The Borgata Hotel and Casino may bring their search for assets to a Nevada courtroom as they seek to recover a judgment from New Jersey.
The most financially successful casino in New Jersey emerged victorious in a legal battle against professional poker player Phil Ivey concerning the practice of ‘edge-sorting’ in a game of baccarat. This technique involves detecting flaws in the card backs, which enables the player to gain insight into the potential value of a card if the deck has not been properly shuffled – a situation that apparently occurred during Ivey’s four gambling sessions at the Borgata, resulting in winnings of around $9.6 million. The statistical analysis did not align with the probability of such extraordinary victories.
Bond required for appeal
Ivey and his co-defendant, Cheung Yin Sun, have been ordered to pay a bond of $10.13 million while appealing the decision made in 2016.
Ivey and Sun attempted to delay the posting of the bond for 14 days, hoping to wait until the appeal’s process was complete. However, their efforts to stay the bond were unsuccessful.
Borgata searched for assets
After the bond was not submitted within the allocated time, Borgata conducted a search in New Jersey records to locate their assets. Amongst the findings, the casino discovered that Ivey possessed only one bank account within the state. Specifically, this account was held at Wells Fargo Bank, but unfortunately, it was found to be devoid of any funds.
Borgata subsequently conducted a thorough search in Nevada to locate the assets owned by the duo. As a result, a condominium was uncovered, which had been purchased for $279,000 in the previous decade.
In Nevada, there were a total of four businesses registered under Ivey’s name. Out of these, one seems to be no longer in operation, while the remaining ones appear to have some connection to Ivey League. Ivey League was a poker coaching website that officially closed down in May 2017. It has been over a year since any new videos were posted, and its forum seems to have been completely abandoned.
Ivey’s connection to a significant property in Nevada is the unavailability of access. He previously possessed a $2 million residence located in Summerlin, a Las Vegas suburb, which was sold in 2013 following a divorce.
According to reports, it has been revealed that Ivey possesses oceanfront property in Cabo San Lucas, Mexico. Additionally, he utilized a bank account in that country to transfer funds to Borgata for his baccarat bankroll. However, this may not prove advantageous for Borgata as it is challenging for American entities to place liens on real estate and bank accounts situated in foreign countries.
Borgata is optimistic about obtaining a favorable ruling to transfer the case to Nevada, which would enable them to place liens on identified assets such as real estate and businesses.
Gorilla Or Buffalo Ways
Not Ivey’s first court loss related to ‘edge-sorting’
After outsmarting Borgata at baccarat using the edge-sorting system, Ivey found himself facing legal action again when he encountered a similar situation at Crockfords casino in the United Kingdom. Despite his substantial win, Crockfords refused to pay him, leading Ivey to file a lawsuit. However, the UK court ultimately favored the casino’s side in the dispute.
Besides these baccarat cases, Ivey has also found himself embroiled in other contentious matters tied to the world of gambling. One such instance was his role as a house professional and investor at Full Tilt Poker, where a shortage of funds became apparent when the company faced charges on April 15, 2011. This infamous day, referred to as ‘Black Friday’ within the online poker community, exposed the site’s financial insufficiencies.
Card manufacturer more successful against Borgata
Gemaco, the card manufacturing company involved in the baccarat edge-sorting incident, faced less severe consequences compared to Ivey in the legal battle against Borgata. Although a judge ruled against Gemaco, the company is only responsible for compensating the cost of the cards utilized by Ivey, which totals approximately $27.
