Man Jumps from Casino Ship to Escape Loan Sharks
Gambling on loan-shark borrowed cash is all fun and games until you lose every one of that money and are forced to strip to your skivvies and jump from your own third flooring cabin window aboard the casino ship that was the explanation for your short-lived fun and subsequent woes, into the frigid waters of Hong Kong’s Victoria Harbor below.
A Chinese national surnamed Lu found that out the difficult way last week, according to the china newsprint Ming Pao. He presumably borrowed HK$120,000 (more or less US$15,460) from loan sharks and embarked on a evening 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 ever more popular ploy the world over.
The ship was someplace close to the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong as soon as the man made their escape effort (the loan sharks were presumably on board with him) after burning through the lent cash. He wrapped his documents and exactly what money that is little 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 his wet way home however, he had been acquired by another ship, which quickly brought him, soaking and sullen, to a police that is nearby, and then from there to the hospital for a check-up.
As the man was released by authorities and hasn’t been charged with any crime, law enforcement are clearly minimal of his concerns at present, as he still has a formidable gambling debt hanging over his head, and likely some very angry people looking for him over it; individuals who probably weren’t particularly impressed by his decision to buy a late night swim.
Chinese Laundry Through the Slots: Money Laundering Alleged for Med Tech Firm
You are thought by there is a gambling issue? How about $116,000 per month on a slots practice? 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 an astonishing allowance from the man from whom she was then separated.
The truth is, you will find individuals who throw money around at that crazy level in Vegas, so wagering $5K a hand at slots by itself most likely wouldn’t normally have raised too many eyebrows. Just What did catch the eye of investigators, however, was the way in which Mrs. Xiaodong received the sums that are enormous be able to manage to play at that level, because one source suggests that she could 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 drink); and maintains she separated from Wu in 2001 and had absolutely nothing to do with his business CMT since before its IPO in 2005 on the New York Stock Exchange.
It was summer that is last CMT had to shut down, after creditors moved in to get missing interest re 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 civil suit in Ca, alleging that Xiaodong stripped assets from CMT and then fed them surreptitiously to his wife, who in turn ran them through the fancy Strip slot machines.
How It Works
Here’s the shell game: the casino lets players cash away from lengthy periods of slot play with a credit note for the remainder cash deposited. The gamer can then just take that note to a casino cashier, receive a check for the remaining quantity, deposit said sign in their own bank account, and declare it as ‘gambling winnings’ on their tax statements ( which are then terminated down by the same quantity in ‘gambling losses,’ needless to say.)
Reports say that Bi Xiaodong declared close 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 funds emanated from were what led investigators to look into the CMT cash flow possibility, and the possibility of money laundering of CMT’s massive IPO funds.
Now CMT’s liquidators are attempting to monitor some $670 million in lacking cash that has been raised during the company’s 2005 IPO. Also under investigation will be the company’s previous finance director Takyung Tsang and his wife.
Could be a full case of dirty laundry.
Macau Gaming Revenues Through the Roof for March
The economy may still be crawling back on 1984 orwell summary its stomach everywhere else, however in Macau, cash seems to be receding of this 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 gambling that is successful ever will top down at $3.67 billion, a new monthly record even for Macau. Aided by the final monthly tallies not even in yet, it’s predicted that last intakes could end up at a 25 % increase over the exact same amount of time in 2012, and it looks like that is as a result of a expansion of Asian whales, a sector that appears to have exploded having a 15 to 20 % development rate this year.
On the other hand of the Coin
Talk about trickle-down economics: seems most of Macau’s casino industry employees are also having a year that is good far. In a 2013 study known as the Macau worker Confidence and Satisfaction Index, 1,026 workers responded about their various levels of job satisfaction, along with their job that is overall self- confidence. The movement downward was subtle enough to be able to categorize their feelings as ‘stable’ in the mysterious world of index rankers although slightly down from last year’s Index.
Casinos Employ Many
With very nearly a third associated with survey participants involved in Macau’s booming casino industry, it appears that non-casino employees have ever-so-slightly higher job satisfaction than their casino worker counterparts, with croupiers posting the satisfaction that is lowest away from the entire gaming employee team. In regards to income, however, croupiers rake in the greatest 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 appears like it.
The Coming Year
Now it just remains to be seen if the rest of 2013 will be because profitable as March looks like it will be when all the numbers are totally tallied.
We understand one group specially who is wishing for continued wide range 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 record-breaking award pool of €921,603 (those Euros translate to $1,193,291).
‘We’re delighted in order to introduce 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 making sure that BetVictor could produce a few positive changes to the structure for the players, the jackpot is now able to be won more effortlessly, with more benefiting from the payout too.
‘Will it reach €1 million? Who knows.? The modifications suggest it will be won more regularly and by more individuals now,’ explained Horne. ‘The present jackpot will dsicover over €90,000 paid out to opted-in players playing at equivalent stakes as the winner, so even though you’re perhaps not at the table where it hits, it is possible to share in the good fortune, and that is no bad beat.’
Opt In for Players
Players seeking to take part in the Bad Beat Jackpot now require to make use of the ‘opt-in’ option that you can get 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.
So as 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, 10 percent associated with award pool is distributed to players that have opted in during the stake degree at which the jackpot is hit.
It’s All Your Own
In addition, BetVictor, which had been created in 1946 and has become among the world’s leading bookmaking that is independent gaming groups, has announced that there will likely be no administration fees involved, so the complete jackpot are going to be distributed towards the 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 flood gates battered down by those looking to play on low-stakes tables using the chance of a payout that is decent.