Venetian CEO Poker Tournament Main Event Furor

[stephenNUTS]

I just read this and am even SICKER!!
There were only 31 entries,as for some reason I thought it was 38?

After getting knocked out 11th,I immediatley left the TAJ and went back to N.Y,in total disgust.I even sent the CEO Tour a follow up e-mail about being unhappy about the misleading # of entires that Maria told me on the phone of 150+.I remember her giving me some BS about cancellations,CEO's that had other obligations,whatever,it was total non-sense,and I am absolutley mortified about being hustled now!

~stephen feraca

[Synergistic Explosions]

[ QUOTE ]
[ QUOTE ]
The first CEO Poker Tour series of tournaments was held over at the Palms in October. They did three $1500+300 tournaments with the same issue of the prize pool appearing to be shorted. The first tournament (with links to the other 3) can be found here.

[/ QUOTE ]

wow in that one they collected $55,800 and paid out just over $40,000? this is insane? Why has this not come to light sooner?

CEO Poker Tournament
Event #1 - No Limit Hold'em
October 23, 2006
Palms
Tournament Schedule
Buy-In $1,500 + $300
Prize Pool $40,105
Entries 31

[/ QUOTE ]

1300+500 would of been the way to advertise this one. It does make the recent 2150+450 Venetian one look like a bargain!!

[doublejoker]

The 31 entries were at the Palms CEO event

[stephenNUTS]

[ QUOTE ]
The 31 entries were at the Palms CEO event

[/ QUOTE ]

OK I got it confused,but the Main Event I entered at the TAJ had 45 entrants?

Is that confirmed?

~sf

[doublejoker]

Here is a summary of the 4 Tournaments reported thus far....

Palms CEO Event:

wow in that one they collected $55,800 and paid out just over $40,000? this is insane? Why has this not come to light sooner?

CEO Poker Tournament
Event #1 - No Limit Hold'em
October 23, 2006
Palms
Tournament Schedule
Buy-In $1,500 + $300
Prize Pool $40,105
Entries 31



Taj Mahal Main Event:

i found it. Here are the numbers; they collected $225,000 plus juice from 45 players; here is the breakdown...


EVENT: No-Limit Hold'em Championship Event 6
ROUND: N/A BLINDS: N/A ANTE: N/A PLAYERS LEFT: N/A

BUY-IN $5,000
TOTAL PRIZE POOL $155,200
ENTRIES 45
FINAL RESULTS: May.24 VIEW STANDINGS: May.24
PLACE PLAYER PRIZE/CHIPSPOY POINTS
1Michael Santoro$69,8400
2Charles Minter$38,8000
3Bianco Benedetto$23,2800
4John Aglialoro$15,5200
5Angel Modica$7,7600

There is $70,000 missing???? Acually more than $70,000 I beleive the buyin was $5,150 not $5,000.


Venetian $1,000 Event:


I just checked one of the $1,000 tourneys fron Venetian; in this case they charged a staggering amount of juice as well. They collected $1,075 x 174 players ($187,050) and paid out $158,339.


EVENT: No-Limit Hold'em Event 7
BUY-IN $1,000
TOTAL PRIZE POOL $158,339
ENTRIES 174

1Bryan Watkins$49,085408
2Mike Leah$28,818340
3Aaron Krebs$17,417272
4Mohammad Hamid$14,251204
5Giovanni Rigolli$9,500170
6Charles Denton$7,917136
7Darcy McLeod$6,334102

Venetian Main Event:

$2500 buyin

$100 to Venetian
$150 CEO "site fee"
$125 CEO Charity
$75 Venetian staff


234 entries at $2600 ($608,400)

Final prizepool of $503,100

BUY-IN $2,500
TOTAL PRIZE POOL $503,100
ENTRIES 234



This really is out of hand Players cannot have any reasonable chance when they start out 20% in the hole.

The entire entry fee of 2 players per table is removed from the prizepool.

[doublejoker]

[ QUOTE ]
[ QUOTE ]
The 31 entries were at the Palms CEO event

[/ QUOTE ]

OK I got it confused,but the Main Event I entered at the TAJ had 45 entrants?

Is that confirmed?

~sf

[/ QUOTE ]

I have to assume the numbers reported by Cardplayer are correct.

[PokeReader]

The fact that they publicly advertised their buy-ins at false price levels puts them on the hook for that at the least. You could not adverstise it as a 2500+100 tourney, even if you had information clearly at the event stating the real vig. It is called a bait and switch, and is a specific scam that is legislated against. I expect that legally all the participants will be entitled to their full buy-ins returned, and I am not sure how the law will treat the shorting of the prize pool, but I would expect restitution would be required there as well. As such, the operators of this company would be irresponsible to not consider immediate restitution of all injured parties.

[stephenNUTS]

[ QUOTE ]
The fact that they publicly advertised their buy-ins at false price levels puts them on the hook for that at the least. You could not adverstise it as a 2500+100 tourney, even if you had information clearly at the event stating the real vig. It is called a bait and switch, and is a specific scam that is legislated against . I expect that legally all the participants will be entitled to their full buy-ins returned, and I am not sure how the law will treat the shorting of the prize pool, but I would expect restitution would be required there as well. As such, the operators of this company would be irresponsible to not consider immediate restitution of all injured parties.

[/ QUOTE ]

That is what it seems like,

now if anyone can get monies refunded is the whole other story IMO!

~stephen

[craigmarq]

Anyone feel like posting contact info for the nevada gaming commission. I played int he 2.5k main event and am more than willing to contact them.


Craig

[stephenNUTS]

[ QUOTE ]
Anyone feel like posting contact info for the nevada gaming commission. I played int he 2.5k main event and am more than willing to contact them.


Craig

[/ QUOTE ]

http://gaming.nv.gov/address_phone.htm#lv