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

Five Mo<span id="more-8941"></span>st moments that are baffling the Gambling Universe 2015: Part One

A judge having a penchant for history and Shakespeare may decided that March 15, 2016 will be a good deadline for 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 to be baffled; it's our task to cut through the issues with razor-sharp remarks and observations.

Sometimes, however, you merely have to throw your hands in the fresh atmosphere and go WTF? Understanding that, right here are the top five most baffling gambling moments of 2015.

CSIG Rhetoric

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 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 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 professor at the University of Illinois Law class, was keen on quoting 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 baffling that is most CSIG declaration of the season goes to a 'news' header on the company's website which screamed 'Online Gambling Hurts Farmers.'

The logic of why this demographic is specially at risk is lost on us, and we understand CSIG is not averse to resorting to the 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 utilised by farmers to dig things, so there you go.

The Daily Fantasy Sports Scandal

The daily fantasy sports (DFS) scandal ended up being pretty odd when you think about it. DFS continued its unstoppable rise through the entire first nine months of the season, with the most notable two web sites, FanDuel and DraftKings, securing vast sums of dollars in opportunities as the multibillion dollar industry started mulling international expansion and eventual world domination.

With all this on the line, you might have thought that someone at the two kingpin organizations would have recalled to prohibit their players from playing games at rival sites.


DFS became thoroughly unglued at the conclusion of September, when it emerged that a DraftKings employee had accidentally released player data before the week's NFL games had begun. In identical week, this worker won $350,000 playing at FanDuel.

Accusations of 'insider trading' were perhaps overblown, and the employee was fundamentally cleared of wrongdoing, but the public's faith in DFS was shaken, and suddenly the industry ended up being attacks that are facing all fronts, from player lawsuits to judicial investigations to denouncements from regulators and politicians.

Beware the Ides of March

That Caesars Entertainment's debt stands at an industry that is unprecedented of around $20 billion was a proven fact that baffled the Nevada Gaming Commission at a meeting to discuss its messy bankruptcy proceedings this season.

The Commission called the problem ’embarrassing,' and suggested that the company refrain from 'building any Ferris wheels for a while' to chuckles from assembled people associated with press.

'Everyone tosses the economy beneath the coach,' snapped commission chairman Tony Alamo testily.

In searching for Chapter 11 proceedings because of its main operating product, Caesars happens to be accused by its second lien creditors of restructuring its assets in a means that unfairly prefers its controlling personal equity backers, who were the inventors 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 business is faced with the job of getting its smaller bondholders on board. The deadline with this is March 15 of next year, after which Caesars will lose control over its own bankruptcy proceedings.

Shakespeare scholars among you will recognize this date because 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 type of wicked sense of humor?

There have been numerous baffling moments in 2010, we had to get this piece a two-parter, so come back tomorrow for more gambling that is bewildering moments from 2015.

Five baffling that is most Gambling Moments of 2015, Part Two

Revel owner Glen Straub finished up 2015 saddled with the planet's biggest bill that is electric. (Image: Tom MacDonald/WHYY)

Welcome back to role Two of our operate down of 2015's most happenings that are baffling in which we ponder a number of the more mystifying occurrences of this 12 months inside and around the video gaming universe.

Chukchansi Charges

In July, previous Chukchansi tribal frontrunner Tex McDonald accepted a plea bargain and was sentenced to 485 days for false imprisonment after admitting to being the orchestrator of one of the very most idiotic moments in the history of the casino industry.

The last October, he had lead an assault that is armed the Chukchansi Gold Casino, near Fresno, California.

McDonald had stormed the property with some 20 accomplices, giving clients operating for cover, and ordering security guards at gunpoint in to a safe area associated with building. Guards were reportedly assaulted and handcuffed, but no casino customers had been hurt.

This it seems, was the culmination of a strange energy struggle between two rival Chukchansi factions vying for control of the casino. McDonald was running the casino from a nearby business park up until August 2014, each time a rival group, led by one Reggie Lewis, turned up the night and literally took the casino over.

While Lewis is excellent at surreptitiously taking over gaming properties, this indicates 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 made a decision to take action that is drastic charged into the casino with firearms drawn. We're maybe not quite certain what their goal was, but he will have plenty of time to contemplate it in the pokey.

Straub's Strange Energy

Eccentric billionaire Glen Straub has been 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 bad bout of something, Straub explained, he had flown from New Jersey to their home in Florida to retrieve his medicine, a fact that so coincidentally took him out from the picture during the final crucial phase 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 it bailed on the deal anyway year. Straub stepped in, picking up the $4.9 billion home for the song, at $82 million.

The idealistic developer initially said he desired to reopen Revel not as being a casino, but as an 'elite university' where the world's brightest people could spend their days ruminating on solving global issues such as 'famine, cancer and nuclear waste storage.'

Once he had his hands in the home, though, he decided that he'd probably just reopen it as a casino after all, albeit it one devoted to 'life expansion science,' whatever that is.

By of this year, it was none of these things april. What it was, however, based on the Atlantic City Fire Department, was a '47-story fire risk,' as Straub was refusing to honor the agreement aided by the adjacent power plant and had been take off.

A lack of flowing water through Revel's pipes, and no electricity allowing firefighters access to the top 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. Perhaps he can't read them while sitting at nighttime.

The Fall of 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, when the gambling hub recorded the first-ever monthly dip in revenues since Stanley Ho's casino monopoly finished in 2012, a move which had efficiently opened the Asian gambling region up to international investment.

However, no one could quite have expected numbers to fall so considerably, and consecutively, month-on-month, for the rest of the and throughout 2015 year.

Macau's gambling enterprises were suffering from the anti-corruption drive of Asia's president Xi Jinping (center) in 2015, which largely impacted the gambling that is asian's junket industry this present year. (Image: Adrian Bradshaw/EPA)

Exactly What took place?

Simply two months ahead of the downturn that is initial Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. That was up 19.8 percent through the quarter that is first of. And 2014 was on program to beat the year prior, itself a watershed year, and Forbes ended up being calling Macau 'one of the planet's quickest growing economies.' The enclave was ingesting in just two months what Las Vegas scored in per year.

Macau had benefitted greatly from the explosion in Chinese tourism in the preceding years. 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 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 many 60 percent of Macau's revenues during the boom years.

Junket operators would act as middlemen, arranging trips and lending their clients large sums of money in order to control restrictions regarding the quantity of cash that could be brought from the mainland. VIPs would then settle their debts on the return to China.

A lot of these VIPs were, in reality, corrupt Communist Party officials whoever fortunes were produced by kickbacks or embezzlement of general public money. Corruption had reached epidemic proportions in China, and Beijing had had enough, vowing to track fraudulent officials 'to the ends associated with earth.'

Fearing reprisals from Beijing, the VIPs started to avoid them of Macau, heading to Manilla in the Philippines, or even to Vietnam's Ho Tram Strip to get their kicks instead.

Unprecedented Crackdown

The anti-corruption drive had been squeezing Macau throughout the latter half of 2014. Too as scaring off the high rollers, Beijing had imposed restrictions on the use of UnionPay, Asia's only bank that is domestic, which further stemmed the flow of middle-class money from the mainland.

Meanwhile, the introduction of a blanket ban that is smoking gambling enterprises didn't improve issues.

But by early 2015, China had ramped it up a notch, initiating an 'unprecedented crackdown' in the junket industry, tightening regulatory settings and demanding more transparency from the junkets about their clients and the criminal history of their workers. By September, the junket industry was 'broken,' according to Rob Goldstein, LVS president.

New casino resorts, conceived during the boom time, nevertheless started their doors this year, such as for instance James Packer's Studio City Macau, while Steve Wynn's Wynn Palace Macau due to start in the centre of next.

Inspite of the malaise that is general 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 location's long-term future, while conceding that Macau's downturn happens to be 'worse than anyone expected.'