Crown Resorts executive Jason O’Connor is rumored to have experienced Asia fall that is last collect on VIP gambling debts incurred by patrons who participated in the Australian gaming company’s junket schemes.
Billionaire James Packer announced this week that Crown Resorts will purchase $380 million in outstanding shares. Meanwhile, his executive responsible for VIP operations remains behind pubs in China.
That’s in accordance with a report that is new ‘Four Corners,’ a journalism television show that airs in Australia. The system talked to experts on Macau gambling that said they think O’Connor was sent by Crown to negotiate money owed to your business by wealthy Chinese citizens.
Andrew Scott, the CEO of Asian Gambling mag, said, ‘It’s commonly being said he had been there to gather a relative type of credit. You don’t send an executive that is senior there’s an actual reason for him become here.’
O’Connor headed Crown Resorts’ VIP system, and was responsible for bringing high rollers from parts of asia to Australia.
It’s illegal for international properties to market gambling services to Chinese citizens. The nation warned companies like Crown it would be cracking down on VIP touring operations, but the notice apparently dropped on deaf ears right here. O’Connor was in custody since October on obscure ‘gambling crimes’ charges. He’s being held in a Shanghai prison while Chinese law enforcement agencies continue their investigation.
In addition to O’Connor, China detained 17 other Crown employees, two more who are Australian residents.
China’s Operation Chain Break was designed to infiltrate the laundering of money going through Macau, the special administrative area where gambling is allowed. But the scope associated with the investigation expanded overseas after enforcement officers detected casinos and junket operators colluding to bring wealthy citizens to resorts that are international.
Since China is a socialist country, those who have money are heavily taxed. Each year under current law, citizens cannot move more than $9,500 out of the country.
With O’Connor behind bars, Crown’s VIP business plummeted significantly more than 45 percent.
Crown founder James Packer, who sold 35 million shares of the company’s stock valued at $338 million final August, rejoined the board in a damage control effort. The billionaire continues to be the biggest shareholder, today owning 48.2 percent.
While Packer and Crown continue working behind closed doors with China, there are new concerns that the company’s video gaming licenses in Australia could be in jeopardy if those being held in Shanghai are convicted of crimes.
Former NSW Independent Liquor and Gaming Authority Chairman Chris Sidoti opined recently that regulators in Australia will likely review Crown’s permits. Disciplinary actions could range from an easy slap in the wrist to a complete elimination of their gambling licenses, though he admits the latter seems extreme since it could be centered on Asia’s investigation.
While there are numerous dark clouds surrounding Crown, the business announced this week it will purchase AUD$500 million ($380 million) worth of outstanding shares on March 20. The buy-back shall be completed according to the stock’s Australian Securities Exchange closing price on March 3 ($8.83).
Crown is undergoing a massive restructuring following the arrests, however the buyback seems to tell investors that Packer stays bullish in the company he founded ten years ago.
MGM Cheering on Casino Expansion Opposition Group in Connecticut
MGM Resorts is rooting for casino expansion opponents in Connecticut to achieve blocking a third gambling location in the small northeastern state.
MGM Resorts CEO Jim Murren wants to be sure a Connecticut casino isn’t permitted to be built just 13 miles south of their organization’s resort in Massachusetts. (Image: WAMC)
Late final week, the Mohegan and Mashantucket tribes of Connecticut (MMCT) officially signed a development contract with East Windsor to build a $350 million satellite gambling facility in the town. The project will compliment the native groups that are american Foxwoods and Mohegan Sun resorts.
Positioned just 13 kilometers south of MGM’s $950 million Springfield casino in Massachusetts, that is now anticipated to open in 2018, Connecticut opted to enable the MMCT group to construct a casino on off-reservation land in order to keep money that is gambling hawaii. But ‘No More Casinos in Connecticut’ is working to block the expansion, and MGM would like nothing more than to see the group succeed.
Tonight, ‘No More Casinos in Connecticut’ is holding a meeting in East Windsor to go over the ‘social and costs that are economic of inviting a casino to the area. Former US Rep. Robert Steele (R-Connecticut) provides his opinion that gambling isn’t good for communities.
Numerous Questions Remain
Connecticut’s Attorney General George Jepsen is expected by Governor Dannel Malloy (D) to consider in on the legality of allowing the unified groups that are tribal build a gambling establishment on non-sovereign grounds.
Under the scheme manufactured by the state legislature and Malloy, Connecticut granted MMCT with all the right to develop another casino under their present gaming licenses. MGM states since the planned gambling location isn’t on sovereign property, outside parties must have been in a position to bid on the satellite location.
The casino that is nevada-based has filed case against Connecticut for just what it thinks is just a violation associated with the United States Constitution’s Fourteenth Amendment. The clause mandates that no state ‘shall deny to virtually any person within its jurisdiction the protection that is equal of laws and regulations.’
MGM has been on a spending spree as of late. The company recently opened the $1.4 billion National Harbor resort outside Washington, DC, and is reportedly in talks with Las Vegas Sands to buy its casino in Pennsylvania in addition to buying out Boyd Gaming’s share of the Borgata in Atlantic City.
There’s more than three million reasons why East Windsor wants the MMCT casino. The city appears to receive $3 million in advance from the groups that are tribal plus a minimum of $3 million annually thereafter.
Considering East Windsor is home to about 11,500 residents, which comes to approximately $260 per person, per 12 months.
‘No More Casinos in Connecticut’ will attempt and paint a dark picture during this evening’s hearing. The group claims gambling ‘leads to debt, bankruptcies, broken families, and embezzlement,’ and that the casino’s business model ‘is dependent upon preying on people. on the list of company’s 12 reasons for opposing casino development’
To counter the MMCT discussion, the East Windsor Board of Selectmen will hold its own meeting in the casino. The forum will occur on Thursday.
Defending their unanimous decision to welcome the casino, Selectman Jason Bowsza told the Associated Press, ‘we are acting in what we think is in the best interest in the city. You can find likely to be those, like in virtually any presssing issue, that would disagree . . . but we’re excited to move ahead.’
Adam Meyer, ‘Celebrity Tipster,’ Sentenced to Eight Years For Fraud, Extortion and Racketeering
Adam Meyer, once the self-proclaimed ‘sports consultant towards the stars,’ happens to be sentenced to eight years in jail for fees fraud that is including extortion myfreepokies.com, racketeering and brandishing a firearm.
Was Adam Meyer, pictured here in his ‘showbiz’ days advising Darren Rovell’s CNBC show, actually working for the feds all along? The ‘sports consultant towards the stars’ was sentenced to eight years in jail for a $45 million fraud on Friday. (Image: CNBC)
Meyer’s case had been bizarre. Here was a handicapper that is high-rolling whom once boasted that his customer list ‘reads like the front web page of Variety,’ accused of impersonating a shadowy fictional gangster of his own invention to be able to perpetrate a $45 million fraud that ended in the violent assault of the Wisconsin liquor magnate.
In his defense, Meyer stated insanity, drug addiction, and he was an agent that is undercover. Also more bizarrely, the second claim may really be true.
Meyer had been the CEO of betting consultancy site Real Money Sports, which charged clients up to $250,000 for his activities advice that is betting.
A slick, media-savvy operator, he made regular television and radio appearances as a tipster, billing himself as the person who had won over $1 million betting on the Green Bay Packers at Super Bowl XLV.
He told his clients he had a highly improbable 64.8 % edge over the bookies.
One particular client was Gary Sadoff, 64, the aforementioned liquor magnate; the dog owner, in fact, of the Badger Liquor Company of Wisconsin, the booze distributor that is biggest into the state.
According to the court papers, Sadoff began purchasing tips from Meyer back 2007 and the pair were buddies. As well as providing tips, Meyer would also hook his clients up with offshore bookmakers, who would accept their very bets that are large no questions asked.
Meyer claimed, falsely, he had no relationship that is commercial these bookmakers, whereas, in fact, client money ended up being often wired to reports he actually managed.
When Sadoff made a decision to stop his gambling that is expensive habit Meyer concocted a story. Meyer’s life was at risk because he owed money to a fictional bookie gangster named Kent Wong, and because Wong thought that Sadoff and Meyer were partners, Wong held him responsible for Meyer’s financial obligation, and was coming for him.
Meyer would even telephone Sadoff, pretending to to be Wong, complete with a accent that is chinese threatening and demanding money from the businessman.
When Sadoff refused to send additional money, the situation escalated. Meyer plus an associate flew to Wisconsin and threatened Sadoff with a gun, until he was coerced into providing a further $9.8 million.
Meyer, and their associate, Ray Batista, were arrested fleetingly after the incident, in December 2014, while the latter sentenced to four years in January.
Meyer’s attorneys reported their customer ended up being addicted to drugs and had mental wellness issues in which ‘a different identity, or personality, occasionally surfaces to Meyer’s detriment.’
Meyer additionally reported the ‘public authority’ protection, and that their crimes were committed during the behest of several US government and police agencies for whom he was an agent that is undercover. He said he was utilized by authorities to root away unlawful activities betting operations.
The relevant authorities deny this, but documents unsealed in June, and kept secret through the public on the behest of Meyer’s lawyers, suggest, at least in a conspiracy-theory sort of way, that there could be a modicum of truth within the claim.
Working for the Feds?
In 2007, the year he reported he started doing work for the feds as an undercover agent, Meyer was arrested for scamming $6 million from casinos in Nevada and Connecticut. Considering he already possessed a criminal conviction at this time, he had been staring down the nose at a most likely nine years imprisonment. Alternatively, he received two years probation.
‘That’s not a big departure [from sentencing guidelines],’ Jeffrey Cramer, a previous federal prosecutor in New York and Chicago, told the Milwaulkee Journal-Sentinal after it presented him with the facts. That is huge. That’s absolutely huge.’
Did the recreations consultant to the stars cut a deal aided by the feds inturn for leniency? Suddenly Meyer’s assertion that the FBI was helped by him seize $750 million from offshore bookies does not seem quite therefore angry after all.
Amaya Debt Restructuring Designed to Keep Ex-CEO David Baazov in the Cold
PokerStars parent Amaya, Inc. has announced it offers restructured its US dollar and euro-dominated first-lien loans in a bid to free up cashflow. And another of this provisions associated with refinancing agreement appears to reference former CEO and David that is ex-chairman Baazov.
Amaya’s original top dog David Baazov dropped his takeover pursuit of the company late last year, nevertheless now, new financial obligation refinancing terms for the video gaming operator have made another attempt by Baazov to grab the business impossible. (Image: pokerfuse.com)
The provision rather coyly calls for Amaya to distance itself from the co-founder and shareholder that is largest and also to shackle him from launching a future bid to obtain the business.
‘At the demand of certain lenders, the amendment also modifies the change of control provision to get rid of the ability of a particular shareholder that is current straight or indirectly obtain control of Amaya without triggering a conference of standard and potential acceleration for the payment of your debt beneath the credit agreement for the first lien term loans,’ announced Amaya in an official statement on its refinancing.