Quote:
Originally Posted by BulltexasATM
Two poker players have been followed and robbed in the past two days. The most recent Sunday night. There is a reason the higher limit players leave chips in boxes. When Legends opened there was a run on the bank and 88 didn’t have the money to pay all those chips out. Once poker players found out they all ran over there to try and cash out and 88 limited cash outs to $2k per day. This went on for the last 3-4 weeks they were open until they suddenly closed. It is estimated around $1m in chips are still out there.
If you listen to Matusows podcast Chan is saying this is due to his partner leaving town with the money. His partner was actually the money behind it and decided to pull out. He didn’t steal the money. He quit funding it anymore. Someone else(Chan?) was spending that money and the house of cards collapsed. Now he’s calling anyone and everyone to try and sell the club but once that trust is gone you are done. He’s hoping to find a sucker(Matusow lol) to take it on. Chan used his name but didn’t put much in. He just took out!!!
If in pulling out he also pulled money that was already committed then it could be considered stealing. If he went into the boxes, then it is definitely stealing.
I am not saying anything about Johnny Chan specifically as I simply have zero information if he is guilty in this or not. But I do believe that La, Sin, some staff/mgmt at Legends and probably some staff/mgmt at 88 Social are far from clean in all of this.
The biggest fear I have is that whether legal or not and whether justified or not, Legend's operation (and others') (I am confident they have at a minimum strayed well beyond the gray area loop hole on these rooms in TX) is going to bring down the whole cottage industry.
Frankly many if not most of these rooms are well UNDER capitalized. I don't believe most (any?) of them could actually pay off all the outstanding chips on demand with legal above board funds. Their might be a couple with the necessary capital and controls in place but not most.