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More Trouble in Manila for Kazuo Okada and Associates

more-_toubl_-in_manila_for_kazuo_okada_and_associatesassociatesvn1In 2022, Japanese Pachinko billionaire and former Steve Wynn associate, then nemesis, Kazuo Okada staged a boardroom raid on his “former” property in the Philippines, Okada Manila. Now a trial court has ordered his arrest on charges of pilfering money from the massive casino complex’s coffers during the time of forced control of the property.

Arrest warrants were issued for Okada along with a dozen other associates of his including most notably Antonio “Tonyboy” Cojuangc and, Dindo Espeleta for the crime of “qualified theft” according to reports out of Asia.

Regional Trial Court Judge Issued Warrants

Presiding Judge Hon. Regina Paz A. Ramos-Chavez of the Regional Trial Court Branch 274 issued the arrest warrants.

According to reports in Asian gaming media, “Qualified Theft” falls under provisions of Article 310 of the Revised Penal Code of the Philippines, and involves theft in cases of “grave abuse of confidence” and it carries harsher penalties than some other type of theft.

Art. 310. Qualified theft. – The crime of qualified theft shall be punished by the penalties next higher by two degrees than those respectively specified in the next preceding article.

An article from Inside Asia Gaming purports to have received confirmation and more details from Okada Manila representatives that indicate the theft could have been circa Php500 million – a little over US$9m and that the alleged theft involved simply siphoning money from the casino cashier cage.

Motions to suspend or delay the proceedings that led to the issuance of warrants were reportedly denied by the judge even though the accused may have been appealing the decision with the Secretary of the Department of Justice as such an appeal does not hold proceeding in abeyance based on the judge’s interpretation of the country’s National Prosecution Service Rule on Appeal.

Judge Ramos-Chavez determined there was probable cause to issue warrants for all of those accused in the matter stating: “The counter-allegations of the accused, being evidentiary in nature, are best threshed out in a full-blown trial.”

Early last year the Supreme Court of the Philippines issued an order of Status Que Ante Order (SQAO) which, in effect instructed then-current board members to temporarily restore the Tiger Resorts, Leisure and Entertainment Inc (TRLEI) operators board to its status prior to the removal of Okada from the board in 2017.

While the matter was still being considered for litigation and no direct order to relinquish control by a date certain was issued, that was enough for Okada’s associates to mount a raid on the offices and forcibly retake the property on May 31, 2022. About 50 invaders took over the resort including private security guards and some local police officers.

DOJ Ruled Okada Had No Right to Take Forcible Control of Casino

The Department of Justice ruled about three months later that the SQAO was not an imminent order to, nor give Okada the right to retake and control the property by force, and by early September 2022, the ousted board took its chairs again.

Along the way, Okada and others were indicted for “grave coercion” for bodily removing the existing board and indictments were issued. However, potential kidnapping charges were dismissed. Okada flew to the Philippines and turned himself over to authorities when the indictment was issued. He was released on bail the same day. The group pleaded not guilty to the charges.

The TRAL-backed board accused Kazuo Okada’s representatives in July 2022 of pilfering funds from the cashier cage in response to its assets being frozen, according to some reports.

Source: Philippines Court orders arrest of Kazuo Okada, Tonyboy Cojuangco, Dindo Espeleta and associates for qualified theft, Inside Asia Gaming, July 12, 2023

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Palms Casino Resort Puppy Theft Leads to Massive Search in Las Vegas

Danny, a 10-week-old Pomeranian puppy, was stolen on June 28 from the Palms Casino Resort.

Danny, a puppy
Danny, a puppy, pictured above. He was stolen from the Palms Casino last month. (Image: Gary Stout)

He has not been seen since. Co-owner Gary Stout has been searching for him daily.

$1K Reward

Stout is now offering a $1K reward for his return, with no questions asked.

Here is a description: Danny is almost completely black. He has a white patch of fur on his chest and on the tips of his paws, according to Las Vegas TV station KTNV.

The dog was last seen in a black carrier that was on the floor near Stout’s girlfriend while she was at the Palms.

Earlier this month, Las Vegas Metropolitan Police Department (LVMPD) officers provided Stout photos and video of the suspected puppy-napper.

On Wednesday, LVMPD officers posted photos and a description on social media of the thief. He was wearing a green hat, a white T-shirt and black pants at the time of the crime.

On a social media post, the LVMPD said its detectives “are seeking the public’s assistance to identify [the] … suspect involved in the theft of a dog that occurred … in the 4300 block of West Flamingo Road.”

It is believed the dog thief grabbed the carrier and put the puppy in bushes at the Palms.

Two hours later, he picked up the dog and carried it with him as he walked toward the Gold Coast Hotel and Casino, KTNV reported.

There are several apartment buildings near the Gold Coast, too.

The puppy if sold by the thief, it could fetch a few thousand dollars given its breed, according to KTNV. If there are new owners, they may not realize the puppy was stolen or that the legal owners were searching for him.

Stout spends many nights out on the streets of Las Vegas asking pedestrians if they have seen the dog. Recovering the dog is very important to him and his girlfriend.

Puppy Is Like a Child

You know, we don’t have any kids,” Stout recently told KTNV. “That is my kid, in my eyes. Any true dog owner would understand it.”

The couple had owned the puppy for about a month when it was stolen.

They planned to put a micro-chip in Danny when he was given his first round of shots. That way they could track him.

But Danny being a few weeks old — that was too soon to get those shots. So, they waited not expecting the theft of their beloved pet.

They continue to wait and search for his safe return.

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Donald Trump 2024 Odds Hold Steady Despite Another Federal Probe

Former President Donald Trump said Tuesday he’s been notified by the US Department of Justice (DOJ) of a federal probe into his alleged efforts to overturn the results of the 2020 presidential election won by President Joe Biden.

Donald Trump 2024 odds Joe Biden presidential election
Former President Donald Trump stops at a restaurant in Miami’s Little Havana on June 13, 2023. Trump is expected to soon be indicted by a federal grand jury for a second time. (Image: Getty)

The DOJ inquiry is the latest federal investigation into the 45th president of the United States.

Trump was hit with a 37-count federal indictment last month for his alleged mishandling of classified documents that he took with him after being evicted from the White House to his Mar-a-Lago estate in Palm Beach. In March, Trump was indicted in New York on 34 felony charges of allegedly falsifying business records.

Despite the legal issues surrounding his 2024 presidential campaign — the billionaire and former casino tycoon’s fourth official presidential effort — Trump remains the betting front-runner to secure the Republican Party’s nomination to challenge Biden next year.

Odds Hold Steady

On the online political betting exchange PredictIt, Trump is still the heavy favorite to win the GOP’s presidential ticket for a third consecutive time.

PredictIt’s market asking, “Who will win the 2024 Republican presidential nomination?” has Trump’s shares at 60 cents.

Florida Gov. Ron DeSantis (R), once seen as the GOP favorite and the potential new leader of the Republican party, has run a lackluster 2024 campaign since announcing his bid via Twitter in May. DeSantis’ 2024 shares for the Republican ticket are at just 20 cents.

American entrepreneur Vivek Ramaswamy has the third-shortest GOP odds at 10 cents. Winning PredictIt shares are redeemed at $1 once the market is resolved.

Though he faces a myriad of federal charges, Trump says the allegations are meritless and represent just the latest in the Democrats’ ongoing “witch hunt.”

Deranged [DOJ Special Counsel] Jack Smith, the prosecutor with Joe Biden’s DOJ, sent a letter … stating that I am a target of the January 6th grand jury investigation and giving me a very short four days to report to the grand jury, which almost always means an arrest and indictment,” Trump wrote on his Truth Social platform.

“So now, Joe Biden’s Attorney General Merrick Garland, who I turned down for the United States Supreme Court (in retrospect, based on his corrupt and unethical actions, a very wise decision!), together with Joe Biden’s Department of Injustice, have effectively issued a third indictment and arrest of Joe Biden’s number one political opponent,” Trump added.

Biden 2024 Favorite

Trump went on to claim that he’s “dominating” Biden in the 2024 presidential race, a claim that’s not necessarily backed by recent polling and odds.

According to the recent polling average compiled by Real Clear Politics, Biden maintains a slim 0.4-point advantage over Trump. PredictIt bettors also believe the incumbent is the front-runner with 475 days until the Nov. 5, 2024, Election Day.

Biden’s shares on the PredictIt market, “Who will win the 2024 US presidential election?” are trading at 44 cents to Trump’s shares at 37 cents. DeSantis is a distant third at 14 cents. California Gov. Gavin Newsom (D) and VP Kamala Harris round out the top five, with their shares respectively at 10 cents and four cents.

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Australian Aristocrat, Ainsworth Pioneer Len Ainsworth is 100 Years Old

australian_aristocrat_ainsworth_pioneer_len_ainsworth_is_100_years_old_oldvm1The gaming industry has cause to celebrate a true pioneer and ambassador of gaming this month with the 100th birthday of Len Ainsworth – the Australian innovator whose games not everyone loved but who left his mark indelibly on the industry so many of the precious years of life he devoted to it

To say he has been a somewhat controversial figure would be putting it mildly – to say he is loved and honored by all for his work would be a half-truth at best. However, he has always been his own man, and in the rugged country of Australia, that alone is enough to gain him respect. The fact that he stuck to it, through thick and thin should earn him respect anywhere.

A Century in the Making

Born on July 11th, 1923, Leonard Hastings Ainsworth is simply an icon as is his legacy in gaming – even from a purely mechanical, maths, and entertainment standpoint but there is always so much more to the picture of a survivor and a winner.

Some have even called him the devil incarnate – what he is, even today, is most certainly an enigma – hard to sort, difficult to understand completely in retrospect, and always a bit of a mysterious figure for such a well-known name. In fact, the enigma begins in his first year of life as Wikipedia lists his year of birth as “1922 or 1923” – since he is celebrating his 100th birthday this week, we’ll go with the latter.

He established himself in his first major company in 1933, Ainsworth Consolidated Industries of Australia building on his father’s work and created one of his most well-known brands in 1953 with Aristocrat Leisure. His family still maintains significant control of Ainsworth. The company’s journey to online gaming was not smooth and lucrative from the beginning but eventually, the company inked a deal with the former NYX (now part of the rebranded Scientific Games known as Light & Wonder) to distribute its legendary titles in 2013.

In the interim, he created Ainsworth Game Technology which enjoys sales in over 50 countries while other related titles are available in more than 200 jurisdictions. Some countries, such as Australia, have multiple gaming jurisdictions making it difficult to line up some of the numbers for a more precise recounting.

A recent posting on the company’s website announced his imminent centenary, the marvel said he wanted to express his gratitude for the support he has received and the successes he’s had thanks to family, friends, and many colleagues.

“I feel privileged to have reached this milestone and to have seen how the gaming industry has evolved and flourished over the years. I have been fortunate in establishing a worldwide reputation for quality equipment that continues to lead the field and that pleases me to no end. I have worked with many great people along the way, without them none of it would be possible.” said Mr Ainsworth.

Mr. Ainsworth’s foundation gives back to the Australian communities that supported him in his endeavors as well. The Ainsworth Foundation supports Australians in every community with education, healthcare, medical research, and other important causes. “Personally, I’m most proud that my good fortune enables me to support so many worthwhile causes,” he said.

Perhaps more important to an outside observer would be the legacy he has created in empowering individuals to reach their full potential by fostering an environment of innovation and creativity that has become a culture in its own right within and beyond the company.

One of those who is a beneficiary of his mentoring and tutelage is the current Chairman of Ainsworth Game Technology, Danny Gladstone, who said: “I started my career in the gaming industry 50 years ago working for Len. It was a privilege to then have the opportunity to work with him again 16 years ago at Ainsworth and build on his legacy. He is a true icon globally and our industry would not be what it is without him. I wish him all the very best on his 100th birthday.”

Another Side of the COin

However, most people don’t live to be 100 and become profoundly wealthy without leaving a wake in the still waters of life. Australian pokie opponents have blamed him directly for gambling harm that has come to some citizens. With those rifts and age, many centenarians can also become a bit salty, as may be the case with Ainsworth.

The Weekend Australian Magazine visited him at home on Sydney’s Hunters Hill a few weeks ago and he reportedly didn’t mince any words when a reporter asked him to share what he thought about people who say his “actions” throughout his career may have been “evil”. Ainsworth replied:“It is offensive to me. feel that the people who criticize me are mainly people who are narrow-minded bigoted bastards, that’s what it comes down to. They need to get on with their own lives and not interfere with others.”

When asked if he was, indeed, the devil incarnate the quick-witted 99-year-old replied: “If they want to paint me that way, I don’t mind. Besides which, they can all get stuffed.”

Source: Celebrating Len Ainsworth on his 100th Birthday, Ainsworth, 6-7-2023

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Fontainebleau Las Vegas Still Poised for 2023 Opening – First Regulatory Hurdle Cleared

fontainebleau_las_vegasFontainebleau Las Vegas is well on its way to opening in December with a preliminary Nevada Gaming Control Board suitability hearing in the rearview mirror and a Nevada Gaming Commission hearing on July 27 which almost certainly result in a recommendation to grant the property a license in November. Then, it’s all blue skies, or Fontainebleau wrapping up the details to open in December – finally, after breaking ground in 2007 and investing nearly $4 billion dollars in the development and surrounding economy.

Long Time in Development, Multiple Setbacks

The nearly 70-floor property has stood out on The Strip for years, at one point, it was swathed in white construction wrapping and called an eye-sore by neighboring businesses when in the hands of another owner.

A quick rundown of the type of property visitors can expect when it is opened all point to a high-end experience with over 400 suites included in a count of over 3,500 hotel rooms.

The casino space will be modest by the percentage of total floor space with about 150,000 sq ft of gaming area holding 128 gaming tables and 1,300 slots. High rollers and mid-rollers will be catered to with nearly 20,000 sq ft of VIP gaming space and over 3,000 square feet of domestic high-limit floor. There will reportedly be 6 Salons Privé. Sports bettors will find a dedicated space of more than 13,000 square feet.

The casino will be at ground level with a retail promenade above it and health and fitness above that. Over half a million square feet of convention and meeting space is included with one area covering over 100,000 square feet making it the second-largest meeting hall in the market.

About half of the dining space will be high-end and the remainder reserved for casual dining. The upscale areas will include international chefs and globally recognized brands.

Nightlife has not been overlooked with a nightclub as well as a day club and a theater to seat nearly 4,000 visitors. Development partner “It’s an arena-size theater stage and it will be a multi-purpose room,” Fontainbleau development partner Brett Mufson said. “We will have residences and host groups and meetings, speaker series, and car events.”

To Employ 7,000+

Nearly 4,000 workers are currently on site and operations will require more than 4,500 full-time workers and nearly 2,000 part-time employees. At full operational capacity, including partner employees, over 7,000 people will be employed with some 250 in executive positions.

At Wednesday’s preliminary hearing, Jeffrey Soffer and Brett Mufson of Fontainebleau Development were found suitable to operate the property. They will face the Gambling Board soon for what usually results in a rubber stamp after a few tough questions that may be left dangling, giving applicants a chance to tidy up any loose ends and give finality to any open questions not fully addressed at the preliminary hearing. In this case, it may be a tax matter from a decade ago and whether any debt forgiveness was included in Soffer’s repurchase of the loan involved in the property.

Soffer was the original developer, but he ran into difficulties when the great recession set in and turned the economy upside down in 2008. The current development also includes the deep pockets of Koch Industries’ real estate investment subsidiary, Koch Real Estate Investments. Raider/investor Carl Icahn owned the property for a while but it didn’t progress toward opening under his ownership.

Concerning the “suitability” issue that was brought up during the hearing, gambling lawyer Frank Schreck provided some detail. Schreck said:

“The focus of the investigation appears to be an analysis of a loan related to the development of Town Square more than 10 years ago. It was purchased from the lender by Jeff Soffer and his sister Jackie. According to Mr. Soffer’s counsel, Rod Rosenstein, the former Acting Attorney General, the issue seems to be whether or not there was any debt forgiveness related to the repurchase of that loan. We are still unsure whether Mr. Soffer’s tax accountants properly accounted for any forgiveness in the complicated transaction.”

Thanks to the consequences of the “Great Recession” of the late 2000s, Soffer reportedly had hundreds of millions of dollars of net operating losses. These would presumably be available on paper to take care of any tax liability.

Second Chances

Soffer has owned the property again since February 2021.

“Soffer said, “It’s been a full circle with this development and I’m excited to be able to finish this. It’s going to be fabulous for Las Vegas. It’s definitely a little different than originally planned. It’s much more upscale.”

According to an article in CDC Gaming Reports, Gaming Control Board Chair Kirk Hendrick didn’t have any concerns about earlier failures of the property during the “economic downturn” of the 2000s.

“I’m very excited for that part of the Strip to see some revitalization and your property move forward,” Hendrick said.

According to local ABC News affiliate KTNV, US casinos made a record-breaking $60 billion in revenue in 2022. Nevada casino operators accounted for $14.8 billion, and casinos on the Strip accounted for more than 10%, or $8.2 billion of the entire nation’s gambling revenues, making the Las Vegas Strip the top gaming market in America. A distant second was Atlantic City with 2022 revenues of $2.8 billion last year.

Source: Fontainebleau Las Vegas on track for November licensing ahead of December opening, CDC Gaming Reports, July 12, 2023

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