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Man Jumps from Casino Ship to Escape Loan Sharks

Gambling on loan-shark borrowed cash is all enjoyable and games until you lose all of that money and are forced to strip to your skivvies and jump from your 3rd flooring cabin window aboard the casino ship that was the cause of 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, according to the china paper Ming Pao. He presumably borrowed HK$120,000 (more or less 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 cruising out into international waters, a ploy that is increasingly popular world over.

The ship was somewhere nearby the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong whenever man made his escape attempt (the loan sharks had been presumably on board with him) after burning through the lent cash. He wrapped his documents and exactly what little money he had left in plastic, stripped down, donned a life coat, and jumped from the screen of his cabin.

Rather than being free to swim to safety and make their wet way home however, he was picked up by another ship, which immediately brought him, soaking and sullen, to a nearby police section, and then from there to a healthcare facility for a check-up.

While the guy premiered by police and hasn’t been charged with any crime, the authorities are undoubtedly the least of his worries at present, as he still has a formidable gambling debt hanging over their mind, and likely some very angry people looking for him over it; people who probably weren’t particularly impressed by his decision to select a late night swim.

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

You are thought by you’ve got a gambling issue? What about $116,000 per month on a slots habit? That is 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 1984 chapter summaries 2010, playing with a whopping allowance from the man 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 wagering $5K a hand at slots per se probably would not have raised too many eyebrows. Just What did catch the interest of investigators, however, was the way in which Mrs. Xiaodong received the sums that are enormous be able to afford to play at that level, because one source shows that she could 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 footwear 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.

Cash Problems

It was last summer whenever CMT had to close down, after creditors relocated 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 has become 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 slot machines.

How It Works

Here’s the shell game: the casino allows players cash out from lengthy durations of slot play with a credit note for the remainder cash deposited. The ball player can then simply take that note to a casino cashier, get a check for the remaining amount, deposit said sign in their bank account, and declare it as ‘gambling winnings’ on their tax returns ( which are then terminated away by the same quantity 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 ancillary loss to cancel the wins out. But the concerns about where the cash emanated from were what led investigators to look into the CMT cash flow possibility, and the chance for money laundering of CMT’s massive IPO funds.

Money Talks

Now CMT’s liquidators are wanting to monitor some $670 million in missing cash that was raised during the business’s 2005 IPO. Also under investigation will be the company’s former finance director Takyung Tsang and his wife.

Is actually a case of dirty laundry.

Macau Gaming Revenues Through the Roof for March

The economy may be crawling back on its belly every-where else, however in Macau, cash seems to be receding of the sky, at the least for its casino that is lucrative industry.

A J.P. Morgan analyst estimates that March gross Macau gaming revenues for the world’s most successful gambling location ever will top down 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 regarding the Coin

Talk about trickle-down economics: seems the majority of Macau’s casino industry workers are also having a year that is good far. In a 2013 survey referred to as Macau worker Confidence and Satisfaction Index, 1,026 employees responded about their various levels of job satisfaction, also their overall work self- 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 the 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 publishing the lowest satisfaction out of the entire gaming employee team. When it comes to income, however, croupiers rake into 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 Year Ahead

Now it just remains to be seen in the event that rest of 2013 are going to be as lucrative as March appears like it will be when all the true numbers are completely tallied.

We know one group specially who is wishing for continued wealth 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 are delighted in order to introduce the Bad that is all-new Beat with an industry record-breaking award pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.

More straightforward to Win, More Payouts

Suspended earlier this month to make certain that BetVictor could make a few positive changes to the structure for the players, the jackpot is now able to be won more easily, with more benefiting from the payout too.

‘Will it reach €1 million? Who knows.? The modifications mean it will be won more regularly and by more and more people now,’ explained Horne. ‘The present jackpot will see over €90,000 paid out to opted-in players playing at the exact same stakes as the winner, so even although you’re not during the table where it strikes, you’ll share in the good fortune, and that is no bad beat.’

Opt Set for Players

Players looking to participate in the Bad Beat Jackpot now require to utilize the ‘opt-in’ option that you can get on all cash tables above €0.10/€0.20, at which point they are going to add €0.02 to your increasing jackpot each hand they play a tiny cost to cover the chance to win a chunk of a large prize.

In an effort to increase the chances of winning, the new hand that is qualifying 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, 10 percent of the prize 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 ended up being created in 1946 and became one of many earth’s leading bookmaking that is independent gaming groups, has announced that there is going to be no administration fees involved, so the complete jackpot are distributed to 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 potential for a decent payout.

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