We’re delighted in order to launch the all-new Bad Beat Jackpot with an industry record-breaking award pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.
Easier to Win, More Payouts
Suspended earlier this month so that BetVictor could make a few positive changes to the structure for its players, the jackpot is now able to be won more easily, with more benefiting from the payout too.
‘Will it achieve €1 million? Who understands.? The changes suggest it will be won more frequently and by more and more people now,’ explained Horne. ‘The present jackpot will dsicover over €90,000 paid out to opted-in players playing at similar stakes as the winner, so even if you’re perhaps not during the table where it strikes, you are able to share into the good fortune, and that’s no bad beat.’
Opt In for Players
Players seeking to participate in the Bad Beat Jackpot now require to make use of the ‘opt-in’ option which can be found on all money tables above €0.10/€0.20, Each hand they play a small price to pay for the chance to win a chunk of a big prize at which point they will contribute €0.02 to the increasing jackpot.
So as to increase the chances of winning, the new qualifying hand has been reduced from four-of-a-kind eights, to four-of-a-kind deuces.
When the happy winner manages to sweep the jackpot up, 10 percent regarding the reward pool are distributed to players who possess opted in at the stake degree at which the jackpot is hit.
It’s All Yours
In addition, BetVictor, which had been created in 1946 and is becoming among the earth’s leading independent bookmaking and gaming groups, has established that there are going to be no administration fees involved, so the complete jackpot is distributed towards the players involved.
With increased opportunities of winning, and a record-breaking award pool of almost one million euros just waiting to burst, BetVictor is certainly going to own its flooding gates battered down by those looking to play on low-stakes tables with all the potential for a payout that is decent.