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Borgata Casino Wins Motion To Track Down Poker Pro Phil Ivey's Assets In Nevada

Atlantic City Casino Still Seeking $10.16 Million Owed Since December 2016

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A federal judge in New Jersey has given the Borgata Hotel and Casino approval to go after Phil Ivey’s assets in Nevada.

The Atlantic City casino is still owed $10.16 million from the 10-time World Series of Poker bracelet winner after winning a lawsuit in 2016 for baccarat winnings Ivey and his partner, Cheng Yin Sun, won over a couple sessions in 2012. The duo used a practice called “edge sorting” which allowed them to spot defects on the backs of cards to gain an advantage on the house.

Ivey and Sun netted about $9.6 million from the baccarat tables and Ivey parlayed his winnings into another $500,000 victory at the craps table, which was how Judge Noel Hillman landed on the $10.16 million figure he owed Borgata.

Unfortunately for Borgata, Ivey lacked substantial assets in the Garden State. After the ruling in its favor, the Borgata could only find a Wells Fargo bank account in Ivey’s name in the state. The account was empty and Borgata’s legal team claimed that the pair had transferred their winnings to a Mexican bank account.

Back in October 2018, Borgata filed a motion to cast a wider net to locate Ivey’s assets. The motion stated that they had found the cash in Nevada and that the casino could go after it to force repayment.

“Although the extent of Defendant Ivey’s business holdings is unclear, it is believed that Ivey Poker, LLC is the entity behind Ivey League, Ivey’s poker oriented website,” Borgata’s legal team wrote. “Ivey’s holdings have been estimated at $100 million, and the above shows these holdings, at least those that are ascertainable, are based in Nevada. Ivey has also disclosed a luxury home in Cabo San Lucas, Mexico on his social media account. It is possible that one of Ivey’s Nevada entities is the ultimate owner of this home.”

On Jan. 28, the order was filed to docket the judgment in Nevada, which Hillman signed the next day. Ivey’s legal team did not protest the decision.

Ivey used the same edge-sorting techinique to win $12.4 million at Crockfords Casino in London, which the casino did not pay out. After a lawsuit, the courts upheld the decision by the casino to refuse payment.

 
 
 
 

Comments

Draco1
1 month ago

These court decisions to penalize any player who spots, uses and benefits from a weakness in the ability of any casino or gambling concern to take that player's money is the rankest form of favoritism by those courts; especially as the gambling concerns who benefit from those rulings are based in the same state or country as the courts making the rulings. The courts should at least maintain the appearance of impartiality which they so loudly espouse; i.e. they should recuse themselves from the cases and move said cases to a more impartial jurisdiction. Why not let a court in a state or country that doesn't have organized legal gambling decide these cases? Is it because there is no vested interest in either party to the suits and the courts where there are vested interests in the gambling concerns winning their suits come under pressure by government officials to back a tax paying industry?

 
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