Man Jumps from Casino Ship to Escape Loan Sharks

Posted on February 6, 2020 by Phillis Brooks

Man Jumps from Casino Ship to Escape Loan Sharks

Gambling on loan-shark borrowed money is all enjoyable and games and soon 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 has been the reason 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 hard way last week, according to the Chinese language paper Ming Pao. He presumably borrowed HK$120,000 (approximately 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 ended up being someplace near the Eastern Harbor Crossing Tunnel between Lei Yue Mun and Kwun Tong whenever man made their escape attempt (the loan sharks were presumably on board with him) after burning through the lent money. He wrapped their documents and just what little cash he had left in plastic, stripped down, donned a life coat, and jumped from the window of his cabin.

Rather than being free to swim to safety and make his wet way house however, he was found by another ship, which quickly brought him, soaking and sullen, to a police that is nearby, and then after that to a medical facility for a check-up.

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

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

You think you do have a gambling issue? How about $116,000 per month on a slots habit? That’s just 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 a whopping allowance from the man from whom she was then separated.

Washed Out

Contrary to popular belief, there are individuals who throw money around at that crazy level in Vegas, so wagering $5K a hand at slots by itself probably will never have raised too many eyebrows. What did catch the eye of investigators, however, was the way that Mrs. Xiaodong received the enormous sums to manage to manage to play at that level, because one source suggests that she may 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 and 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 regarding the New York Stock Exchange.

Cash Dilemmas

It had been last summer whenever CMT had to close straight 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 is currently 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 slot machines.

How It Works

Here’s the shell game: the casino allows players cash out from lengthy durations of slot play with a credit note for the remainder cash deposited. The gamer can then simply take that note to a casino cashier, get a check for the remaining amount, deposit said check in their own bank account, and declare it as ‘gambling winnings’ on their taxation statements ( which are then cancelled out by the same quantity in ‘gambling losses,’ of course.)

Reports say that Bi Xiaodong declared near 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 concerns about where the cash emanated from were what led investigators to look into the cash that is CMT possibility, and the probability of money laundering of CMT’s massive IPO funds.

Money Speaks

Now CMT’s liquidators are attempting to track some $670 million in lacking money that was raised during the business’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 stomach everywhere else, but in Macau, cash appears to be receding of the sky, at the least for its lucrative casino industry.

A J.P. Morgan analyst estimates that March gross Macau gaming revenues for the world’s most successful gambling location ever will top out at $3.67 billion, a new monthly record even for Macau. Because of the final monthly tallies not even in yet, it is predicted that last intakes could end up at a 25 % increase over the exact same amount of time in 2012, and it looks like that’s as a result of a expansion of Asian whales, a sector that appears to own exploded having a 15 to 20 percent development rate this present year.

On the other hand for the Coin

Talk about trickle-down economics: seems nearly all of Macau’s casino industry employees 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, in addition to their overall job self- confidence. Although somewhat down from last year’s Index, the movement downward was discreet enough in order to categorize their feelings as ‘stable’ in the mysterious globe of index rankers.

Casinos Employ Many

With almost a third of this survey participants involved 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 posting the satisfaction that is lowest away from the entire gaming employee group. When considering 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 winnings? Sure feels like it.

The Approaching Year

Now it just remains become seen in the event that rest of 2013 are as lucrative as March appears want it will be whenever all the true numbers are completely tallied.

We know one group especially 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 having 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 so that BetVictor could make a few positive changes to the structure because of 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 knows.? The changes suggest it will often be won more and by more folks now,’ explained Horne. ‘The current jackpot will dsicover over €90,000 paid out to opted-in players playing at the exact same stakes as the winner, so even although you’re maybe not at the table where it strikes, it is possible to share within the good fortune, and that’s no bad beat.’

Opt In for Players

Players trying to be involved in the Bad Beat Jackpot now require to utilize the ‘opt-in’ option that you can get on all cash tables above €0.10/€0.20, Each hand they play a small price to pay for the chance to win a chunk of a big prize at which point they will contribute €0.02 to the increasing jackpot.

In an effort to raise the chances of winning, the new qualifying hand has been paid down from four-of-a-kind eights, to four-of-a-kind deuces.

When the happy winner manages to sweep up the jackpot, 10 % of this reward pool is distributed to players who have 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 becoming one of many earth’s leading bookmaking that is independent gaming groups, has announced that there will be no administration fees involved, so that the complete jackpot is distributed towards the players involved.

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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 flood gates battered down by those looking to play on low-stakes tables utilizing the possibility of a decent payout.