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Man Jumps from Casino Ship to Escape Loan Sharks

Man Jumps from Casino Ship to Escape Loan Sharks

Gambling on loan-shark borrowed cash is all enjoyable and games unless you lose most of that money and are forced to strip to your skivvies and jump from your own 3rd flooring cabin window 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 hard way last week, in accordance with the Chinese language magazine Ming Pao. He presumably borrowed HK$120,000 (more or less 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 sailing out into international waters, a ploy that is increasingly popular world over.

The ship ended up being somewhere near the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong whenever man made his escape effort (the loan sharks were presumably on board with him) after burning through the lent money. He covered their documents and just what little cash he 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 was found by another ship, which quickly brought him, soaking and sullen, to a nearby police station, and then from there to the hospital for a check-up.

While the man was launched by police and has not been charged with any crime, the police are surely the least of his worries 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 do have a gambling problem? How about $116,000 per month on a slots practice? That’s exactly 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 man from whom she was then separated.

Washed Out

Surprisingly, you will 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 many eyebrows. Exactly What did catch the eye of investigators, however, was the way that Mrs. Xiaodong received the enormous amounts to be able to afford to play at that level, because one source suggests 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 and for living expenses (begging the question of whether her kids had shoes 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 in the New York Stock Exchange.

Cash Problems

It was last summer when CMT had to shut down, after creditors moved in to gather missing interest re payments from the company summary of part one of 1984, 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 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 slots.

How It Works

Here’s the shell game: the casino lets players cash down from lengthy periods of slot play with a credit note for the rest of the cash deposited. The gamer can then take that note to a casino cashier, get a look for the remaining quantity, deposit said check in their very own bank account, and declare it as ‘gambling winnings’ on their tax statements ( that are then terminated 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 amount of 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 trying to monitor some $670 million in lacking cash that has been raised during the business’s 2005 IPO. Also under investigation would be the company’s former finance director Takyung Tsang and their wife.

Is actually a full case of dirty laundry.

Macau Gaming Revenues Through the Roof for March

The economy may remain crawling back on its belly everywhere else, but in Macau, cash seems to be falling out of this sky, at 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. Because of the final monthly tallies not even in yet, it’s predicted that final intakes could end up at a 25 % increase over the exact same time in 2012, and it looks like that is thanks to a expansion of Asian whales, a sector that appears to own exploded having a 15 to 20 per cent development rate this present year.

On the other hand of the Coin

Talk about trickle-down economics: seems nearly all of Macau’s casino industry workers are also having a good year so far. In a 2013 survey known as the Macau Employee self-esteem and Satisfaction Index, 1,026 employees responded about their various amounts of job satisfaction, along with their job that is overall self- confidence. Although slightly down from last year’s Index, the movement downward had been slight enough in order to categorize their emotions as ‘stable’ in the mysterious world of index rankers.

Casinos Employ Many

With nearly a third of this survey respondents working in Macau’s booming casino industry, it seems 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 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 additionally great tippers whenever they winnings? Sure sounds like it.

The Approaching Year

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

We understand one group particularly who 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 having 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 thirty days in order that BetVictor could create a few positive changes to the structure for the players, the jackpot is now able to be won more effortlessly, with more benefiting from the payout too.

‘Will it achieve €1 million? Who knows.? The modifications suggest 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 the exact same stakes as the winner, so even if you’re perhaps not at the table where it strikes, you can share in the good fortune, and that’s no bad beat.’

Opt Set for Players

Players looking to be involved in the Bad Beat Jackpot now need 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 will contribute €0.02 to the increasing jackpot each hand they perform a little cost to pay for the chance to win a chunk of a big prize.

In order 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 happy winner manages to sweep the jackpot up, 10 percent of this award pool will likely be 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 became one of the planet’s leading bookmaking that is independent gaming groups, has announced that there are going to be no administration fees involved, so the complete jackpot is 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 flooding gates battered down by those looking to play on low-stakes tables with the chance of a payout that is decent.

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