Venetian CEO Poker Tournament Main Event Furor

[ceopoker1]

It is ABSOLUTELY correct.

Please know that the casino fee is NOT coming out of the players money. I explained this in a letter that I posted last night. We only accept a site fee from the casino. The 9% goes to the Venetian and a 5% donation, ONLY from the main event, which was stated in the website, and in the tournament rules and regulations, went to the Nevada Childrens Cancer Foundation.

However, going forward we are not going to be including a charity component within the tournament structure, and if we do include a charity in our event we will be paying them directly from our site fee.

Please let me know if you have any other concerns or questions.

Maria Gomez
CEO POKER

[Quicksilvre]

[ QUOTE ]
The 9% goes to the Venetian...Please let me know if you have any other concerns or questions.

[/ QUOTE ]

What was the $100 in $2500 + $100 for, then?

[PokeReader]

If you get a 6 percent site fee from the Venetian, and we pay the Venetian an extra 6%, do you see how we are paying you? This is the exact issue with the WPT now. Except at least then the casinos actually cover the fee, and we don't have to pay extra to cover it. Total bs. However, if you listed it on your website as 9% for staff costs, I do not believe you. No one, no one, takes out 9% for staff. I will ask the staff if they got 9% and will they tell me they did? No, because 6% of that went to the Venetian, and if I got to look at your books I bet you that the same 6% is the cost of your "site fee" from the Venetian. Is this so? If so, you are merely passing on your costs, and the players are, in fact, paying for everything.

[doublejoker]

If the fees are not coming out of the players money where are they coming from? The original entry card said $2500 +100 not $2150 + 450!

[PokeReader]

They are claiming some bs that we are paying the Venetian 9% for staff, (there is now way the staff got 9%), and that they only got paid through a site fee from the Venetian. It's just a pass through. We pay the Venetian, the Venetian pays them. I am sure it is the same amount of money.

[Synergistic Explosions]

This is so deceptive it borders on criminal.

[doublejoker]

I searched their website; this is all I could find....


The Venetian Resort-Hotel-Casino to Host CEO Poker Tournament July 2-10, 2007


CEO Poker, an Executive Games company, has announced The Venetian Resort-Hotel-Casino in Las Vegas, will host a 2007 CEO Poker Tournament July 2 – 10, 2007. Executives from all over the world will battle over the green felt for an exclusive Tiffany Championship bracelet, cash prizes, trophies and bragging rights. Buy-ins will range from $500-$5,000.

"We felt The Venetian Poker Room was the right fit for the CEO Poker Tour," says William Peraza, CEO, CEOPoker. "We wanted to align ourselves with a prestigious brand that understood the needs of the executive poker player. CEO Poker is more than just about playing poker, we believe in a total player experience as soon as you walk through the casino doors. The Venetian Poker Room has our same values and mission – to give the player the ultimate experience.”

“The Venetian Poker Room is delighted to welcome the CEO Poker Tour for what promises to be an exciting event this July,” stated Kathy Raymond, director of poker room operations for The Venetian. “Players are invited to battle for top honors and amazing prizes in our exquisitely decorate poker room featuring leather and cherry wood custom cabinetry, state-of-the-art technology and a smoke-free environment.”

When not playing poker, CEO tournament participants and their guests are invited to enjoy the unique array of amenities and attractions available at The Venetian Resort-Hotel-Casino including 20 fine dining restaurants, featuring an unparalleled seven James Beard Award-winning chefs, spectacular shopping at The Grand Canal Shoppes featuring a quarter-mile indoor gondola ride with singing gondoliers, Canyon Ranch SpaClub®, the Guggenheim Hermitage Museum and Madame Tussauds Wax Museum.

The CEO Poker Tournament at The Venetian will be open to players wanting to compete and network, while playing Texas Holdem. Please visit www.ceopokertour.com, tournaments section, for information on player criteria.

To register for the tournaments please log in to www.ceopokertour.com and click Tournaments for more info and an online registration link. Seating is limited.

A complete listing of the events can be found by visiting www.ceopokertour.com.

Statements in this press release, which are not historical facts, are "forward looking" statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to general economic conditions, competition, new ventures, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.

About The Venetian Resort~Hotel~Casino
The Venetian Resort-Hotel-Casino, a repeated recipient of the AAA’s Four Diamond Award, is one of the world’s most luxurious resort and convention destinations. Re-creating Venice’s legendary landmarks, the resort offers unmatched service and quality for leisure and corporate guests. Located in the heart of the Las Vegas Strip, The Venetian features The Grand Canal Shoppes, an indoor streetscape complete with gondolas and singing gondoliers, the Canyon Ranch SpaClub, world-class gaming, exquisite restaurants, the Guggenheim-Hermitage Museum, and a wide variety of entertainment venues on its premises, as well as extensive convention and corporate services. For additional information, visit The Venetian website at www.venetian.com.

About Executive Games
Executive Games produces executive related events, where players network and compete for titles, cash, and bragging rights. William Peraza, JR., CEO of Executives Games, and Maria Gomez, President of Executive Games, developed the concept of executive entertainment event productions to give players the ability to release stress, have fun, and network. Executive Games is the ultimate in player competition.

[Cornell Fiji]

Mr. Gomez,

Please clearly answer this question. Of the $2500 that players thought that they were contributing to the prizepool how much money actually went into the prizepool?

If the answer to the above question is less than $2500 do you see why the players could be confused that you advertised the tournament as $2500+100?

If you see how players could be confused do you believe that your practice could legitimately be considered by some to be 'unethical'?

Thank you for your honest responses,
Steve

[doublejoker]

18% of the $2500 + 100 was taken out as follows;

4% for the Venetian itself for running the event ($100)
6% for the CEO Poker Tour for sponsoring the event ($150)
3% for Venetian Staff ($75)
5% for CEO Poker Tour Charity ($125)

The total taken out was $450 per player; Can CEO Poker Tour people dispute these exact numbers?

[Synergistic Explosions]

Would anyone actually register if they promoted it as a 2150+450 tournament?

That's probably why the deception was used. Putting the +100 in was genius to deflect players from investigating further to discover the truth.