Man Jumps from Casino Ship to Escape Loan Sharks

Posted by Frederic BONHOMME
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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 every one of that money and are forced to strip to your skivvies and jump from your own 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 nationwide surnamed Lu found that out the way that is hard week, in accordance with the oriental newspaper Ming Pao. He allegedly borrowed HK$120,000 (approximately 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 near the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong when the man made their escape attempt (the loan sharks had been presumably up to speed with him) after burning through the borrowed money. He wrapped his documents and exactly what little cash 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 damp way home however, he had been acquired by another ship, which immediately brought him, soaking and sullen, to a nearby police section, and then after that to a healthcare facility for a check-up.

Whilst the guy premiered by authorities and has not been charged with any crime, the police are surely minimal of his worries at the moment, as he still has a formidable gambling debt hanging over his head, and likely some extremely angry people looking for him over it; individuals who probably weren’t particularly impressed by his decision to go for a late night swim.

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

You think you’ve got a gambling issue? 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 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

Surprisingly, there are people who throw money around at that crazy level in Vegas, so wagering $5K a hand at slots per se probably wouldn’t normally have raised too many eyebrows. Exactly What did catch the attention 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 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 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 regarding the New York Stock Exchange.

Money Problems

It had been last summer when CMT had to close straight down, after creditors relocated in to collect 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 Ca, 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 durations of slot play with a credit note for the rest of the cash deposited. The player can then take that note to a casino cashier, receive a look for the remaining quantity, deposit said sign in their bank account, and declare it as ‘gambling winnings’ on their tax returns ( which are then cancelled out 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 money 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 track some $670 million in missing money that has been raised through the company’s 2005 IPO. Also under investigation would be the company’s former finance director Takyung Tsang and his wife.

Might be a case of dirty laundry.

Macau Gaming Revenues Through the Roof for March

The economy may remain crawling back on its belly every-where else, but in Macau, money appears to be falling out in clumps of the sky, at the 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 new month-to-month record even for Macau. Aided by the last monthly tallies not really in yet, it’s predicted that last intakes could end up at a 25 per cent enhance 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 own exploded by having a 15 to 20 per cent development rate this year.

On the other hand for the Coin

Talk about trickle-down economics: seems nearly all of Macau’s casino industry workers are also having a year that is good far. In a 2013 study known as the Macau worker self-esteem and Satisfaction Index, 1,026 workers responded about their different levels of job satisfaction, also their overall task confidence. Although slightly down from last year’s Index, the movement downward had been simple sufficient to be able to categorize their feelings as ‘stable’ in the mysterious world of index rankers.

Casinos Employ Many

With nearly a third of the survey respondents involved in Macau’s booming casino industry, it would appear that non-casino employees have https://shmoop.pro/1984-by-george-orwell-part-one-summary/ ever-so-slightly higher job satisfaction than their casino worker counterparts, with croupiers posting the satisfaction that is lowest out of the entire gaming employee team. When considering to income, however, croupiers rake into 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 feels like it.

The Year Ahead

Now it just remains become seen if the rest of 2013 will likely be since profitable as March looks want it will be whenever all the true numbers are totally tallied.

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

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

More straightforward to Win, More Payouts

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

‘Will it reach €1 million? Who understands.? The changes suggest it will often be won more and by more folks now,’ explained Horne. ‘The present jackpot will dsicover over €90,000 paid out to opted-in players playing at equivalent stakes as the winner, so even although you’re perhaps not at the table where it hits, you’ll share in the good fortune, and that’s no bad beat.’

Opt In 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 money tables above €0.10/€0.20, at which point they will add €0.02 to the increasing jackpot each hand they play a tiny price to fund the opportunity to win a chunk of a huge prize.

So as to boost 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 % associated with reward pool are going to be distributed to players who have opted in during the stake level at which the jackpot is hit.

It’s All Your Own

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

With increased possibilities 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 decent payout.

Frederic BONHOMME