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 enjoyable and games unless 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 which 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 of the hard way final week, according to the china magazine Ming Pao. He presumably borrowed HK$120,000 (more or less US$15,460) from loan sharks and embarked for a evening 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 had been someplace nearby the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong when the man made his escape attempt (the loan sharks had been presumably up to speed with him) after burning through the borrowed cash. He covered his papers and exactly 1984 by george orwell summary 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 damp way home however, he was acquired by another ship, which quickly brought him, soaking and sullen, to a nearby police section, and then from there to the hospital for a check-up.

Whilst the guy was launched by authorities and hasn’t been charged with any crime, law enforcement are surely the least of his concerns at the moment, 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 go for a late night swim.

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

You are thought by you have a gambling problem? What about $116,000 per month on a slots practice? That’s 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 man from whom she was then separated.

Washed Out

Surprisingly, there are people who throw money around at that crazy level in Vegas, so betting $5K a hand at slots by itself probably wouldn’t normally have raised too many eyebrows. Just What did catch the eye of investigators, however, was the way that Mrs. Xiaodong received the enormous sums to be able to manage to play at that level, because one source suggests 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 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 on the New York Stock market.

Cash Problems

It ended up being last summer whenever CMT had to shut down, after creditors moved in to get 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 happens to be 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 allows players cash down from lengthy durations of slot play with a credit note for the rest of the money deposited. The player can then take that note to a casino cashier, receive a check for the remaining quantity, deposit said sign in their own bank account, and declare it as ‘gambling winnings’ on their tax returns ( which are then cancelled down by the same quantity in ‘gambling losses,’ of course.)

Reports say that Bi Xiaodong declared close to $17 million on her comes back in wins between 2009 and 2011, with the loss that is ancillary 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 chance 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 through the business’s 2005 IPO. Also under investigation would be the company’s former finance director Takyung Tsang and his wife.

Is actually 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, but in Macau, money seems to be falling out of this sky, at 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 out at $3.67 billion, a new monthly record even for Macau. With all the final monthly tallies not in yet, it is 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 as a result of a proliferation of Asian whales, a sector that appears to own exploded having a 15 to 20 % development rate this year.

On the Other Side for 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 study referred to as Macau Employee Confidence and Satisfaction Index, 1,026 employees responded about their various levels of job satisfaction, along with 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 very nearly a third regarding the survey respondents working 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 satisfaction that is lowest out of the entire gaming employee group. 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 incredibly wealthy Asian whales be both impossibly demanding and tippers that are also great they win? Sure sounds like it.

The Approaching Year

Now it just remains become seen in the event that rest of 2013 is since profitable as March looks want it will be when all the numbers are entirely tallied.

We understand 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 record-breaking award pool 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 reward 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 make a few positive changes to the structure for the players, the jackpot can now be won more effortlessly, with more benefiting from the payout too.

‘Will it achieve €1 million? Who understands.? The changes mean 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 exactly the same stakes as the winner, so even although you’re not at the table where it hits, you can share in the good fortune, and that is no bad beat.’

Opt Set for Players

Players trying to take part in the Bad Beat Jackpot now require to make use of the ‘opt-in’ option that exist on all cash tables above €0.10/€0.20, at which point they are going to contribute €0.02 to your increasing jackpot each hand they play a little cost to pay for the opportunity to win a chunk of a large 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.

Whenever the lucky winner manages to sweep the jackpot up, 10 % for the reward pool will be distributed to players who possess opted in at the stake level at which the jackpot is hit.

It’s All Yours

In addition, BetVictor, which ended up being created in 1946 and is becoming one of many world’s leading bookmaking that is independent gaming groups, has announced that there are no administration fees involved, so the complete jackpot will be distributed towards 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 have its flood gates battered down by those looking to play on low-stakes tables because of the chance of a payout that is decent.

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