Man Jumps from Casino Ship to Escape Loan Sharks
Gambling on loan-shark borrowed cash is all enjoyable and games until you lose all of that money and are forced to remove to your skivvies and jump from your floor that is third cabin aboard the casino ship which was 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 of the difficult way last week, in accordance with the Chinese language paper Ming Pao. He allegedly borrowed HK$120,000 (more or less 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 increasingly popular ploy the world over.
The ship was 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 on board with him) after burning through the borrowed money. He wrapped his papers and what little money he had left in plastic, stripped down, donned a life jacket, and jumped from the window of his cabin.
Rather than being free to swim to safety and make their wet way home however, he was acquired by another ship, which quickly brought him, soaking and sullen, to a police that is nearby, and then after that to a medical facility for a check-up.
As the man premiered by authorities and hasn’t been charged with any crime, the police are undoubtedly minimal of his concerns 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.
You think you’ve got a gambling problem? Think about $116,000 per month on a slots habit? That is exactly how much Bi Xiaodong, wife of China Medical Technologies (CMT) CEO Wu Xiaodong, is rumored to have moved 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.
Surprisingly, you can find people who throw money around at that crazy level in Vegas, so gambling $5K a hand at slots per se probably would not have raised too many eyebrows. Just 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 afford to play at that level, because one source shows that she might 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 shoes or milk to take in); and maintains she separated from Wu in 2001 and had nothing to do with his business CMT since before its IPO in 2005 in the New York Stock market.
It had been last summer whenever 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 cash deposited. The player can then just take that note to a casino cashier, get a check for the remaining amount, deposit said sign in their very own bank account, and declare it as ‘gambling winnings’ on their tax returns ( that are then terminated away 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 loss that is ancillary cancel the wins out. But the concerns about where the money emanated from were what led investigators 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 wanting to track some $670 million in missing money that was raised through the business’s 2005 IPO. Also under investigation would be the company’s previous finance director Takyung Tsang and their wife.
Is actually a case of dirty laundry.
The economy may still be crawling back on its stomach every-where else, however in Macau, money appears to be receding of the sky, at the least for its profitable casino 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 out summaries of 1984 at $3.67 billion, a new month-to-month record even for Macau. Aided by the final monthly tallies not really in yet, it is predicted that final intakes could end up at a 25 percent enhance over the exact same time in 2012, and it looks like that’s as a result of a proliferation of Asian whales, a sector that appears to have exploded by having a 15 to 20 % growth rate this present year.
On the reverse 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 study referred to as Macau Employee self-esteem and Satisfaction Index, 1,026 employees responded about their different amounts of job satisfaction, as well as their overall job confidence. Although slightly down from last year’s Index, the movement downward had been slight sufficient in order to categorize their feelings as ‘stable’ in the mysterious world of index rankers.
Casinos Employ Many
With very nearly a third of 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 satisfaction that is lowest out of the entire gaming employee group. As it pertains to income, however, croupiers rake into 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 tippers that are also great they win? Sure appears like it.
The ahead year
Now it just remains to be seen in the event that rest of 2013 will be since profitable as March appears like it will be when all the true numbers are totally tallied.
We know one group specially whom is wishing for continued wealth to come strike the tables in Macau: the croupiers.
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 launch the Bad that is all-new Beat by having an industry record-breaking reward pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.
More straightforward to Win, More Payouts
Suspended earlier this month to ensure BetVictor could create 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 reach €1 million? Who understands.? The modifications suggest it will be won more regularly and by more and more people now,’ explained Horne. ‘The present jackpot will discover over €90,000 paid out to opted-in players playing at similar stakes as the winner, so even although you’re not during the table where it hits, you can share within the good fortune, and that’s no bad beat.’
Opt Set for Players
Players looking to take part in the Bad Beat Jackpot now require to utilize the ‘opt-in’ option that exist 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.
In an effort to increase the chances of winning, the new qualifying hand has been paid down from four-of-a-kind eights, to four-of-a-kind deuces.
When the happy winner manages to sweep up the jackpot, 10 % associated with the prize 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 now one of the world’s leading bookmaking that is independent gaming groups, has announced that there are no administration fees involved, so that the complete jackpot are distributed to your players involved.
With increased possibilities of winning, and a record-breaking prize 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 using the possibility of a payout that is decent.