Man Jumps from Casino Ship to Escape Loan Sharks

Gambling on loan-shark borrowed cash is all fun and games until such time you lose most of that money and are forced to strip to your skivvies and jump from your floor that is third cabin aboard the casino ship which 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 of the hard way last week, according to the oriental magazine Ming Pao. He presumably borrowed HK$120,000 (approximately US$15,460) from loan sharks and embarked on a night of gambling aboard the casino ship, which skirts (or rather sails) around Hong Kong’s strict gambling laws by sailing out into international waters, a increasingly popular ploy the world over.

The ship ended up being somewhere nearby the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong when the man made his escape effort (the loan sharks were presumably on board with him) after burning through the lent money. He wrapped their documents and just what money that is little had left in plastic, stripped down, donned a life jacket, and jumped from the screen of his cabin.

Rather than being free to swim to safety and make their wet way house however, he had been acquired by another ship, which quickly brought him, soaking and sullen, to a nearby police place, and then after that to a healthcare facility for a check-up.

Whilst the man premiered by authorities and hasn’t been charged with any crime, the police are clearly 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’ve got a gambling problem? How about $116,000 per on a slots habit month? That’s just 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 impressive allowance from the person from whom she was then separated.

Washed Out

Surprisingly, you can find people who throw money around at that crazy level in Vegas, so gambling $5K a hand at slots by itself most likely will never have raised too numerous eyebrows. Exactly What did catch the interest of investigators, however, was the way that Mrs. Xiaodong received the sums that are enormous manage 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 and for living expenses (begging the relevant question of whether her kids had shoes 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 market.

Money Dilemmas

It was last summer whenever CMT had to shut straight down, after creditors moved in to collect missing interest 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 now suing Wu Xiaodong in a civil suit in 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 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 all of those other money deposited. The player can then take that note to a casino cashier, get a check for the amount that is remaining deposit said sign in their very own bank account, and declare it as ‘gambling winnings’ on their tax returns ( that are then terminated down by the same amount in ‘gambling losses,’ of course.)

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

Money Speaks

Now CMT’s liquidators are attempting to track some $670 million in lacking cash which was raised throughout the company’s 2005 IPO. Also under investigation would be the company’s former finance director Takyung Tsang and their wife.

Is actually a case of dirty laundry.

Macau Gaming Revenues Through the Roof for March

The economy may be crawling back on its stomach everywhere else, but in Macau, cash seems to be falling out in clumps of this sky, at the very least for its lucrative casino industry.

A J.P. Morgan analyst quotes that March gross Macau video 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. A sector that appears to have exploded with a 15 to 20 percent growth rate this year with the final monthly tallies not even in yet, it’s predicted that final intakes could end up at a 25 percent increase over the same time in 2012, and it looks like that’s thanks to a proliferation of Asian whales.

On the other hand for 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 referred to as Macau Employee Confidence and Satisfaction Index, 1,026 workers responded about their different levels of job satisfaction, in addition to their job that is overall self- confidence. Although somewhat down from last year’s Index, the movement downward was delicate enough in order to categorize their feelings as ‘stable’ in the mysterious globe of index rankers.

Casinos Employ Many

With almost a third associated with survey participants involved 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 satisfaction that is lowest away from 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 incredibly wealthy Asian whales be both impossibly demanding and tippers that are also great they winnings? Sure appears like it.

The ahead year

Now it just remains to be seen in the event that rest of 2013 will be since profitable as March appears enjoy it will be when all the numbers are entirely tallied.

We know one group particularly whom 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 prize that is record-breaking of €921,603 (those Euros translate to $1,193,291).

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

Better to Win, More Payouts

Suspended earlier this thirty days to ensure that BetVictor could make a few changes that are positive 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 often be won more and by more folks now,’ explained Horne. ‘The present jackpot will discover over €90,000 paid out to opted-in players playing at the exact same stakes as the winner, so even if you’re perhaps not during the table where it hits, you can share into the good fortune, and that is no bad beat.’

Opt Set for Players

Players trying to take part in the Bad Beat Jackpot now require to use the ‘opt-in’ option which can be found on all cash 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.

In an effort to increase the chances of winning, the new qualifying hand has been reduced from four-of-a-kind eights, to four-of-a-kind deuces.

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

It’s All Your Own

In addition, BetVictor, which was established in 1946 and became one of the earth’s leading independent bookmaking and gaming groups, has announced that there will likely be no administration fees involved, so that the complete jackpot are distributed to your players involved.

With increased chances of winning, and a record-breaking prize pool of almost one million euros just waiting to burst, BetVictor is certainly going to have its flooding gates battered down by those looking to play on low-stakes tables with the potential for a decent payout.