A judge by having a penchant for history and Shakespeare may have decided that March 15, 2016 would be a deadline that is good Caesars to get lienholders up to speed with its bankruptcy restructuring plan.
Baffling moments in gambling, you say? What?
As top gambling journalists, it’s not our job to be baffled; it’s our work to cut through the presssing difficulties with razor-sharp feedback and observations.
Sometimes, however, you simply need certainly to throw your hands in the air and go WTF? With that in mind, here are the top five most gambling that is baffling of 2015.
The Coalition to Stop Internet 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 property’ while the variation that is slightly zingier 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 School, was keen on quoting a scholarly study from 1999, the times of dial-up Internet, as evidence that ‘Internet gambling may not be regulated.’
Finger on the pulse there, Professor.
However, the award for the baffling that is most CSIG declaration of the year goes to a ‘news’ header on the company’s web site which screamed ‘Online Gambling Hurts Farmers.’
The logic of why this demographic is very at risk is lost on us, and we understand CSIG is not averse to resorting to your usage of emotive language to make an intellectually dishonest point or two, but farmers? The correlation that is only might make was that spades might be used by farmers to dig things, so there you go.
The Daily Fantasy Sports Scandal
The fantasy that is daily (DFS) scandal had been pretty odd once you contemplate it. DFS continued its unstoppable rise through the entire first nine months of the year, with the top two web sites, FanDuel and DraftKings, securing billions of bucks in assets as the multibillion dollar industry began mulling international expansion and world domination that is eventual.
With all of this at stake, you might have thought that someone at the two kingpin companies would have remembered to prohibit their players from playing games at rival sites.
DFS became thoroughly unglued by the end of September, when it emerged that a DraftKings employee had accidentally released player information ahead of the week’s NFL games had begun. This employee won $350,000 playing casino-online-australia.net at FanDuel in the same week.
Accusations of ‘insider trading’ were perhaps overblown, and the employee was eventually 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 unprecedented industry high of around $20 billion had been an undeniable fact that baffled the Nevada Gaming Commission at a gathering to discuss its messy bankruptcy proceedings this year.
The Commission called the problem ’embarrassing,’ and suggested that the ongoing company refrain from ‘building any Ferris wheels for the while’ to chuckles from assembled users of the press.
‘Everyone throws the economy underneath the bus,’ snapped commission chairman Tony Alamo testily.
In seeking Chapter 11 proceedings for its main working product, Caesars has been accused by its second lien creditors of restructuring its assets in a means that unfairly favors its controlling personal equity backers, who had been the guys 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 charged with the task of getting its smaller bondholders on board. The due date for this is March 15 of next year, after which Caesars will eventually 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 day that is fateful of Caesar’s assassination by his previous supporter, Brutus.
Who’d have thought that a bankruptcy judge would have such a sense that is wicked of?
There have been countless baffling moments this present year, we’d to make this piece a two-parter, so come back tomorrow for more bewildering gambling landmark moments from 2015.
Five baffling that is most Gambling Moments of 2015, Part Two
Revel owner Glen Straub ended up 2015 saddled with the entire world’s biggest bill that is electric. (Image: Tom MacDonald/WHYY)
Welcome back to Part Two of our run down of 2015’s most happenings that are baffling in which we ponder a number of the more mystifying occurrences associated with year inside and around the gaming universe.
In July, former Chukchansi leader that is tribal McDonald accepted a plea discount and was sentenced to 485 days for false imprisonment after admitting to being the orchestrator of just one of the very most idiotic moments in the history of the casino industry.
The earlier October, he had lead an armed attack on the Chukchansi Gold Casino, near Fresno, California.
McDonald had stormed the home with some 20 accomplices, delivering customers running for cover, and ordering security guards at gunpoint as a secure area associated with the building. Guards were reportedly assaulted and handcuffed, but no casino customers had been hurt.
This this indicates, was the culmination of a bizarre energy struggle between two rival Chukchansi factions vying for control of the casino. McDonald was running the casino from the business that is nearby up until August 2014, whenever a rival group, led by one Reggie Lewis, resulted in the night and literally took the casino over.
While Lewis is great at surreptitiously taking over gaming properties, this indicates his admin skills aren’t quite so hot, as he failed to file the accounts, which meant that the casino was dealing with a $16 million fine from the regulator and closure that is possible.
McDonald chose to take action that is drastic charged into the casino with weapons drawn. We’re perhaps 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 was a lively and um, interesting source of entertainment this year. The property magnate initially lost the auction to buy the revel that is distressed home in Atlantic City and immediately blasted the auction as ‘improper.’
Having suffered a bout that is bad of, Straub explained, he’d flown from New Jersey to their house in Florida to retrieve his medicine, a fact that so coincidentally took him out of the picture during the final crucial stage of the bidding process.
However, when the winner of the bid, Brookfield Asset Management, got wind of Revel’s astronomical energy bill, a non-negotiable $36 million per it bailed on the deal anyway year. Straub stepped in, picking up the $4.9 billion property for a song, at $82 million.
The idealistic designer initially said he desired to reopen Revel maybe not as being a casino, but as an ‘elite college’ where the world’s brightest people could spend their days ruminating on solving global issues such as for example ‘famine, cancer and nuclear waste storage space.’
Once he’d their hands regarding the home, though, he decided that he’d probably simply reopen it being a casino after all, albeit it one devoted to ‘life extension science,’ whatever that is.
By of this year, it was none of these things april. What it had been, however, in line with the Atlantic City Fire Department, was a ’47-story fire risk,’ as Straub was refusing to honor the contract utilizing the adjacent power plant and had been take off.
A lack of flowing water through Revel’s pipes, and no electricity to permit firefighters access to the upper floors, designed that a fire outbreak might be potentially catastrophic.
The seemingly cursed casino property stays shuttered while Straub’s unpaid energy bills run into the millions. Maybe he can’t read them while sitting in the dark.
The Fall of Macau: What occurred to the Gambling Fireball in 2015?
The fortunes of Macau were already tumbling as 2015 began. The downturn actually started back in June 2014, if the gambling hub recorded the first-ever monthly dip in revenues since Stanley Ho’s casino monopoly finished in 2012, a move which had effectively opened the Asian gambling region up to foreign investment.
However, no one could quite have expected numbers to fall so dramatically, and consecutively, month-on-month, for the rest of the and throughout 2015 year.
Macau’s gambling enterprises had been affected by the anti-corruption drive of China’s president Xi Jinping (center) in 2015, which largely impacted the gambling that is asian’s junket industry in 2010. (Image: Adrian Bradshaw/EPA)
Exactly What took place?
Simply 8 weeks before the downturn that is initial Macau had reported a record-breaking Q1 for 2014, with $12.6 billion in revenues. That has been up 19.8 percent from the quarter that is first of. And 2014 was on course to beat the entire year prior, itself a year that is watershed and Forbes ended up being calling Macau ‘one regarding the planet’s fastest growing economies.’ The enclave ended up being consuming in only two months what Las Vegas scored in per year.
Macau had benefitted greatly from the explosion in Chinese tourism in the years that are preceding. A greater freedom of movement and a burgeoning new middle that is chinese 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 always been VIP that is chinese high. 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 a few 60 percent of Macau’s revenues during the boom years.
Junket operators would work as middlemen, arranging trips and lending their consumers large amounts of cash in order to control restrictions regarding the amount of cash that could be brought from the mainland. VIPs would then settle their debts on the return to Asia.
Lots of these VIPs were, in reality, corrupt Communist Party officials whoever fortunes were derived from kickbacks or embezzlement of general public money. Corruption had reached proportions that are epidemic Asia, and Beijing had had enough, vowing to track fraudulent officials ‘to the ends associated with earth.’
Fearing reprisals from Beijing, the VIPs started initially to steer clear of Macau, heading to Manilla in the Philippines, or even to Vietnam’s Ho Tram Strip to get their kicks instead.
The drive that is anti-corruption 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 movement of middle-class money from the mainland.
Meanwhile, the introduction of a blanket smoking ban inside gambling enterprises did not improve things.
But by early 2015, China had ramped it up a notch, initiating an ‘unprecedented crackdown’ in the junket industry, tightening regulatory controls and demanding more transparency through the junkets about their clients and the criminal history of their employees. By September, the junket industry was ‘broken,’ according to Rob Goldstein, LVS president.
New casino resorts, conceived throughout the boom time, nevertheless launched their doors this such as James Packer’s Studio City Macau, while Steve Wynn’s Wynn Palace Macau due to open in the middle of next year.
Regardless of the malaise that is general stingy table games allocations for new casinos from the Macau regulator which 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.’