Man Jumps from Casino Ship to Escape Loan Sharks
Gambling on loan-shark borrowed cash is all enjoyable and games before you lose each of that money and are forced to remove to your skivvies and jump from your own 3rd floor cabin window aboard the casino ship that has been the reason for your short-lived fun and subsequent woes, into the frigid waters of Hong Kong’s Victoria Harbor below.
A Chinese nationwide surnamed Lu discovered that out the hard way final week, based on the oriental 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 cruising out into international waters, a increasingly popular ploy the world over.
The ship ended up being someplace close to the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong as soon as the man made their escape attempt (the loan sharks were presumably on board with him) after burning through the lent cash. He wrapped his papers and just what money that is little 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 their damp way home however, he was found by another ship, which quickly brought him, soaking and sullen, to a nearby police station, and then from there to a healthcare facility for a check-up.
Whilst the guy was released by authorities and hasn’t been charged with any crime, the police are surely minimal of his worries at present, 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 there is a gambling problem? What about $116,000 per on a slots habit month? That is exactly 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.
Believe it or not, you can find people 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. Exactly 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 relevant question of whether her kids had footwear 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 regarding the New York Stock Exchange.
It was last summer whenever CMT had to close straight down, after creditors moved in to gather 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 currently 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 ran them through the fancy Strip slots.
How It Works
Here’s the shell game: the casino lets players cash out from lengthy periods of slot play with a credit note for the remainder cash deposited. The gamer can then simply take that note to a casino cashier, receive a check for the amount that is remaining deposit said check in their particular bank account, and declare it as ‘gambling winnings’ on their tax returns ( that are then cancelled out by the same quantity in ‘gambling losses,’ of course.)
Reports say that Bi Xiaodong declared near to $17 million on her returns in wins between 2009 and 2011, with the ancillary loss to cancel the wins out. But the questions about where the amount of money emanated from were what led investigators to look into the CMT cash flow possibility, and the chance for money laundering of CMT’s massive IPO funds.
Now CMT’s liquidators are wanting to track some $670 million in missing money that was raised through the company’s 2005 IPO. Also under investigation would be the company’s previous finance director Takyung Tsang and his wife.
Could be a case of dirty laundry.
Macau Gaming Revenues Through the Roof for March
The economy may remain crawling back on its stomach every-where else, but in Macau, cash seems to be falling out in clumps regarding the sky, at least for its casino that is lucrative industry.
A J.P. Morgan analyst quotes that March gross Macau gaming revenues for the world’s most successful gambling destination ever will top down at $3.67 billion, a brand new monthly record even for Macau. Because of the last 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 is thanks to a proliferation of Asian whales, a sector that appears to have exploded having a 15 to 20 percent growth rate this season.
On the other hand regarding the Coin
Talk about trickle-down economics: seems nearly all of Macau’s casino industry workers are also having a year that is good far. In a 2013 study referred to as Macau Employee Confidence and Satisfaction Index, 1,026 employees responded about their various levels of job satisfaction, in addition to their overall work self- confidence. Although slightly down from last year’s Index, the movement downward had been slight enough in order to categorize their emotions as ‘stable’ in the mysterious world of index rankers.
Casinos Employ Many
With nearly a third associated with the survey respondents working 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 publishing the lowest satisfaction away from the entire gaming employee team. As it pertains to income, however, croupiers rake in the highest satisfaction of any of workers, gaming and non-gaming alike. Could all those incredibly wealthy Asian whales be both impossibly demanding and additionally great tippers when they winnings? Sure sounds like it.
The ahead year
Now it just remains become seen if the rest of 2013 are going to be because lucrative as March looks enjoy it will be whenever all the true numbers are entirely tallied.
We understand one group particularly who is wishing for continued wealth 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 are delighted in order to introduce the all-new Bad Beat Jackpot with an industry record-breaking reward pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.
Simpler to Win, More Payouts
Suspended earlier this month to ensure that BetVictor could create a few changes that are positive the structure for its players, the jackpot are now able to be won more easily, with more benefiting from the payout too.
‘Will it achieve €1 million? Who understands.? The changes mean it will be won more regularly 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 exactly the same stakes as the winner, so even though you’re not during the table where it strikes, you can share into the good fortune, and that is no bad beat.’
Opt In for Players
Players trying to take part in the Bad Beat Jackpot now need to use the ‘opt-in’ option which can be found on all cash 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.
In an effort to increase the chances of winning, the new hand that is qualifying been paid off from four-of-a-kind eights, to four-of-a-kind deuces.
Whenever the happy winner manages to sweep up the jackpot, ten percent associated with the reward pool will likely be distributed to players who have opted in during the stake level at which the jackpot is hit.
It’s All Your Own
In addition, BetVictor, which ended up being established in 1946 and is one of the world’s leading bookmaking that is independent gaming groups, has established that there is no administration fees involved, and so the complete jackpot is going to be distributed to the players involved.
With increased chances of winning, and a record-breaking reward 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 the potential for a decent payout.