Man Jumps from Casino Ship to Escape Loan Sharks

Man Jumps from Casino Ship to Escape Loan Sharks
Gambling on loan-shark borrowed money is all fun and games before you lose each of that money and are forced to remove to your skivvies and jump from your own third flooring cabin window 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 national surnamed Lu found that out the way that is hard week, based on the Chinese language newspaper 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 cruising out into international waters, a ploy that is increasingly popular world over.

The ship was somewhere close to the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong as soon as the man made his escape effort (the loan sharks were presumably up to speed with him) after burning through the lent cash. He covered his documents and exactly what money that is little had left in plastic, stripped down, donned a life coat, 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 nearby police section, and then from there to the hospital for a check-up.

Whilst the man premiered by police and hasn’t been charged with any crime, law enforcement are surely minimal of his concerns at the moment, 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.

Chinese Laundry Through the Slots: Money Laundering Alleged for Med Tech Firm

You are thought by you have a gambling issue? Think about $116,000 per month on a slots practice? That’s how much Bi Xiaodong, wife of China Medical Technologies (CMT) CEO Wu Xiaodong, is rumored to have moved into the roller that is high 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.

Washed Out

The truth is, you can find individuals who throw money around at that crazy level in Vegas, so wagering $5K a hand at slots by itself probably will never have raised too numerous eyebrows. Just What did catch the interest of investigators, however, was the way that Mrs. Xiaodong received the enormous sums to be able to manage 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 footwear or milk to take in); and maintains she separated from Wu in 2001 and had absolutely nothing to do with his business CMT since before its IPO in 2005 regarding the New York Stock Exchange.

Money Dilemmas

It had been summer that is last CMT had to shut straight down, after creditors relocated in to gather 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 happens to be 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 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 rest of the cash deposited. The gamer can then just take that note to a casino cashier, get a look for the amount that is remaining deposit said sign in their particular bank account, and declare it as ‘gambling winnings’ on their tax statements ( which are then cancelled out by the same quantity in ‘gambling losses,’ of course.)

Reports say that Bi Xiaodong declared near to $17 million on her comes back in wins between 2009 and 2011, with the ancillary loss to cancel the wins out. But the concerns about where the funds emanated from were what led detectives to look into the CMT cash flow possibility, and the possibility for money laundering of CMT’s massive IPO funds.

Money Talks

Now CMT’s liquidators are wanting to track some $670 million in missing money that has been raised during the company’s 2005 IPO. Also under investigation would 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 its belly everywhere else, but in Macau, money appears to be falling out of the sky, at the least for its casino that is lucrative industry.

A J.P. Morgan analyst estimates that March gross Macau video gaming revenues for the world’s most successful gambling location ever will top out at $3.67 billion, a new monthly record even for Macau. Using the last monthly tallies not really in yet, it’s predicted that last intakes could end up at a 25 per cent increase over the same amount of time in 2012, and it looks like that’s as a result of a proliferation of Asian whales, a sector that appears to possess exploded having a 15 to 20 percent development rate this season.

On the Other Side associated with Coin

Talk about trickle-down economics: seems nearly all of Macau’s casino industry employees are also having a good year so far. In a 2013 study referred to as Macau worker Confidence and Satisfaction Index, 1,026 employees responded about their different amounts of job satisfaction, also their overall task 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 the survey respondents working 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 publishing the satisfaction that is lowest out of the entire gaming employee group. With regards to income, however, croupiers rake within the satisfaction that is highest of any of workers, gaming and non-gaming alike. Could all those extremely wealthy Asian whales be both impossibly demanding and tippers that are also great they win? Sure feels like it.

The ahead year

Now it just remains become seen if the rest of 2013 will be because lucrative as March looks enjoy it will be whenever all the true numbers are entirely tallied.

We understand one group specially whom is wishing for continued wealth to come hit 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 prize that is record-breaking of €921,603 (those Euros translate to $1,193,291).

‘We’re delighted in order to introduce the Bad that is all-new Beat having an industry record-breaking reward pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.

Better to Win, More Payouts

Suspended earlier this month to ensure that BetVictor could create a few positive changes to the structure for its players, the jackpot can now be won more easily, with more benefiting from the payout too.

‘Will it reach €1 million? Who knows.? The modifications suggest it will be won more often 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 equivalent stakes as the winner, so even though you’re perhaps not at the table where it hits, you’ll share into the good fortune, and that’s no bad beat.’

Opt Set for Players

Players trying to participate in the Bad Beat Jackpot now need to make use of the ‘opt-in’ option which can be found on all cash tables above €0.10/€0.20, at which point they are going to add €0.02 towards the increasing jackpot each hand they perform a tiny cost to cover the opportunity to win a chunk of a large prize.

So as to raise the chances of winning, the new hand that is qualifying been reduced from four-of-a-kind eights, to four-of-a-kind deuces.

When the lucky winner manages to sweep the jackpot up, 10 percent associated with award pool is going to be distributed to players that have opted in at the stake level at which the jackpot is hit.

It’s All Yours

In addition, BetVictor, which was created in 1946 and is one of many world’s leading bookmaking that is independent gaming groups, has announced that there are going to be no administration fees involved, therefore the complete jackpot are going to be distributed to the players involved.

With increased opportunities 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 with the potential for a payout that is decent.

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