Man Jumps from Casino Ship to Escape Loan Sharks
Gambling on loan-shark borrowed money is all fun and games unless you lose every one of that money and are forced to strip to your skivvies and jump from your own third floor 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 of the difficult way last week, based on the Chinese language magazine Ming Pao. He presumably borrowed HK$120,000 (approximately 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 ploy that is increasingly popular world over.
The ship was someplace nearby the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong if the man made his escape attempt (the loan sharks were presumably up to speed with him) after burning through the lent cash. He wrapped his papers 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 house however, he was picked up by another ship, which immediately brought him, soaking and sullen, to a nearby police section, and then after that to a medical facility for a check-up.
While the guy premiered by police and hasn’t been charged with any crime, the authorities are surely the least of his concerns at present, 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.
You think you’ve got a gambling issue? How about $116,000 per on a slots habit month? That is exactly how much Bi Xiaodong, wife of China Medical Technologies (CMT) CEO Wu Xiaodong, is rumored to have moved into the high roller slot machines at Las Vegas’ upscale Wynn and Bellagio casinos between 2005 and 2010, playing with an impressive allowance from the person from whom she was then separated.
The truth is, you can find individuals who throw money around at that crazy level in Vegas, so wagering $5K a hand at slots per se most likely will never have raised too numerous eyebrows. What did catch the eye 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 may have passed since 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 and for living expenses (begging the question of whether her kids had shoes or milk to drink); and maintains she separated from Wu in 2001 and had 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 close straight down, after creditors moved 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 is currently 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 went them through the fancy Strip slots.
How It Works
Here’s the shell game: the casino lets players cash out from lengthy periods of slot play with a credit note for the remainder money deposited. The gamer can then take that note to a casino cashier, receive a search for the remaining quantity, deposit said sign in their own bank account, and declare it as ‘gambling winnings’ on their tax statements ( that are then terminated 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 victories between 2009 and 2011, with the loss that is ancillary cancel the wins out. But the concerns about where the cash emanated from were what led detectives to look into the cash that is CMT possibility, and the probability of money laundering of CMT’s massive IPO funds.
Now CMT’s liquidators are trying to monitor some $670 million in lacking money that has been raised throughout the company’s 2005 IPO. Also under investigation will be the company’s previous finance director Takyung Tsang and their wife.
Is actually a full case of dirty laundry.
The economy may still be crawling back on its belly every-where else, but in Macau, cash appears to be receding of the sky, at the very least for its lucrative casino 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 away at $3.67 billion, a brand new monthly record even for Macau. Utilizing the last monthly tallies not really in yet, it is 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’s thanks to a expansion of Asian whales, a sector that appears to possess exploded by having a 15 to 20 % development rate this present year.
On the Other Side for the Coin
Talk about trickle-down economics: seems the majority of Macau’s casino industry employees are also having a good year so far. In a 2013 survey referred to as Macau worker self-esteem and Satisfaction Index, 1,026 employees responded about their different levels 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 nearly a third associated with survey participants employed in Macau’s booming casino industry, it would appear that non-casino employees have ever-so-slightly higher job satisfaction than their casino worker counterparts, with croupiers posting the lowest satisfaction out of the entire gaming employee group. In regards to income, however, croupiers rake within the satisfaction that is highest of any of workers, gaming and non-gaming alike. Could all those incredibly wealthy Asian whales be both impossibly demanding and also great tippers when they win? Sure appears like it.
The Approaching Year
Now it just remains to be seen in the event that rest of 2013 are as profitable as March appears want it will be whenever all the numbers are completely tallied.
We understand one group particularly who is wishing for continued wide range to come strike the tables in Macau: the croupiers.
BetVictor Poker recently revamped and relaunched its massive Bad Beat Poker Jackpot with a record-breaking reward pool of €921,603 (those Euros translate to $1,193,291).
‘We’re delighted in order to introduce the all-new Bad Beat Jackpot with an industry record-breaking award pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.
Easier to Win, More Payouts
Suspended earlier this thirty days to ensure that BetVictor could create a few changes that are positive the structure for its players, the jackpot can now be won more easily, with more benefiting from the payout too.
‘Will it achieve €1 million? Who knows.? The changes mean it will be won more often and by more people now,’ explained Horne. ‘The current jackpot will discover over €90,000 paid out to opted-in players playing at exactly the same stakes as the winner, so even though you’re perhaps not at the table where it hits, you’ll share in the good fortune, and that’s no bad beat.’
Opt Set for Players
Players seeking to take part in the Bad Beat Jackpot now need to make use of the ‘opt-in’ option that exist 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 boost 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 the jackpot up, 10 percent associated with the award pool are distributed to players who have opted in during the stake degree at which the jackpot is hit.
It’s All Yours
In addition, BetVictor, which was established in 1946 and is becoming one of many world’s leading bookmaking that is independent gaming groups, has established that there is going to be no administration fees involved, therefore the complete jackpot will likely be distributed to your players involved.
With increased chances of winning, and a record-breaking award 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 decent payout.