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$24b to zero: Sam Bankman-Fried’s fortune dissolves in days - November 14, 2022

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$24b to zero: Sam Bankman-Fried’s fortune dissolves in days - November 14, 2022

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The entire $US16 billion ($24 billion) fortune of former FTX co-founder Sam Bankman-Fried has been wiped out, one of history’s greatest-ever destructions of wealth.

The downfall of his crypto empire – which filed for bankruptcy on Friday along with his resignation – means assets owned by the mogul once likened to John Pierpont Morgan have become worthless. At the peak, the 30-year-old was worth $US26 billion, and he was still worth almost $US16 billion at the start of last week.

The Bloomberg Billionaires Index now values FTX’s US business – of which Bankman-Fried owns about 70 per cent – at $US1 because of a potential trading halt, from $US8 billion in a January fundraising round. Bankman-Fried’s stake in Robinhood Markets valued at more than $US500 million was also removed from his wealth calculation after Reuters reported it was held through his trading house, Alameda Research, and may have been used as collateral for loans. FTX.US and Alameda were also part of the bankruptcy filing.

In announcing it was filing for Chapter 11 bankruptcy, FTX said Friday in a statement that Bankman-Fried has resigned as chief executive officer and will be succeeded by John J. Ray III. Ray, a turnaround and restructuring expert, previously served senior roles in bankruptcies including Enron’s. The initial filings offered no explanation for the firm’s downfall.

More than 130 entities tied to FTX.com, FTX US and trading firm Alameda Research Ltd. were listed in filings at federal court in Delaware, with the Alameda petition listing assets and liabilities of at least $US10 billion each. That easily makes it the biggest bankruptcy in the US this year, affecting investors and other counterparties globally.

“It’s such an unfortunate, stunning and shocking moment for the industry,” Owen Lau, analyst at Oppenheimer & Co. said. “There will be a lot of angry investors, angry customers and angry regulators around the world.”

Employees are expected to continue with the company and “assist Ray and independent professionals” during bankruptcy.

Bankman-Fried’s empire crumbled this week after a liquidity crunch at one of its affiliates. Its US exchange, FTX.US, said on Thursday that customers should close out any positions they want to and that trading may be halted in a few days. In the Bahamas, where FTX.com is based, authorities froze the assets of its local trading subsidiary and related parties.

It’s possible Bankman-Fried owns assets not tracked by the Bloomberg index. Alameda made about $US1 billion in profits last year and FTX made hundreds of millions more.

Tech news website The Information reported on Thursday that he had more than $US500 million invested in funds managed by Sequoia and other venture capital firms, and was also an investor in media startup Semafor. But if those assets are held through Alameda they might be wiped out by its losses.

For his part, Bankman-Fried is being investigated by the US Securities and Exchange Commission for potential violations of securities rules, a person familiar with the matter said.

The Bahamian police said they’re working with the Bahamas Securities Commission to investigate whether there was any criminal misconduct in the collapse of FTX.

Bankman-Fried was interviewed by Bahamian police and regulators on Saturday, according to a person familiar with the matter. In the Bahamas, law-enforcement inquiries don’t necessarily mean someone will be arrested or charged with a crime.

 

Archive

Bwin Surges as New Jersey Opens Gaming Floodgates: London Mover - 27th Feb 2013

Donald Trump heading to WWE Hall of Fame 2013

Future of Sydney casino market unknown - 21st Feb 2013

Turn of the card eats into Crown's profit - 23rd Feb 2013

Crown bets on lure of more casinos - 23rd Feb 2013

Hi-tech Echo to slash costs - 18th Feb 2013

Gamesys acquires Richard Branson owned Virgin Games to boost gaming and igaming business - 7th January 2012

James Packer going to Hollywood to help make movies; Big money still talks in showbiz -
13th December 2012

Las Vegas casino boss takes over Echo Entertainment - 12th December 2012

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James Packer going to Hollywood to help make movies; Big money still talks in showbiz -
13th December 2012

Las Vegas casino boss takes over Echo Entertainment - 12th December 2012

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Sydney's second casino a step closer - 25th October 2012

The New South Wales Government has announced that James Packer's proposal to build a second casino in Sydney has moved to stage 2 of consideration.

Seven weeks after the Government received an unsolicited proposal from James Packer to build a six-star hotel with high roller gaming rooms at Barangaroo, the heads of the Department of Premier and Cabinet and the Treasury have now given the go ahead for Crown to develop a more detailed plan.

The Premier Barry O'Farrell says the Government will not allow poker machines in the new development, and he has stressed it is only passed the first hurdle in a three-stage process.

"At the end of each stage the Government has the option of either giving the project the green light to proceed or a red light and it simply stops there," he said.

The Opposition supports the proposal on the grounds it will not have poker machines.

Its construction means Sydney will become the only state capital with two casinos - it already has Star City.

The Premier says any new casino will not be allowed to start operation until 2019 because of an exclusivity arrangement with Star Casino.

But if the project is given the go ahead, laws will have to be changed to allow a second casino licence in Sydney.

 

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Melbourne Storm NRL team ink sponsorship deal with Packer's Crown Casino; Sydney news, by Greg Tingle - 31st August 2012

Melbourne Storm Crown Casino Crown Limited

The Melbourne Storm is raking it in, with an extra $1.5 million in with Crown Limited inking as major sponsor for a third year running, while rugby league in Victoria could also benefit significantly.

Thursday's renewal of Crown's only team sponsorship is believed to be valued at $1 million, give or take a few dollars.

The funds boost joins the $500,000 Australian Rugby League Commission chairman John Grant confirmed on Monday would be delivered to all clubs before October 31.

With a back-of-jersey sponsorship still to be sold before the finals, Storm might well collect another payday.

Club chief exec Ron Gauci advised the funds would be used to help expand the code in Victoria, a cause boosted last month with the debut of born-and-bred local Mahe Fonua.

Storm officials aim to fund youth teams down to under-16s and spend up to keep Melbourne "ahead of the pack" with cutting-edge, football-specific technology.

"We'll continue to invest in the organisation. We'll invest both across the football department and administration," Gauci said.

"We want to continue being best practice and continue being ahead of the game. We'll invest in football operations and pathway development.

"We want to extend the Storm brand beyond the under-18s and we've put in a proposal to the Australian Rugby League Commission to facilitate the growth of the game in Victoria and now have the funds to help make that happen.

"For us, any investment needs to have a long-term benefit."

The push from the Government-backed Victorian Major Events Company to secure more State of Origin clashes in Melbourne could reap even more cash for local rugby league.

Plans are in place to establish a youth academy, with only the arrival of sufficient funding needed to make it happen.

Great to see Crown's casino king James Packer sharing the love and funds around to worthy causes.

It's understood that Sydney's South Sydney Rabbitohs management including king bunny, Russell Crowe, are taking an interest in the way The Storm and Crown do things, as you might expect with Rabbitohs also having a sponsorship deal with gaming - entertainment firm - The Star.


Sydney NRL team also has casino deal...

The South Sydney Rabbitohs are continuing to enjoy their sponsorship deal with The Star (formally known as Star City Casino).

NRL top brass has said rugby league has benefitted from its association with betting agencies because it allows better access to information about irregular plunges.

As the Australian and globally economy continue to go through tough times its going to be interesting to see if more NRL teams ink deals with Australian casino or gaming firms. I for would would bet yes.

And what's to become of the Barangaroo 6 star hotel and casino development in Sydney? Could they also become a sponsor of an NRL team? With James Packer in the think of the action one would think so. Keep watching this space.


Media Release...

Exclusive Deal For 6 Star Hotel...

Last week's announcement by Lend Lease and Crown, that they had signed an exclusive agreement to develop a six star hotel at Barangaroo South, has attracted wide ranging media coverage and commentary. Below is a summary of the media releases and media coverage to date.

Following the announcement, the Authority confirmed it will continue to work with Lend Lease, and now their exclusive rights partner Crown, to negotiate a new location for the hotel in Barangaroo South and oversee the appropriate planning applications that must be approved before any concept moves ahead.

Acting Premier Andrew Stoner last week said the development of such a hotel would represent a significant investment in NSW tourism infrastructure, and today’s agreement is a vote of confidence in the NSW economy.

“It is, of course, subject to all the necessary planning and regulatory approvals but Lend Lease already has an existing permit to build a hotel in Barangaroo South and are negotiating with the Barangaroo Delivery Authority to relocate that onshore,” he said.

“The creation of a hotel of this stature would deliver new jobs in construction, off-site manufacturing and the tourism industry, along with hundreds of millions of dollars for the State economy each year.”

Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, said that Lend Lease and Crown would now work towards achieving the necessary development approvals from the NSW Government for the hotel and jointly develop the concept plan for the hotel. Lend Lease is currently in negotiations with the NSW Government to finalise the hotel location.

“Barangaroo South is a major urban regeneration project that provides a unique opportunity to create a world class commercial, residential, entertainment and mixed use destination on Sydney Harbour. A key part of Lend Lease’s vision for Barangaroo South is to have a high quality international hotel,” said Mr McCann.

*the writer is a shareholder in Crown Limited, Virgin Blue and Ten Network Holdings.

 

News

Australian business press digest: June 6 2012

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
New South Wales Premier Barry O'Farrell yesterday said that the push by casino operator Crown Ltd's to seize control of rival Echo Entertainment Group was "starting to look like a political campaign". Mr O'Farrell also acclaimed Crown chairman James Packer, who is attempting to have John Story removed as chairman of Echo, as a "shrewd and successful" businessman. Page 17.
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Hardware big-box retailer Bunnings is being encouraged to increase its use of e-commerce, with rival home-improvement franchise Masters preparing to unveil Australia's biggest online do-it-yourself store. "Online (hardware) is a growing category. The percentage online has gone up more than other categories such as food and groceries, alcohol and furniture," Phil Harpur, senior research manager at analysts Forrester Research, said. Page 17.
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Campbell Wilson, chief executive of Scoot, yesterday said that the discount airline could lure customers away from rivals such as Jetstar despite the current turbulent economic conditions. "People's desire to travel doesn't change because of the economy, particularly leisure travel. It's just their willingness to pay for it, and so if they can still get a good value option, they will take it, and they will trade to an airline like us that offers very good value," Mr Wilson remarked. Page 18.
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Paul Howes, national secretary of the Australian Workers Union, yesterday said it was "absolutely amazing" that the Foreign Investment Review Board's approval was not required for Etihad Airways to increase its stake in local rival Virgin Australia. "Ultimately, Etihad is a plaything of the Abu Dhabi royal family  that means it is essentially sovereign capital and it is taking a significant stake in Australia's second biggest airline  not being subject to [the review board's] scrutiny is ludicrous," he said. Page 18.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
The Reserve Bank of Australia yesterday reduced official interest rates by 25 basis points to 3.5 percent, but some analysts said the decision was insufficient to substantially boost the local economy. Belinda Allen, senior analyst at wealth management group Colonial First State, yesterday said that while the move would generate "some short-term confidence" it would be "hard to see strong gains in the market" until there was a more substantive solution to the European debt crisis. Page 35.
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The International Energy Agency yesterday announced that Australia's A$205.5 billion pipeline of liquefied natural gas ventures may be held up by high costs and various other project risks, which could cause gas prices to surge in 2015. "These projects are likely to face many challenges, including higher capital costs and workforce shortages; they are expected to come on later than announced," the agency stated in a report. Page 35.
--
James Hogan, chief executive of Etihad Airways, last night confirmed that the airline was holding discussions with the Foreign Investment Review Board to increase its holding in rival Virgin Australia. "Certainly, we don't intend to become a majority investor. We're keen to have a strong minority stake that strengthens our partnership with Virgin Australia," Mr Hogan said. Page 35.
--
Shares in Qantas Airways yesterday plunged by A26.5 cents to A$1.155 after chief executive Alan Joyce announced that the company was scheduled to report its first annual loss since listing on the local stockmarket in 1995. The airline is now worth A$2.6 billion on the market, well below the A$11 billion takeover offer from Airlines Partners Australia that was rejected by Qantas shareholders in 2006. Page 35.
--
THE SYDNEY MORNING HERALD (www.smh.com.au)
Analysts NAB Global Markets yesterday warned that Qantas Airways could see its credit rating downgraded by global agencies, after Qantas chief executive Alan Joyce predicted annual underlying profit to decrease by 91 percent. Mr Joyce yesterday tried to reassure investors that Qantas "cashflow remained strong" and that "no plans for an equity raising to bolster capital" were underway. Page B1.
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The Australian Securities and Investments Commission yesterday confirmed that there was "insufficient evidence" to prosecute Jack W. Flader, the former Hong Kong businessman behind the largest superannuation theft in Australian history. Deb O'Neill, who led a parliamentary inquiry into the matter, said that it was "now the responsibility of the Australian Federal Police and the Australian Crime Commission to investigate". Around A$123 million in funds was scammed through a complicated nexus of foreign funds. Page B3.
--
PPB Advisory, the administrators of Hastie Group, yesterday declared that buyers had been found for the collapsed engineering firm's mechanical services division D&E Air Conditioning and its Cooke & Carrick hydraulics business, preventing 408 employees from being made redundant. Craig Crosbie, partner at PPB Advisory, said he expected three more units to be sold off shortly, which would save another 50 jobs. Page B3.
--
Warrnambool Cheese & Butter yesterday said reductions in prices for commodity dairy products like skim milk powder had forced the company to lower its profit projections for the current financial year. The cheese and butter manufacturer announced that net profit after tax would be as much as 30 percent lower than last year's A$18.5 million result. Paul Jensz, analyst at researchers Austock, praised management for limiting the earnings downgrade to the extent it did given the market conditions. Page B4.
--
THE AGE (www.theage.com.au)
Bank of Queensland yesterday announced that it would lower variable borrowing rates by 20 basis points to 6.91 percent, after the Reserve Bank of Australia decided to cut the official cash rate by 25 basis points to 3.5 percent. Economists at Westpac Banking Corporation forecast that the central bank would lower rates later this year, with a prediction that the cash rate would be 2.75 percent by the end of 2012. Page B1.
--
Coca-Cola Amatil (CCA) yesterday announced a six-step program for re-entry into the local brewing sector, which will see the beverage manufacturer compete against global giants like SABMiller and Kirin. According to documents filed with the Australian Securities Exchange yesterday, CCA will initiate export an program for its Fijian beer labels and begin creating strategic partnerships. The company would then use international partnerships to enter the New Zealand market. Page B2.
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Logistics group QR National yesterday announced it would terminate over 500 jobs, mainly from its maintenance and manufacturing departments. "We continue to deal with a raft of legacy issues including higher than required staffing levels, high corporate overheads and bureaucratic structures, after more than 145 years in government ownership," managing director Lance Hockridge said. "Our cost base is too high when compared to competitors and rail industry peers," he added. Page B4.
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The Fair Work Ombudsman yesterday declared that it was inquiring into claims from former Future Building Material Corp employees relating to unpaid superannuation and wages. The building materials firm was established by John Hancock, son of the wealthiest woman in the world, mining magnate Gina Rinehart. Jerome Naidoo, Mr Hancock's business partner, yesterday said he "welcomed the investigation". Page B4.

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Bwin.Party Digital Entertainment Betting On United States - 20th Oct 2011

James Packer - Andrew "Twiggy" Forrest Indigenous Employment Tag Team - 6th July 2011

PartyGaming and bwin merge to become bwin.party digital entertainment; Eyes on U.S, by Greg Tingle - 4th April 2011

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Asia Pacific Mega Gambling News Update, by Greg Tingle - 9th April 2011

Newcastle NSW War Pokie Laws...

New poker machine restrictions proposed by Tasmanian independent Andrew Wilkie will "annihilate" pubs and clubs in the Hunter, leaving hundreds out of work, ClubsNSW Newcastle councillor Jon Chin says. Clubs Australia is launching a $20 million advertising campaign on Monday in an attempt to prevent the introduction of mandatory pre-commitment technology for all poker machines. Banjo, a John "Singo" Singleton company is behind the campaign. Mandatory pre-commitment requires pokies users to commit to a spending limit before they begin gambling. Once they reach that limit they will be unable to gamble again until the following day or longer, depending on what restrictions the player sets for themselves. Chin said the cost of implementing the new technology in the Hunter region would surpass $100 million. This figure did not include the 40% in revenue clubs would experience once the restrictions were imposed, he said. "This means Hunter clubs will lose another $100 million, making it impossible for us to sustain our businesses," he said. Australian Hotels Association Hunter sub-branch vice-president Bruce Woods said there was no evidence to suggest the restrictions would discourage people from gambling. "This won't help pathological gamblers at all but it will lead to a loss of jobs," he said. "We support the clubs' campaign against this, it will affect pubs just as much as clubs".

Online Gaming Strong Growth In Asia...

Online gaming industry has grown into a $US3 billion business that provides a good standard of living to migrant workers in Asia who play games all day and sometimes, all night! Virtual currency is all the rage, it sometimes gets sold to punters abroad for cash. A World Bank study demonstrates an emerging industry in which firms seeking to boost their brands' popularity pay low-skilled workers overseas to become their Facebook fans or Twitter followers. The study, Knowledge Map of the Virtual Economy, is the World Bank's first in-depth look at the impact of online gaming and social media in the developing world. Vili Lehdonvirta, a co-author of the report, advised that the bank should not pour its money into the industry, because he said the deal making violated some of the game publishers' terms of service and was cheating. Known in the business as "gold farming", the game-playing boomed in the early 2000s with games like World of Warcraft and has evolved considerably. Labourers in Asia spend numerous hours each day advancing through levels of an online game, picking up gold, swords and gems that enhance a game player's status. Then gaming studios, which employ the players, sell those virtual goods to online retailers. Next step, the retailers sell on those goods to more than 120 million players globally, many of them in Europe and North America, who don't want to play the games day and night to gather their own. The bank's report indicates that online gaming has a positive impact in Asia because 70% of the industry's revenue remains in the gaming countries, with most of that money going to the gaming studios. Compared with the $US70 billion coffee market...in which only a tiny fraction of the revenue remains in the bean-growing countries...the gaming industry had a "much better development impact", the report states. A report survey checks out on a group of 26 players and studio managers that offers a rough, yet rare demographic look at their lives. Most of the players work out of studios in China, in Beijing or Changsha, capital of Hunan province. They earn an average wage of $US2.70 an hour, $US1 more than Beijing's minimum wage for part-time factory work. "The larger point is that online gaming is often viewed as exploitation, Lehdonvirta said. "Certainly it's not a dream career, but the players are not at sweatshop levels." The gaming studios keep about 60% of the industry's $US3 billion in revenue. Readers, would you like to be a prize gather for the gaming studios on that level of pay? Better not answer!

Samoan Casino Proposal Has Social Concerns For Kiwi, Samoan Locals...

All these places have land based casinos - Las Vegas, Monte Carlo, Macau, Melbourne and just maybe soon - Apia in Samoa. Some business folks have earmarked it as a future gambling destination, and Kiwi group, the Problem Gambling Foundation of New Zealand, is advising against it, citing social harms of a casino will outweigh any economical benefits that the Samoan government will hope to achieve. In an admission of the dangers of gambling, the proposed casino in Apia will attempt to bar locals by only allowing the holders of foreign passports to gamble. Problem #1... many locals have duplicate passports, so getting in to a casino for locals may not be that hard, and don't even bring up the subject of fake ID. Will the region get a land based casino? Stay tuned for updates.

Clubs Australia War On Gillard Labor Government Re Pokie Laws...

Clubs Australia has declared "open warfare" on the Gillard government, preparing a $20 million media campaign to try to stop laws to limit how much punters can spend on poker machines. Last year "Tasmanian Devil" (MM satire) independent MP Andrew Wilkie backed Labor to form a minority government in return for a clampdown on the use of poker machines. Now, the lobby that represents clubs and pubs is wrestling and punching back, with a media blitz targeting Wilkie and Prime Minister Julie Gillard. Both Wilkie and Gillard are in big trouble in the popularity polls, with Labor set to lose the next federal election, following their NSW loss, where it was bloody and crimson mass. Billboards, a website, beer coasters and more It's war on nationwide. The campaign has been criticised as misleading for claiming punters will need a licence to gamble. Clubs Australia executive director Anthony Ball rejects that. "What we do know is that everyone who plays a poker machine will need to register and obtain a card, and then insert it into a poker machine and set a binding limit. There needs to be player tracking, because how else does the machine know what the player is doing? It will have your private details and your gambling history on it. Now if that's not a licence, I don't know what is." Under Wilkie's master plan, gamblers would have to nominate a dollar figure for how much they are prepared to lose before they start gambling, a scheme known as "mandatory pre-commitment". Wilkie wants the law in place by 2014 and he has the backing of South Australian independent Senator Nick 'Mr X' (MM satire) Xenophon. Senator Xenophon describes the Clubs Australia campaign as a "joke". "This industry is willing to spend $20 million of tax-break money that they get from community clubs - effectively taxpayers' monies, indirectly - to peddle lies in terms of a campaign where they haven't even seen what the final report will say. Whether it's $20 million or $200 million, this mob can spend as much as they like, but they can't spin that they are causing enormous damage out in the community. There are 300,000 Australians who either have a severe gambling problem because of poker machines, or are already showing the signs of one."

Proposed Pokie Laws With Cost 10,000's of Aussie Jobs...

Clubs Australia advise the changes will cost jobs. They want it to be a voluntary scheme and have rejected a government request to hold off on the ad war. "It will cost jobs, for the simple reason that asking Australians to sign on to this licence to gamble will mean they'll do something else," Mr Ball said. "They'll go and gamble online where none of these controls exist, or they they'll go to the TAB - they won't do it at the club.Even the proponent of this, Andrew Wilkie, is saying that this will cost up to 40% of revenue."
It's all hot fodder in Aussie Parliament too. Liberal Steve Ciobo sits on the joint committee on gambling reform, which has been hearing arguments pro and con against a mandatory pre-commitment scheme. "The committee was charged by the Labor party with the responsibility to look at a roll-out of pre-commitment," he said. "But Coalition members will be putting in a dissenting report because the evidence is clear that it's going to cost jobs, it's going to cost investment, and I'm concerned based on the evidence that it will make problem gambling potentially worse." The committee is due to report in the next few weeks. The states and territories have until the end of May to decide if they will agree to the Wilkie-led reforms. If they refuse, the Commonwealth believes it has the power to introduce overriding legislation to impose a national scheme. The pokie industry has shown the willingness to wrestle all the way to the next election, and perhaps even beyond. It's the lovers VS the haters. Who will win, and when will the final victor emerge. Stay tuned.

Sky City Entertainment Group Stocks Fall From Sky...

Sky City Entertainment Group, the casino and hotel operator, fell 0.9% to $3.41 amid media reports that overseas competitors were looking to hire the 500 staff made redundant or on leave without pay due to the closure of the Christchurch Casino. SkyCity owns a 50% stake in the business.

Casino Bouncer Thought Disabled Bloke Was Drunk...

A South Australian man with deasiese cerebral palsy says he was refused entry to the Adelaide Casino because the bouncer thought he was drunk. Mark Thiele was on a big night out with friends when he attempted to enter the casino, but was refused by a bouncer aka "gorilla". Thiele says the bouncer mistakenly thought he was drunk, but the casino is sticking by its decision. "I had said to the man that I wasn't a drunk, I was crippled," said Thiele, talking about his rejection on 7.30 South Australia. "He had said to me he was convinced I was intoxicated even though we said that I had only had a few drinks earlier on in the evening. "So I can't see why I was singled out and everybody else in my party wasn't. There was no difference between any of us besides the obvious. It's a mystery to me really." Last month, he and his friends had walked to the casino from the city's Hindley Street entertainment strip a few blocks away. Thiele has trouble moving his body and for him, walking distances is a big effort. His mate Aaron Nettlebeck says the casino bouncer did not understand. "Walking that sort of distance does get very, very sweaty over that sort of short period. It was a bit infuriating that it happened like that after such a nice evening." Thiele says he has not had a problem at venues until now. "For the vast majority it's never been a problem. Bouncers that I've come into contact with have been understanding and even let me skip the line a few times just to put me at ease," he said. "Obviously it's a stamina thing that I can't walk these long distances and stand in lines and all of these things." He says he is considering lodging a complaint with the commission or under South Australia's liquor laws.The casino's general manager, David Christian, has offered an apology of sorts. "It was certainly not our intention that Mark would have felt discriminated against and I'm sorry that he does feel that way," he said. But he is defending the actions of his staff. "They believe that they made the right call. I would believe that with the calibre we have and the training we put into our security officers, and the level of management that oversees it, that they would be right most of the time."

New Zealand Christchurch Casino Workers Hurting From Earthquake Financial Aftershocks...

Financial and emotional aftershocks are still be felt by the casino sector after a series of earthquakes that rocked the Asia Pacific - Japan and New Zealand region. Christchurch Casino workers are feeling disappointed and even depressed after having failed attempt to get a bigger redundancy payday.In excess of 500 formally happy and motivated casino employees were offered redundancy at the central Christchurch casino last weekend, which was badly damaged in the February 22 quake and has stayed closed ever since the act of mother nature. Anyone who wants to stay at the casino will be paid their holiday pay as either a weekly amount or in a "lump sum". Simply put, they will remain as employees of the land based casino on leave without pay until the the gambling den opens again. The SFWU (Service and Food Workers' Union), which reps for 100 plus casino workers, has a meeting with the casino's managers on Thursday. SFWU strategic industry boss Len 'Razor' (MM tag) Richards said workers were sombre but firm in their desire about securing a more attractive redundancy package. The union power that be were also asking for continued pay for employees that choose to stay on until the casino opens again. However, he advised management was not prepared to increase the amount of redundancy pay for staff, but did agree to request for a government wage subsidy. Due to a private insurance deal and policy in place, the land based casino has not relied upon the $1.5 million government subsidy available for quake-affected businesses. Richards stated that the union has contacted earthquake recovery minister Gerry Brownlee to request assistance to help pay workers who remain employed. SkyCity, half owner of the famous Christchurch Casino, has projected a $130 million plus profit this year. It's not known how much financially the quake cost Christchurch Casino or SkyCity. Christchurch Casino top sheep er top dog...chief executive Brett 'Ask Him' (MM satire) Anderson said about 70% of employees have indicated they will stay with the company rather than take the offered redundancy. He said a number of employees are also being offered jobs offshore. Anderson elaborated "I'm getting phone calls from Australia looking for our people and likewise all over New Zealand, and a few of them have spread their wings. More than a few have gone over to the Gold Coast. It's a lot warmer, it's a lot more stable, you can swim in the sea, the pay rates are better." Anderson said he still does not know when the casino will reopen.Employees have a deadline until Monday to decide whether they will take the redundancy package or stay on. Yep, it's the money or the box. Workers who have not contacted the company by showdown at 5pm on Monday will be deemed to have left their jobs and will be paid out a four-weeks-notice payment, along with their annual leave entitlements. Casino workers, did you get that. D Day is approaching.

A Media Man spokesperson said "In the current global economy anyone with a decent job should be grateful, especially in the casino or gaming sector. Well done to Christchurch Casino management for doing their utmost to assist in their difficult times. Employers will always want to ask for more... its in the nature. Land based casinos generally remain popular around the world so good staff will always be in demand."

Media Man and Gambling911 wish all parties well with their dealings, and hopefully some win - win - wins will still be possible.

States Probe Sports Betting Ads...

Aussie states are uniting to consider a crackdown on an explosion in advertising of sports betting, Victoria's Gaming Minister says. Michael O'Brien last night revealed the betting blitz on sport was being examined by the Council of Australian Governments. "There is growing concern at the extent to which is becoming inseparable from the coverage of major sporting events. Kids are being exposed to it constantly just by watching the footy or cricket," he said.AFL chief executive Andrew Demetriou said the league had expressed its concerns to stadium managers. Goal posts, boundary line fences and scoreboards at the MCG and Etihad Stadium have been plastered with ads from bookmakers. Demetriou said the alarm was raised during last year's Brownlow Medal telecast. "There seemed to be an enormous amount of (gambling) advertising after each break," he told press. O'Brien said the AFL, which enjoys lucrative sponsorship arrangements with gambling giants, could take responsibility through its media and stadium deals. "It may be that there's an opportunity for this influence to be exercised to ensure the promotion of sports betting isn't allowed to detract from family-friendly objectives of (such) sports," he said. This week, former Demon Daniel Ward revealed in the the newspapers his battle with gambling. "It's always in your face," he said of the ads. "It's like being a drug addict and an advert comes on saying, 'The first 50 people to ring will get a free bag of marijuana'."

Hawkins Former Ms Univervese Lookalike Kahili Blundell Wins Ralph Swimwear Title At Star...

Sin City Sydney babe Kahili Blundell has snatched the Ralph Australian Swimwear Model of the Year comp. The Crows Nest bikini super babe bested more than 2000 babes from all over Australia and Kiwi land to grab the coveted title at Sin Sydney's Star City Casino on Thurday. "I feel more than special right now, I'm blown away and so honoured to be given this position," Blundell said. "I was expecting him to call another number and I stood there thinking 27, is that me? "It's also my boyfriend's birthday, but I realised it was me and I was shivering." The 21-year-old Jennifer Hawkins lookalike works as a personal assistant and dabbles in makeup artistry in her spare time. Blundell says modelling has been tough, slogging it out for 3 years. "Since November I've been training every week for this, thinking about it every night," she said. "I've been brought up to eat very healthy, so I don't have too much trouble doing that, but I definitely exercise a lot. I've been working very hard so thank god it's all paid off." The comp saw the 38 finalists strut their stuff in catwalk parades. Sex bikinis were all the rage. A select group of a bakers dozen were picked, then reigning champ Emmi Moore handed over her sash and championship title to Blundell. "I've been doing this for three years now and this is exactly what I've been dreaming and hoping for," Blundell said. "I'm open to any opportunity and I love challenges. I've obviously done well in the bikini field, so I might just continue on this track for a little while." Burlesque babe Sina King from Underbelly home Melbourne snatched runner-up while second runner-up went to 21-year-old writer - journo type Tiffany Baker from Fremantle in Western Australia.

Australian Boxer Katsidis To Fight Guerrero In MGM Grand Casino Las Vegas Bloody Sunday...

Down under's Australia's Michael Katsidis and his opponent in Sunday's (AEST) interim lightweight world-title fight at Las Vegas' MGM Grand Casino, America's Robert "The Ghost" Guerrero, also have powerful stories. Guerrero's world was crushed big time circa 2007 when his wife, Casey, was diagnosed with leukemia. The Californian gave up boxing, giving up his world-title, so he could be by Casey's side and stay close to their young children as she underwent a bone-marrow transplant. Things are now looking up for Guerrero. "Casey has been cancer free for almost a year now," 28-year-old Guerrero, the number one ranked lightweight in the world and a former featherweight and super featherweight champion, said. Last year Katsidis' was having a dream run. The likable 30-year-old blokefrom Toowoomba celebrated his first wedding anniversary with wife Kumiko. He loved being a dad to their one-year-old daughter Kalia and was preparing for the biggest bout of his career, a world-title fight in Las Vegas against Mexican legend Juan Manuel Marquez. Things quickly went downhill when five weeks before the Marquez fight he learned his 31-year-old brother, champion Australian jockey (horse racing) Stathi Katsidis, had passed away. Just days later Katsidis' longtime trainer, Brendon Smith, received two more bad news calls. Smith's nephew got paralysed from the chest down in an accident and one of the trainer's former boxers passed away. "We got it all within three weeks and just before the Marquez fight," Smith said. Katsidis and Smith made the call to keep training at their Thai boxing camp and take on Marquez at the MGM Grand Casino, a match that would be voted the Fight of the Year after Katsidis floored Marquez to the mat in the third round. Marquez guts and balls by getting up and pounding Katsidis so badly ref Kenny Bayless ended the match in the ninth round, giving Marquez a ninth round technical knockout victory. On the eve of the Guerrero fight, Katsidis and Smith, who kept quite before the Marquez bout, finally opened up about their personal tragedies. Katsidis did not sleep two days before the Marquez fight. "He was emotionally spent before he got in the ring and to do what he did under the circumstances was incredible," Smith said. "I believe if something doesn't kill you it only makes you stronger," Katsidis said. Guerrero has 22 knockouts in his 27 professional victories. "This is truly a fight for boxing fans," Guerrero, who has a 28 win (18 KO), one loss professional record, said. "You are going to see two guys go at it and give it their all." The winner of the match will be named the interim World Boxing Association and World Boxing Organisation lightweight champions. Promoter 'Golden Boy' Oscar De La Hoya has named the MGM card "Action Heroes", with another Mexican legend, Erik Morales, fighting Argentina's exciting welterweight contender Marcos Maidana and in another welterweight battle, Brooklyn's Paulie Malignaggi VS Jose Miguel Cotto. The matches will be broadcast live in Australia on Sunday from 11am AEST by Main Event pay-per-view. "For a boxing card, sounds like it will be value for money for a bit of a change", said a Media Man insider.

News

Australia Day Special, by Greg Tingle - 26th January 2011

G'day and Happy Australia Day everyone. Ok, we know some of you punters, journos, high rollers - casino whales, entertainment news junkies, politicians, insiders, outsiders and legal eagles are from across the globe are not Australia, nor have ever been down under, but you get the idea. Did you know that some indigenous Australia's call Australia Day 'Invasion Day'! That's because most history books show that Captain James Cook and his crew invaded Australia on this day in 1988. They are known by a new names including the First Fleet, while some aborigines will always think of them and murderous mongrels, who stole their land and pride. It's easy for many of us to get the point of the blackfellas (affectionate). Media Man and Gambling911 with a bush tucker bag full of Australian gambling, casino, poker, media and sports news. Fair winds...

Queensland Banana Bender State: Pub Pokies And Online Pokies Becoming More Popular?...

One armed bandits are maintaining their popularity in 'The Sunshine State'. It's understand that punters might have only a 1 in a million chance of winning really big, lotto - millionaire style, but they just keep coming back for more. Yep, throw another dime in the pokie baby. Queenslanders "invested" close to $2 billion last year as the punters passion for the slots maintained its fever pace. The total pokies expenditure of $1.81 billion was slightly down on the previous year, it was the third year consecutively the number exceeded $1.8 billion. We're also learned that the 2008 figure of $1.83 billion was an all-time record. Now, this is important - those numbers Do Not take into account the rabid take up and roll our of online poker or sports betting. You know, betting over the global medium - the internet. Overall, Queenslanders spent $7 million less on pokies than last year and $28 million less than in 2008, but it still works out at in excess of $150 million every month down the slots August was the year's biggest month for slot gamblers, who put close to $170 million in the throats of the one armed bandits. August was also the biggest month for gamblers in 2008, with more than $173 million lost. Pokies remain by far the most popular games for punters in Australia, bringing in most of the estimated $17 billion spent on all forms of gambling down under each year. Some insiders think that the reduction in official spending was more a sign of the increased popularity of internet and sports-based gambling. Concentrating on pokie figures, it appears Queenslanders gambled more at the height of the global financial crisis two years ago than they did throughout 2010.

Tassie 'Devil' Gambling Tycoon Devilish Quotes...

David Walsh from Tasmania was such a big hit with the readership we thought we would dig up a few more of the red hot 'The Devil's' quotes, that are too good not to share. First a refresher...Art and gambling do mix, at least that's the experience of Brits Damian Aspinall, Phil 'Tuffers' Tufnell, Australian artist Gina Sinozich, Media Man (bodypaint and burlesque "fetish") and Tasmanian gambling whale - tycoon, David 'Wicked' (satire) Walsh. You will pick up on Dave's affectionate nickname by us later. We like you David, ok mate. Tasmania's most famous or infamous gambling figure, millionaire, David Walsh yesterday gave us a peak into his art exhibit...the biggest (and weirdest) private art gallery in Tasmania, if not the Asia Pacific. The $110 million Museum of Old and New Art is nestled on the banks of Hobart's Derwent River.

Quotes By The Tasmanian Devil!...

"FUCK the art, let's rock'n'roll."

"I think formal curation is a form of mental masturbation."

"I'm not really that interested in a bunch of big names. Most of the works are by people most people haven't heard of and still won't have heard of because there's no wall labels."

"I don't want to lose control (or) something that ends up looking like a pale version of the National Gallery of Victoria".

"Subversive adult Disneyland".

"Please see reception if you are planning a pool party or a ritualistic orgy."

"It's the opportunity to mess with your head. I like the idea of people having a couple of beers and looking at the art, having a couple more and changing their mind."

"Just a privileged guy with a megaphone"

"It’s like a rich man’s soap box. I’m standing on my soapbox and I’m shouting my views like they mean something."

"I’ll take all the popular stuff out. And if you go to the toilet two or three times we’ll recommend a good urologist."

“My brother once said about me that I’d rather be outside a barrel pissing in than inside the barrel pissing out. I’m anti this idea that we know what we’re doing with certainty. I kinda think that most things that are good happen to people largely by accident, but then they start looking for explanations. You see the views of rich, successful people on television, and they tell you why they got rich and successful; they don’t interview all the people who went through the same process and didn’t. I think most things are complete crap. I want to show that you can be fortunate without believing that your fortune was anything other than fortune."

"There are so many things we do that we hide from. We hack open cows and eat their guts but we compartmentalise that away from our lives so we can pretend it’s not happening. And on a larger, more important scale, if each of us acted individually to say ‘OK, we f…ed up the atmosphere, it is our personal responsibility’, humanity would behave in a very different way."

"One of the things about having money is that … I feel a bit of guilt and a level of privilege, and it seems to be an obligation to do something, and since art is what I’ve been doing....but it wasn’t really like that. It was: I bought this small gallery, bought a bigger one, and gradually it became something of this scale. It’s become a lot more serious endeavour than I intended it to be. There’s a bit of thumbing my nose at the establishment and trying to bypass academia, but mainly I just wanted it to be a bit of fun. And it is. And it will be."

"The gambling is all a computer thing that is going on right now".

Website

Museum of Old and New Art

Queensland: Cairns Reef Hotel Casino Poised To Raise Big Bucks For Flood Relief On Australia Day...

Punters, let's all spare a thought for those who have been attacked by the floods on Australia Day. Numerous events are being planed around Australia, from 'Sound Relief' to and initiative from the Cairns Reef Hotel Casino 'Bring on the Sun' It will be one of the biggest events on the Australia Day calendar for the city and all funds raised will go to the Premier’s Flood Relief Appeal. There's a good old fashioned sausage sizzle, competitions and female performers including the Marlins’ cheer squad. "The whole idea is slanted towards the female performer," entertainment manager Bruce Stewart said. "We’ve got an eclectic blend of female artists coming to perform as well." Cazalys, El Mundo Tapas Bar and the Marlin Coast Bowls Club will also host events to raise money for flood victims. Cairns Regional Council will hold events across the region, including the ever-popular celebrations on the Esplanade. Mayor Val Schier said the council was expecting a good attendance as usual with residents keen to get outside and celebrate our sunburnt country in the green and gold. "Even last year when it poured, a huge number of people came to the Aussie breakfast; we expect the same will happen this year, rain, hail or shine. It is one of those days where people can come together as a community and help celebrate why it is great to be an Australian. We live in a fantastic country and it is good for people to get out and enjoy it." Pubs and clubs will also get into the Aussie spirit with a number of activities on offer. Paradise Palms Resort and Country Club has a patriotic, fun-filled day planned with activities that pay homage to Australia’s heritage such as the much-anticipated pie-eating competition. "Everybody is welcome to come along and have some fun while tucking into our Aussie selection of meat pies, icy beers, lamingtons and classic Australian music by DJ Danny from Millennium Sounds," director of sales and marketing Darlene Holdsworth said.

Events

Join the celebrations

Paradise Palms Resort and Country Club Australia Day celebrations
What’s on: Australian menu served from noon in Restaurant 59, pie-eating and thong-throwing competitions start at 1.30pm. Pies, icy beers, lamingtons and classic Australian music on offer at the resort.
Time: 12pm. Entry free.

Bring on the Sun at Cairns Reef Hotel Casino
What’s on: Entertainment, sausage sizzle, raffles, jumping castle and more with all proceeds going to the Premier’s Flood Relief Appeal.
Time: 2pm. Entry free.


Shane Warne And Poker Mates Get VIP Star Treatment At Australian Open Tennis Sunday Night...

The spinner got there at 8pm hoping to get star VIP treatment for 14 of his closest mates. In the mix was was Joe Hachem, who he had earlier caught up with at the launch of the Aussie Millions Poker Tournament at Crown Casino. Warne requested an escort (no, not that type silly) when he arrived and posed mostly for photographs with his sunglasses on. He also spent time in Andy Roddick's player's box during his loss to Swissman Stanislas Wawrinka. It been a big couple of days for "poker her" for the legend, playing rendezvous with Liz Hurley in LA. He is expected to play in the second round of the poker tournament and could face off against Gary Ablett Jr and Jeff Fenech tomorrow. Blett made it through to the second round.


Australian Financial Review Goes Gaga For Lady Gaga; Gets Facts Wrong (We Think)...

It took us a few months of going through newspapers but we finally found the AFR to make a slip up, and its a doozy....An article reads "the complex will have a few upmarket bars, including one on the roof, and an events theatre to house live acts – think Lady Gaga – as well as awards nights." With Gaga's level of popularity she would require a much larger venue than Star City. Earlier this year, she - they played two concerts at the Sydney Entertainment Centre, capacity 12,000 or thereabouts. Do the math.

Australia's Kylie Minogue To Do The Colosseum At Caesars Palace Las Vegas: Aphrodite Live...

Mark is down Kylie fans the word over. She's doing Ceasers Sunday May 22, 2011 8pm


Melbourne: Aussie Joker Comedian Performs At Packer's Crown; Raises Cash For Flood Relief...

Melbourne folks at Crown Casino recently enjoyed 'The Jokers Comedy That Rocks' at Crown Casino. James Packer's casino donated all proceeds from last Friday night’s show to Queensland flood victims. Organiser William Leitch has happy with the way things went and showcased an evening with some of the city’s top stand-up artists, including Brad Oakes, Christine Basil and Greg Fleet. It's understood he got close to 150 people to come along, and he may be invited back on upcoming Friday nights.


Top 100 ASX Listed Companies Respond To Flood Cry For Help; Gambling And Gaming Industry Steps Up; Mining Firms and Banking Bastards Lead Charge...

1. BHP Billiton: $1.3 million (in addition, matching employee donations)

2. CBA: $1.35 million

3. Westpac: $1 million

4. ANZ: $1 million

5. NAB: $1 million

6. News Corp: $500,000 and Blue Ribbon campaign

7. Rio Tinto: $1 million ($700,000 to Premier Relief, $300,000 to Emerald community)

8. Wesfarmers: $7.5 million (plus $3.5 million from Coles customers)

9. Telstra Corp: up to $1 million by matching staff contributions (so far $338,000; is also supplying phones and free calls to people affected)

10. Woolside Petroleum: $122,395 (corporate + employees)

11. Woolworths: $6.9 million (matching customer donations in Woolies, Big W, Dick Smith dollar for dollar)

14. Fortescue Metals: Matching staff donations dollar for dollar

15. CSL: $250,000

16. QBE Insurance: not releasing a statement

17. Origin energy: $1 million

18. Macquarie Group: $200,000 (combined staff and company effort with fundraising activities continuing both here and overseas)

19. AXA Asia Pacific: No response

20. Santos: $500,000 plus use of helicopters and vehicles for clean up. Also $50,000 for flooding in WA

21. Coal and Allied Industries: (see Rio Tinto)

22. AMP: $250,000 + matching employee contributions to WA flood appeal up to $250,000

23. Suncorp Group: $100,000 (staff and customers have donated $1.5million)

24. Foster's Group: $500,000

25. Brambles: No response

26. Leighton Holdings: No response

27. Orica: No response

28. Oil Search: No response

29. Stockland: Donated $250,000 to the Premier's flood relief appeal, another $30,000 to the Mayoress Rockhampton regional flood appeal and are matching employee donations dollar for dollar

30. Coca. Cola Amatil: No response

31. Amcor: No response

32. Westfield Retail Trust: No response

33. IAG: No response

39. Crown: Donation tins in Crown complexes and have committed to matching all donations as well as staff contributions

52. Tabcorp Holdings: $1 million

78. Tatts Group: Going to run a dedicated lottery for the Queensland flood appeal where all profits will go to the Premier's Flood Appeal. They ran the same thing in Victoria after the Black Saturday bushfires. It will run on Wednesday 2 Feb in Queensland and is expected to raise $200,000. In addition, another donation will be made from the unclaimed prizes fund of an as. yet undecided amount

79. Fairfax Media: Matching staff donations

100. Seek: Reported it had made a donation to the Premier's Flood Appeal but chose not to disclose how much

Brisbane: Flood Relief Money Gets Spend On Pokies, Vice - Piss Up At Pubs...

It's been reported in a number of Queensland newspapers that the $1000 flood relief grants that went to many good folks in Granville are being used to feed slots and buy piss (beer) rather than food and necessities. Two Maryborough publicans say that in some instances the answer to that is yes, and they are disgusted. One of the publicans was so incensed by the misuse of flood relief money she telephoned Fairfax Media to complain. "A man came in bragging about how he’d got the $1000 payout because he told Centrelink he was stuck in Granville – but he was here the whole time. It makes me sick that people are openly admitting they’ve got the money for nothing, while there are people who’ve died or lost everything." She said Centrelink should have screened the applications more carefully to make sure only people who were genuinely in need received the cash. Another pub owner said his one armed bandits had not stopped buzzing since the grants became available. "We were quiet during the actual floods but this week’s been totally different. The pokies and the bottle shop have been going non-stop." Yeah, Aussie continue to love a punt, rain, hail, shine or flood!

Aussie Millions Game 8 Results...

The London based chap took down the $1,100 8 game mixed event title at Crown Casino in Melbourne adding AUD$23,800 to his almost $1.2 million in career tournament earnings. He entered the final table as the short stack, but managed to grind his way to victory and nudge away Australia's Bruno Portaro for the victory. The event marked Ashby's 8th final table appearance at the Aussie Millions that includes a side-event win back in 2005 and a seventh-place finish in the main event in 2009. Ashby also won his first WSOP bracelet this summer in the $1,500 7 Card Stud event and went well in the $10k H.O.R.S.E. for his biggest career score of $378,027. The 2011 Aussie Millions $1,100 8-Game Mixed event drew 68-players and paid the final 7.

Here are the results:
1 Richard Ashby AUD$23,800
2 Bruno Portaro AUD$16,320
3 Casey Kastle AUD$10,880
4 Daniel Ospina AUD$6,800
5 Oliver Gill AUD$4,760
6 Dane Coltman AUD$3,400
7 Paul Ravesi AUD$2,040

Aussie Main Event Day 1b: PartyPoker And Full Tilt Poker Players Feel The Pain...

PartyGaming's PartyPoker and Full Tilt Poker's powers that be likely won't be celebrating. Ok, they got news coverage and exposure, but its because their players are out. Yep, history maties. Full Tilt went well on Day 1a but Day 1b was rooted. Many of the big name pros went down for the count as locals stepped up. 209 players entered the Crown Poker room but after 7 levels of play, 80 remained. David Oppenheim, Annette Obrestad, Carlos Mortensen, David Benyamine, Andrew Feldman, Steve Yea, Andy Bloch and Gus Hansen were some of the Full Tilt players who died. Other casualties included Luke Santo, Raj Ramakrishnan, George Moussa, Michael Pedley, Graeme Putt, Martin Comer, Dennis Huntly, Jamie Pickering, Bruno Portaro, Casey Kastle, Ben Savage and Tim Marsters. 2005 World Champion Joe Hachem (tweeting he struggled with jetlag following a recent trip to the PokerStars Caribbean Adventure.) Defending champ, 2010 Aussie Millions Main Event winner Tyron Krost (PartyGaming's PartyPoker pro went down too). A new champ will be crowned in 2011 with plenty of Aussies still in contention. The field kicked off with Jeff Rossier in the lead with 154,900, closely followed by Michael Ottobra (143,400) and Martin Drewe, After winning the Opening Event last week and going deep in another event, Drewe is now set in the chip leaders in the Main Event after getting to 136,100. Jay “SEABEAST” Kinkade did nicely with 128,700, Haibo Chu (113,900), Manny Stavropoulos (85,600), Sorel Mizzi (74,400), Michael Egan (61,100), Kent Hunter (56,400), Jeff Lisandro (55,000), Eric Assadourian (50,300), Scott Montgomery (49,200), Chris Ferguson (45,400), Lee Nelson (30,200), Neil Channing (28,800), Roland de Wolfe (26,100), Aleks Brkovic (24,600), Jackie Glazier (21,900), Grant Levy (18,300), Gary Benson (10,500) and Mel Judah (7,200) amongst those who will return on Day 2. The 3rd and final flight of the 2011 Aussie Millions Main will commence Tuesday with another strong field and a few big names expected. Even Van Marcus will front up. Van, is your Red Ferrari safe this time mate? We're looking for more good fodder to write about. How about do a publicity stunt and make world wide headlines ago. Maybe someone at Crown Casino - Crown Limited might be open to it. Stanger things have happened... like Ferrari's getting stolen on site, casino fights and a man getting stuck in the Crown Casino kitchen grease vacuum.

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Media Man is a member of the National Press Club, Media, Entertainment & Arts Alliance, Virgin Unite and Bondi Chamber of Commerce