Man Jumps from Casino Ship to Escape Loan Sharks

6 Feb

Man Jumps from Casino Ship to Escape Loan Sharks

Man Jumps from Casino Ship to Escape Loan Sharks

Gambling on loan-shark borrowed money is all fun and games until such time you lose every one 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 was the reason for your short-lived fun and subsequent woes, into the frigid waters of Hong Kong’s Victoria Harbor below.

A Chinese nationwide surnamed Lu discovered that out the hard way final week, based on the Chinese language magazine Ming Pao. He allegedly 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 close to the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong whenever man made their escape effort (the loan sharks were presumably on board with him) after burning through the lent money. He covered their papers and exactly what little money 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 damp way house however, he had been picked up by another ship, which immediately brought him, soaking and sullen, to a police that is nearby, and then after that to a medical facility for a check-up.

Whilst the man was launched by authorities and has not been charged with any crime, the police are certainly 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’ve got a gambling issue? How about $116,000 per on a slots habit month? That is exactly how much Bi Xiaodong, wife of China Medical Technologies (CMT) CEO Wu Xiaodong, is rumored to have moved 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

Contrary to popular belief, there are people who throw money around at that crazy level in Vegas, so betting $5K a hand at slots by itself most likely wouldn’t normally have raised too numerous eyebrows. What did catch the eye of investigators, however, was the way in which Mrs. Xiaodong received the enormous amounts to manage to manage 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 as well as for living expenses (begging the relevant 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 market.

Cash Dilemmas

It ended up being summer that is last CMT had to shut 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 is currently 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 went them through the fancy Strip slot machines.

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 simply take that note to a casino cashier, receive a check for the remaining quantity, deposit said check in their own bank account, and declare it as ‘gambling winnings’ on their tax statements ( which are then cancelled down 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 detectives to look into the CMT cash flow possibility, and the possibility for money laundering of CMT’s massive IPO funds.

Money Speaks

Now CMT’s liquidators are trying to track some $670 million in lacking money that has been raised throughout the business’s 2005 IPO. Also under investigation are the company’s previous finance director Takyung Tsang and his wife.

Could be a full case of dirty laundry.

Macau Gaming Revenues Through the Roof for March

The economy may nevertheless be crawling back on its belly every-where else, however in Macau, cash appears to be falling out in clumps regarding the sky, at the least for its profitable 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 monthly record even for Macau. Using the final monthly tallies not in yet, it’s predicted that final intakes could end up at a 25 per cent increase over the same amount of time in 2012, and it looks like that’s thanks to a proliferation of Asian whales, a sector that appears to have exploded by having a 15 to 20 % growth rate this season.

On the other hand associated with the Coin

Talk about trickle-down economics: seems the majority of Macau’s casino industry workers are also having a good year so far. In a 2013 survey known as the Macau worker self-esteem and Satisfaction Index, 1,026 employees responded about their different levels of job satisfaction, also their job that is overall self- confidence. Although somewhat down from final year’s Index, the movement downward had been simple enough to help you to categorize their feelings as ‘stable’ in the mysterious world of index rankers.

Casinos Employ Many

With nearly a third associated with the survey respondents involved 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 publishing the satisfaction that is lowest away from the entire gaming employee group. With regards to income, however, croupiers rake within the greatest satisfaction 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 Approaching Year

Now it just remains become seen in the event that rest of 2013 will likely be because lucrative as March looks like it will be whenever all the numbers are entirely tallied.

We know one group especially whom 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’re delighted in order to launch the Bad that is all-new Beat with an industry record-breaking reward pool of over €920,000,’ announced Andy Horne, head of poker at BetVictor.

Better to Win, More Payouts

Suspended earlier this month to make certain that BetVictor could create a few changes that are positive the structure for its players, the jackpot are 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 people now,’ explained Horne. ‘The current jackpot will dsicover over €90,000 paid out to opted-in players playing at equivalent stakes as the winner, so even although you’re not during the table where it hits, you are able to share within the good fortune, and that’s no bad beat.’

Opt In for Players

Players seeking to be involved in the Bad Beat Jackpot now need to utilize the ‘opt-in’ option which can be found on all cash tables above €0.10/€0.20, at 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 huge prize.

In order to increase the chances of winning, the new hand that is qualifying been reduced from four-of-a-kind eights, to four-of-a-kind deuces.

Whenever the happy winner manages to sweep up the jackpot, 10 percent for the reward pool will likely be distributed to players who possess opted in during the stake degree at which the jackpot is hit.

It’s All Yours

In addition, BetVictor, which was created in 1946 and is one of many world’s leading bookmaking that is independent gaming groups, has established that there is no administration fees involved, therefore the complete jackpot is distributed to your players involved.

With increased chances of winning, and a record-breaking award 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 because of the potential for a payout that is decent.

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