New Jersey’s most profitable casino won a lawsuit over poker pro Phil Ivey related to ‘edge-sorting’ in a baccarat game. This plan identifies manufacturing defects on the card backs. It allows the player to have a better idea of what the card may be if the deck is not cut properly, as was apparently the case in Ivey’s four Borgata sessions where he won approximately $9.6 million. The math did not support the likelihood of the massive wins.
Bond required for appeal
The judgment is for $10.13 million. Ivey and his co-defendant, Cheung Yin Sun, were required to post that amount in a bond during an appeal of the decision handed down in 2016.
Ivey and Sun had a 14-day waiting period to post the bond. Both sought to stay the bond until the appeal’s process was exhausted. They were unsuccessful.
Borgata searched for assets
When the bond was not posted during the allotted time, Borgata searched New Jersey records for assets belonging to them. The casino was only able to find a single bank account in the state belonging to Ivey. It was at Wells Fargo Bank and it was empty.
Borgata then searched Nevada for assets belonging to the pair. A condominium was discovered in Nevada. It was acquired for $279,000 last decade.
Four businesses were located in Ivey’s name in Nevada. One appears defunct, while the others seem related to Ivey League. That was a poker coaching website that officially shuttered in May 2017. It has not posted a video in more than a year and its forum appears to have been abandoned.
One notable piece of Nevada real estate related to Ivey is not accessible. He owned a $2 million home in the Las Vegas suburb of Summerlin, sold in 2013 after a divorce.
Reports indicate that Ivey owns oceanfront real estate in Cabo San Lucas, Mexico. He also used a bank account in that country to wire money to Borgata for his baccarat bankroll. That may be of little help to Borgata. It is difficult for American countries to lien real estate and bank accounts in other countries.
Borgata hopes it can win a motion to docket the case in Nevada. This would allow for liens to be placed on identified assets that include real estate and businesses.