Man Jumps from Casino Ship to Escape Loan Sharks
Gambling on loan-shark borrowed money is all enjoyable and games unless you lose most of that money and are forced to remove to your skivvies and jump from your own floor that is third cabin aboard the casino ship that was the explanation for your short-lived fun and subsequent woes, into the frigid waters of Hong Kong’s Victoria Harbor below.
A Chinese nationwide surnamed Lu found that out the hard way last week, according to the china magazine Ming Pao. He presumably borrowed HK$120,000 (approximately US$15,460) from loan sharks and embarked for a night 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 ploy that is increasingly popular world over.
The ship ended up being someplace nearby the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong whenever man made their escape effort (the loan sharks were presumably up to speed with him) after burning through the borrowed money. He wrapped their documents and what little cash he had left in plastic, stripped down, donned a life jacket, and jumped from the screen of his cabin.
Rather than being free to swim to safety and make his wet way home however, he had been picked up 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, the authorities are undoubtedly 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 think you’ve got a gambling issue? Think about $116,000 per month on a slots habit? That is how much Bi Xiaodong, wife of China Medical Technologies (CMT) CEO Wu Xiaodong, is rumored to have moved into the roller that is high machines at Las Vegas’ upscale Wynn and Bellagio casinos between 2005 and 2010, playing with an impressive allowance from the person from whom she was then separated.
Surprisingly, you will find individuals who throw money around at that crazy level in Vegas, so gambling $5K a hand at slots by itself most likely would not have raised too numerous eyebrows. What did catch the interest of investigators, however, was the way in which Mrs. Xiaodong received the sums that are enormous have the ability to manage to play at that level, because one source shows that she may 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 as well as for living expenses (begging the question of whether her kids had shoes or milk to take in); and maintains she separated from Wu in 2001 and had absolutely nothing to do with his business CMT since before its IPO in 2005 in the New York Stock Exchange.
It ended up being last summer whenever CMT had to shut down, after creditors relocated in to collect 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 civil suit in California, alleging that Xiaodong stripped assets from CMT and then fed them surreptitiously to his wife, who in turn ran them through the fancy Strip slots.
How It Works
Here’s the shell game: the casino allows players cash out from lengthy durations of slot play with a credit note for all of those other cash deposited. The ball player can then simply take that note to a casino cashier, get a look for the amount that is remaining deposit said sign in their own bank account, and declare it as ‘gambling winnings’ on their tax statements ( that are then terminated away by the same amount in ‘gambling losses,’ needless to say.)
Reports say that Bi Xiaodong declared close to $17 million on her comes back in victories 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 cash that is CMT possibility, and the possibility for money laundering of CMT’s massive IPO funds.
Now CMT’s liquidators are attempting to monitor some $670 million in missing cash which was raised throughout the business’s 2005 IPO. Also under investigation will be the company’s former finance director Takyung Tsang and their wife.
Is actually a full case of dirty laundry.
Macau Gaming Revenues Through the Roof for March
The economy may still be crawling back on its stomach every-where else, however in Macau, money appears to be falling out in clumps of this sky, at the least for its casino that is lucrative industry.
A J.P. Morgan analyst estimates that March gross Macau video gaming revenues for the world’s most gambling that is successful ever will top down at $3.67 billion, a brand new monthly record even for Macau. A sector that appears to have exploded with a 15 to 20 percent growth rate this year with the final monthly tallies not even in yet, it’s predicted that final intakes could end up at a 25 percent increase over the same time in 2012, and it looks like that’s thanks to a proliferation of Asian whales.
On the Other Side for the Coin
Talk about trickle-down economics: seems most of Macau’s casino industry workers are also having a year that is good far. In a 2013 study referred to as Macau worker self-esteem and Satisfaction Index, 1,026 workers responded about their various levels of job satisfaction, in addition to their job that is overall 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 very nearly a third associated with the survey respondents employed in Macau’s booming casino industry, it appears 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 group. When considering 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 additionally great tippers whenever they win? Sure feels like it.
The Coming Year
Now it just remains become seen in the event that rest of 2013 will likely be since profitable as March appears like it will be when all the true numbers are totally tallied.
We know one group particularly who is wishing for continued wealth to come hit 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 are delighted in order to introduce the Bad that is all-new Beat having an industry record-breaking prize pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.
Simpler to Win, More Payouts
Suspended earlier this month to make certain that BetVictor could make a few positive changes to the structure for its players, the jackpot is now able to be won more effortlessly, with more benefiting from the payout too.
‘Will it achieve €1 million? Who knows.? The changes mean it will often be won more and by more folks now,’ explained Horne. ‘The present jackpot will dsicover over €90,000 paid out to opted-in players playing at the same stakes as the winner, so even though you’re not during the table where it hits, you can share into the good fortune, and that’s no bad beat.’
Opt Set for Players
Players seeking to participate in the Bad Beat Jackpot now need to utilize the ‘opt-in’ option which can be found on all money tables 1984 book chapter summaries 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.
In order to increase the chances of winning, the new hand that is qualifying been reduced from four-of-a-kind eights, to four-of-a-kind deuces.
When the happy winner manages to sweep up the jackpot, ten percent of this prize pool is distributed to players that have opted in during the stake level at which the jackpot is hit.
It’s All Yours
In addition, BetVictor, which ended up being established in 1946 and is one of many planet’s leading independent bookmaking and gaming groups, has established that there are going to be no administration fees involved, so that the complete jackpot is distributed to the players involved.
With increased possibilities of winning, and a record-breaking reward pool of almost one million euros just waiting to burst, BetVictor is certainly going to own its flood gates battered down by those looking to play on low-stakes tables because of the potential for a payout that is decent.