Man Jumps from Casino Ship to Escape Loan Sharks

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Man Jumps from Casino Ship to Escape Loan Sharks

Gambling on loan-shark borrowed cash is all fun and games before you lose each of that money and are forced to remove to your skivvies and jump from your floor that is third cabin aboard the casino ship that has been 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, in accordance with the china newsprint Ming Pao. He presumably 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 sailing out into international waters, a ploy that is increasingly popular world over.

The ship was somewhere near the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong if the man made his escape effort (the loan sharks were presumably on board with him) after burning through the borrowed cash. He wrapped his documents and 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 damp way home however, he had been found by another ship, which promptly brought him, soaking and sullen, to a police that is nearby, and then after that to the hospital for a check-up.

Although the guy premiered by authorities and hasn’t been charged with any crime, law enforcement are surely the least of his concerns at present, as he still has a formidable gambling debt hanging over their head, and likely some very angry people searching for him over it; individuals who probably weren’t particularly impressed by his decision to opt for a late night swim.

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

You think you’ve got a gambling problem? How about $116,000 per on a slots habit month? That’s exactly 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 person from whom she was then separated.

Washed Out

Believe it or not, you can find individuals who throw money around at that crazy level in Vegas, so betting $5K a hand at slots by itself probably will never have raised too numerous eyebrows. Exactly What did catch the interest of investigators, however, was the way in which Mrs. Xiaodong received the enormous sums to manage to afford to play at that level, because one source shows 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 question of whether her kids had footwear or milk to take in); 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.

Money Dilemmas

It was 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 has become 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 slots.

How It Works

Here’s the shell game: the casino allows players cash down from lengthy periods of slot play with a credit note for the remainder cash deposited. The player can then simply take that note to a casino cashier, receive a check for the amount that is remaining deposit said check in their particular bank account, and declare it as ‘gambling winnings’ on their tax statements ( which are then cancelled away by the same amount 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 ancillary loss to cancel the wins out. But the questions about where the funds emanated from were what led investigators 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 monitor some $670 million in lacking cash that has been raised during the company’s 2005 IPO. Also under investigation would be the company’s previous finance director Takyung Tsang and their wife.

Might be a case of dirty laundry.

Macau Gaming Revenues Through the Roof for March

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

A J.P. Morgan analyst estimates that March gross Macau video gaming revenues for the world’s most successful gambling destination ever will top away at $3.67 billion, a brand new month-to-month 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 reverse side associated with the Coin

Talk about trickle-down economics: seems most of Macau’s casino industry workers are also having a year that is good far. In a 2013 study known as the Macau Employee self-esteem and Satisfaction Index, 1,026 employees responded about their various levels of job satisfaction, as well as their job that is overall self- confidence. Although slightly down from last year’s Index, the movement downward ended up being subtle sufficient to be able to categorize their feelings as ‘stable’ in the mysterious globe of index rankers.

Casinos Employ Many

With almost a third of this survey respondents working 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 away from the entire gaming employee group. With regards to income, however, croupiers rake in 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 whenever they winnings? Sure sounds like it.

The Approaching Year

Now it just remains to be seen if the rest of 2013 are as profitable as March looks want it will be when all the numbers are totally tallied.

We know one group particularly who 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 record-breaking reward pool of €921,603 (those Euros translate to $1,193,291).

‘we are delighted in order to launch the all-new Bad Beat Jackpot 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 thirty days to make certain that BetVictor could create a few changes that are positive the structure because of its players, the jackpot can now be won more effortlessly, with more benefiting from the payout too.

‘Will it reach €1 million? Who knows.? The modifications mean it will be won more frequently and by more individuals 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 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 trying to participate in the Bad Beat Jackpot now require to make use of the ‘opt-in’ option which can be found on all money tables above €0.10/€0.20, of which point they are going to contribute €0.02 towards the increasing jackpot each hand they play a little price to pay for the chance to win a chunk of a large prize.

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

Whenever the lucky winner manages to sweep up the jackpot, ten percent of this award pool will likely be distributed to players who possess opted in during the stake degree at which the jackpot is hit.

It’s All Your Own

In addition, BetVictor, which had been established in 1946 and is becoming one of the earth’s leading independent bookmaking and gaming groups, has announced that there will be no administration fees involved, so that the complete jackpot will be distributed towards the players involved.

With increased possibilities of winning, and a record-breaking award pool of almost one million euros just waiting to burst, BetVictor is certainly going to have its flood gates battered down by those looking to play on low-stakes tables because of the chance of a payout that is decent.