Crown Resorts professional Jason O’Connor is rumored to possess held it’s place in China fall that is last collect on VIP gambling debts incurred by patrons whom participated in the Australian gaming company’s junket schemes.
Billionaire James Packer announced this week that Crown Resorts will buy $380 million in outstanding shares. Meanwhile, their executive responsible for VIP operations stays behind pubs in Asia.
That is according to a report that is new ‘Four Corners,’ a journalism television show that airs in Australia. The program chatted to experts on Macau gambling having said that they believe O’Connor was sent by Crown to negotiate money owed towards the company by wealthy Chinese residents.
Andrew Scott, the CEO of Asian Gambling magazine, said, ‘It’s widely being said he was there to gather line of credit. You don’t send an executive that is senior there’s a real reason for him to be there.’
O’Connor headed Crown Resorts’ VIP program, and was responsible for bringing rollers that are high parts of asia to Australia.
It is illegal for international properties to market gambling services to Chinese citizens. The united states warned companies like Crown it might be cracking down on VIP touring operations, nevertheless the notice apparently fell on deaf ears Down Under. O’Connor is 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 citizens.
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 regarding the investigation expanded overseas after enforcement officers detected casinos and junket operators colluding to create wealthy residents to resorts that are international.
Since China is just a socialist country, individuals 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 company plummeted more than 45 percent.
Crown founder James Packer, whom sold 35 million shares of the company’s stock valued at $338 million August that is last the board in a damage control effort. The billionaire is still the biggest shareholder, today owning 48.2 percent.
While Packer and Crown continue to function in today’s world with China, there are brand new concerns that the company’s video gaming licenses in Australia could take 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 review Crown’s likely permits. Disciplinary actions could range from a simple slap regarding the wrist to a complete removal of their gambling licenses, since it would be based on China’s investigation though he admits the latter seems extreme.
While you will find numerous dark clouds surrounding Crown, the company announced this week it will buy AUD$500 million ($380 million) worth of outstanding shares on March 20. The buy-back shall be completed considering the stock’s Australian Securities Exchange closing price on March 3 ($8.83).
Crown happens to be undergoing a massive restructuring following the arrests, but the buyback appears to tell investors that Packer stays bullish regarding the company he founded a decade ago.
MGM Cheering on Casino Expansion Opposition Group in Connecticut
MGM Resorts is rooting for casino expansion opponents in Connecticut to succeed in blocking a 3rd gambling location in the little state that is northeastern.
MGM Resorts CEO Jim Murren wants to ensure a Connecticut casino isn’t permitted to be built just 13 miles south of their company’s resort in Massachusetts. (Image: WAMC)
Late final week, the Mohegan and Mashantucket tribes of Connecticut (MMCT) formally signed a development contract with East Windsor to create a $350 million satellite gambling facility into the town. The project will compliment the Native American groups’ Foxwoods and Mohegan Sun resorts.
Situated just 13 miles south of MGM’s $950 million Springfield casino in Massachusetts, that is now anticipated to open in 2018, Connecticut opted to permit the MMCT group to build a casino on off-reservation land to keep gambling cash in their state. But ‘No More Casinos in Connecticut’ is working to block the expansion, and MGM would like nothing more than to see the combined group succeed.
Tonight, ‘No More Casinos in Connecticut’ is keeping a meeting in East Windsor to go over the ‘social and economic costs’ of welcoming a casino to the area. Former US Rep. Robert Steele (R-Connecticut) provides their opinion that gambling is not good for communities.
Many Concerns Remain
Connecticut’s Attorney General George Jepsen is asked by Governor Dannel Malloy (D) to weigh in on the legality of allowing the unified tribal groups to develop a gambling establishment on non-sovereign grounds.
Underneath the scheme produced by the state legislature and Malloy, Connecticut granted MMCT because of the right to develop another casino under their present video gaming licenses. MGM claims since the planned gambling location isn’t on sovereign property, outside parties needs to have been in a position to bid on the satellite location.
The casino that is nevada-based has filed case against Connecticut for what it believes is a violation associated with the US Constitution’s Fourteenth Amendment. The clause mandates that no state ‘shall deny to any person within its jurisdiction the protection that is equal of guidelines.’
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. Town 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, that comes to approximately $260 per person, per 12 months.
‘No More Casinos in Connecticut’ will endeavour and paint a dark picture during this evening’s hearing. Among the company’s 12 reasons behind opposing casino growth, the group claims gambling ‘leads to debt, bankruptcies, broken families, and embezzlement,’ and that a casino’s business model ‘is dependent upon preying on people.’
The East Windsor Board of Selectmen will hold its own meeting on the casino to counter the MMCT discussion. The forum will take place on Thursday.
Defending their unanimous decision to welcome the casino, Selectman Jason Bowsza told the Associated Press, ‘We’re acting in what we think is into the interest that is best in the city. There are going to be those, like in just about 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 prison for costs including fraud, extortion, racketeering and brandishing a firearm.
Ended up being Adam Meyer, pictured here in their ‘showbiz’ days Darren that is advising Rovell CNBC show, really working for the feds all along? The ‘sports consultant to the stars’ was sentenced to eight years in prison for a $45 million fraudulence on Friday. (Image: CNBC)
Meyer’s case had been bizarre. Here ended up being a high-rolling handicapper, who once boasted that his client list ‘reads like the front web page of Variety,’ accused of impersonating a shadowy fictional gangster of his own innovation so that you can 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 that he ended up being an agent that is undercover. Even more bizarrely, the latter claim may actually be true.
Meyer had been the CEO of betting consultancy site Real Money Sports, which charged clients up to $250,000 for his recreations advice that is betting.
A slick, media-savvy operator, he made frequent 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 their clients he had a highly improbable 64.8 percent edge over the bookies.
One such customer ended up being Gary Sadoff, 64, the aforementioned liquor magnate; the master, in fact, of the Badger Liquor Company of Wisconsin, the booze distributor that is biggest in the state.
In line with the court documents, Sadoff started purchasing recommendations from Meyer back 2007 as well as the pair were friends. As well as offering tips, Meyer would also hook his clients up with offshore bookmakers, who would accept their very bets that are large no concerns asked.
Meyer claimed, falsely, he had no relationship that is commercial these bookmakers, whereas, in reality, client money ended up being often wired to accounts he actually managed.
Whenever Sadoff made a decision to quit his expensive gambling habit, Meyer concocted a tale. Meyer’s life is 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 debt, and was coming for him.
Meyer would also telephone Sadoff, pretending to to be Wong, complete by having a accent that is chinese threatening and demanding money from the businessman.
When Sadoff refused to deliver more cash, 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 his associate, Ray Batista, had been arrested briefly after the incident, in December 2014, as well as the latter sentenced to four years in January.
Meyer’s attorneys claimed their customer was addicted to drugs and had health that is mental in which ‘a different identity, or personality, sporadically surfaces to Meyer’s detriment.’
Meyer additionally stated the ‘public authority’ protection, and that his crimes were committed during the behest of several US government and police force agencies for whom he was an agent that is undercover. He said he had been employed by authorities to root out unlawful sports betting operations.
The appropriate 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 kind that is conspiracy-theory of, that there may be a modicum of truth in the claim.
Working for the Feds?
In 2007, the year he advertised he started employed by 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 was staring down the nose at a most likely nine years imprisonment. Instead, he received two years probation.
‘That’s not a big departure [from sentencing guidelines],’ Jeffrey Cramer, a previous federal prosecutor in ny and Chicago, told the Milwaulkee Journal-Sentinal after it presented him with the facts. That’s huge. That’s absolutely huge.’
Did the sports consultant to a deal is cut by the stars because of the feds in return for leniency? Suddenly Meyer’s assertion that the FBI was helped by him seize $750 million from offshore bookies doesn’t appear quite so angry after all.
Amaya Debt Restructuring Designed to Keep Ex-CEO David Baazov in the Cold
PokerStars parent Amaya, Inc. has announced it has restructured its US dollar and euro-dominated first-lien loans in a bid to free up cash flow. And another of this provisions for the refinancing agreement appears to reference former CEO and David that is ex-chairman Baazov.
Amaya’s original top dog David Baazov dropped their takeover pursuit of the company year that is late last but 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 it self from its co-founder and shareholder that is largest also to shackle him from launching a future bid to acquire the business.
‘At the request of particular lenders, the amendment also modifies the change of control provision to eliminate the ability of a specific current shareholder to straight or indirectly acquire control of Amaya without triggering a meeting of default and potential acceleration associated with the payment of your debt under the credit agreement for the first lien term loans,’ announced Amaya in the official statement on its refinancing.