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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 fun and games and soon 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 national surnamed Lu found that out the way that is hard week, based on the china newsprint 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 sailing out into international waters, a ploy that is increasingly popular world over.

The ship had been somewhere near the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong when the man made their escape attempt (the loan sharks were presumably on board with him) after burning through the lent cash. He wrapped their documents and just what money that is little 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 had been found by another ship, which immediately brought him, soaking and sullen, to a police that is nearby, and then after that to the hospital for a check-up.

Whilst the man premiered by authorities and hasn’t been charged with any crime, law enforcement are certainly the least of his concerns at present, 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 think there is a gambling issue? Think 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 pumped 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

Surprisingly, there are people who throw money around at that crazy level in Vegas, so wagering $5K a hand at slots per se most likely 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 sums that are enormous be able to manage 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 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 absolutely nothing to do with his business CMT since before its IPO in 2005 on the New York Stock market.

Money Problems

It ended up being last summer whenever CMT had to close down, after creditors moved in to get 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 is now 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 went them through the fancy Strip slots.

How It Works

Here’s the shell game: the casino allows players cash out 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 amount that is remaining deposit said check in their particular bank account, and declare it as ‘gambling winnings’ on their tax returns ( which are then cancelled away by the same quantity in ‘gambling losses,’ needless to say.)

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 detectives to look into the CMT cash flow possibility, and the possibility of money laundering of CMT’s massive IPO funds.

Money Speaks

Now CMT’s liquidators are attempting to monitor some $670 million in missing cash which was raised through the company’s 2005 IPO. Also under investigation are the company’s previous finance director Takyung Tsang and their wife.

Could be a 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, money appears to be falling out regarding the sky, at least for its casino that is lucrative 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. 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 Side 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 self-esteem and Satisfaction Index, 1,026 workers responded about their various amounts of job satisfaction, also their overall work self- confidence. Although somewhat down from final year’s Index, the movement downward ended up being discreet enough to be able to categorize their emotions as ‘stable’ in the mysterious world of index rankers.

Casinos Employ Many

With nearly a third for the 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 publishing the satisfaction that is lowest out of the entire gaming employee group. In regards to income, however, croupiers rake into the greatest satisfaction of any of workers, gaming and non-gaming alike. Could all those incredibly wealthy Asian whales be both impossibly demanding and additionally great tippers when they win? Sure appears like it.

The ahead year

Now it just remains become seen in the event that rest of 2013 are going to be as lucrative as March looks want it will be whenever all the 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’re delighted in order to launch 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.

Better to Win, More Payouts

Suspended earlier this month to ensure BetVictor could create a few positive changes to the structure for the players, the jackpot can now be won more easily, with more benefiting from the payout too.

‘Will it achieve €1 million? Who knows.? The modifications suggest it will often be won more and by more folks 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 perhaps not during the table where it hits, you’ll share into the good fortune, and that is no bad beat.’

Opt In for Players

Players trying to participate in the Bad Beat Jackpot now need to use the ‘opt-in’ option that exist on all money tables above €0.10/€0.20, at which point they will contribute €0.02 to the increasing jackpot each hand they play a tiny cost to fund the opportunity to win a chunk of a big prize.

In an effort to raise 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, ten percent of this award pool is distributed to players who possess opted in at 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 now one of the earth’s leading bookmaking that is independent gaming groups, has established that there will be no administration fees involved, so the complete jackpot is distributed to your players involved.

With increased opportunities 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 potential for a payout that is decent.

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