Crown Resorts professional Jason O’Connor is rumored to have held it’s place in Asia last fall to collect on VIP gambling debts incurred by patrons who participated in the Australian gaming organization’s junket schemes.
Billionaire James Packer announced this that Crown Resorts will purchase $380 million in outstanding shares week. Meanwhile, his executive responsible for VIP operations stays behind pubs in Asia.
That’s 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 that said they think O’Connor was sent by Crown to negotiate money owed towards the business by wealthy citizens that are chinese.
Andrew Scott, the CEO of Asian Gambling mag, 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 become here.’
O’Connor headed Crown Resorts’ VIP program, and was in charge of bringing high rollers from Asian countries to Australia.
It’s illegal for international properties to market gambling services to Chinese citizens. The nation warned organizations like Crown it might be cracking down on VIP touring operations, however the notice evidently dropped on deaf ears right here. O’Connor was in custody since on vague ‘gambling crimes’ charges october. He’s being held in a Shanghai prison while Chinese law enforcement agencies continue their research.
In addition to O’Connor, China detained 17 other Crown employees, two more who are Australian residents.
China’s Operation Chain Break was designed to infiltrate the laundering of money moving through Macau, the special administrative region where gambling is permitted. But the scope of this investigation expanded overseas after enforcement officers detected casinos and junket operators colluding to bring wealthy citizens to resorts that are international.
Those who have money are heavily taxed since China is a socialist country. Under current law, citizens cannot move more than $9,500 from the country each year.
With O’Connor behind bars, Crown’s VIP business plummeted more than 45 percent.
Crown founder James Packer, who sold 35 million shares of the company’s stock valued at $338 million last August, rejoined the board in a damage control effort. The billionaire continues to be the shareholder that is largest, today owning 48.2 percent.
While Packer and Crown continue to the office behind closed doors 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 an easy slap regarding the wrist up to a complete removal of their gambling licenses, though he admits the latter seems extreme since it would be centered on China’s investigation.
The company announced this week it will purchase AUD$500 million ($380 million) worth of outstanding shares on March 20 while there are many dark clouds surrounding Crown. The buy-back shall be finished according to the stock’s Australian Securities Exchange closing price on March 3 ($8.83).
Crown is currently undergoing a massive restructuring following the arrests, but the buyback appears to tell investors that Packer stays bullish on the company he founded ten years ago.
MGM Cheering on Casino Expansion Opposition Group in Connecticut
MGM Resorts is rooting for casino expansion opponents in Connecticut to achieve blocking a 3rd gambling place in the tiny state that is northeastern.
MGM Resorts CEO Jim Murren wants to make sure a Connecticut casino isn’t permitted to be built just 13 miles south of their organization’s resort in Massachusetts. (Image: WAMC)
Late week that is last the Mohegan and Mashantucket tribes of Connecticut (MMCT) officially signed a development contract with East Windsor to construct a $350 million satellite gambling facility within the town. The project will compliment the Native American groups’ Foxwoods and Mohegan Sun resorts.
Found simply 13 miles south of MGM’s $950 million Springfield casino in Massachusetts, which can be now likely to open in 2018, Connecticut opted to let the MMCT group to create a casino on off-reservation land to keep money that is gambling hawaii. But ‘No More Casinos in Connecticut’ is working to block the expansion, and MGM would like nothing more than to see the group succeed.
Tonight, ‘No More Casinos in Connecticut’ is keeping a meeting in East Windsor to talk about the ‘social and costs that are economic of inviting a casino to the area. Former US Rep. Robert Steele (R-Connecticut) will provide his opinion that gambling isn’t good for communities.
Numerous Questions Remain
Connecticut’s Attorney General George Jepsen has been asked by Governor Dannel Malloy (D) to weigh in on the legality of allowing the unified tribal groups to create a gambling establishment on non-sovereign grounds.
Under the scheme produced by the state legislature and Malloy, Connecticut granted MMCT utilizing the right to develop another casino under their current video gaming licenses. MGM claims since the planned gambling venue isn’t on sovereign property, outside parties must have been in a position to bid on the satellite location.
The Nevada-based casino conglomerate has filed a lawsuit against Connecticut for what it believes is just a violation of this United States Constitution’s Fourteenth Amendment. The clause mandates that no state ‘shall deny to any person within its jurisdiction the protection that is equal of legislation.’
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 is more than three million reasons why East Windsor wants the MMCT casino. The myfreepokies.com town stands to receive $3 million in advance from the tribal groups, plus a minimum of $3 million annually thereafter.
Considering East Windsor hosts about 11,500 residents, which comes to approximately $260 per person, per year.
‘No More Casinos in Connecticut’ will attempt and paint a picture that is dark this evening’s hearing. The group claims gambling ‘leads to debt, bankruptcies, broken families, and embezzlement,’ and that a casino’s business model ‘is reliant upon preying on people. among the list of organization’s 12 reasons for opposing casino growth’
To counter the MMCT discussion, the East Windsor Board of Selectmen will hold its own meeting in the casino. The forum will happen 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 within the interest that is best in town. You can find going to be those, like in virtually any 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,’ is sentenced to eight years in prison for charges including fraud, extortion, racketeering and brandishing a firearm.
Was Adam Meyer, pictured here in their ‘showbiz’ days advising Darren Rovell’s CNBC show, actually working for the feds all along? The ‘sports consultant to the stars’ was sentenced to eight years in prison for a $45 million fraud on Friday. (Image: CNBC)
Meyer’s case was bizarre. Here had been a handicapper that is high-rolling whom once boasted that his client list ‘reads like the front web page of Variety,’ accused of impersonating a shadowy fictional gangster of his very own invention in order to perpetrate a $45 million fraud that ended in the violent attack of the Wisconsin liquor magnate.
In his defense, Meyer advertised insanity, drug addiction, and that he had been an agent that is undercover. Also more bizarrely, the latter claim may actually be true.
Meyer ended up being 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 TV 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 % edge over the bookies.
One such client was Gary Sadoff, 64, the aforementioned liquor magnate; the owner, in fact, of the Badger Liquor Company of Wisconsin, the booze distributor that is biggest in the state.
Based on the court documents, Sadoff began tips that are buying Meyer back 2007 therefore the pair were buddies. As well as providing tips, Meyer would also hook his clients up with offshore bookmakers, who would accept their very bets that are large no questions asked.
Meyer claimed, falsely, he had no commercial relationship with these bookmakers, whereas, in fact, client money had been often wired to reports he actually managed.
When Sadoff decided to stop his gambling that is expensive habit Meyer concocted a tale. Meyer’s life was at risk him liable for Meyer’s debt, and was coming for him because he owed money to a fictional bookie gangster named Kent Wong, and because Wong believed that Sadoff and Meyer were partners, Wong held.
Meyer would also telephone Sadoff, pretending to to be Wong, complete having a Chinese accent, threatening and demanding money through the businessman.
When Sadoff declined to send more income, the situation escalated. Meyer and an associate flew to Wisconsin and threatened Sadoff with a gun, until he was coerced into providing a further $9.8 million.
Meyer, and their associate, Ray Batista, had been arrested briefly after the event, in December 2014, and the latter sentenced to four years in January.
Meyer’s solicitors stated their client was addicted to drugs and had health that is mental in which ‘a different identity, or personality, periodically surfaces to Meyer’s detriment.’
Meyer additionally claimed the ‘public authority’ defense, and that his crimes were committed during the behest of several US government and police agencies for who he was an agent that is undercover. He said he was employed by authorities to root away unlawful sports betting operations.
The relevant authorities deny this, but documents unsealed in June, and kept secret through the public on the behest of Meyer’s lawyers, suggest, at the 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 reported he started working for the feds as an undercover agent, Meyer was arrested for scamming $6 million from casinos in Nevada and Connecticut. Considering he currently had a criminal conviction at this time, he had been staring down the nose at a probably nine years imprisonment. Rather, he received two years probation.
‘That’s maybe not a big departure [from sentencing guidelines],’ Jeffrey Cramer, a previous federal prosecutor in ny and Chicago, told the Milwaulkee Journal-Sentinal with the facts after it presented him. That’s huge. That’s absolutely huge.’
Did the recreations consultant to a deal is cut by the stars utilizing the feds in exchange for leniency? Abruptly Meyer’s assertion that he helped the FBI seize $750 million from offshore bookies doesn’t appear quite so mad 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 loans that are first-lien a bid to free up cashflow. And one associated with the provisions regarding 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 search for the company late last year, nevertheless now, new financial obligation refinancing terms for the 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 itself from the co-founder and largest shareholder and also to shackle him from launching a future bid to get the business.
‘At the demand of specific lenders, the amendment also modifies the alteration of control provision to get rid of the ability of a certain current shareholder to straight or indirectly obtain control of Amaya without triggering a meeting of standard and potential acceleration regarding the repayment of your debt under the credit agreement for the first lien term loans,’ announced Amaya in an official statement on its refinancing.