Borgata to Seize Phil Ivey’s Assets in Nevada

A federal judge from New Jersey has approved Bogata’s motion to proceed going after Phil
Ivey’s assets in Nevada. The casino had started going after the poker star’s assets in Nevada after
finding that the latter did not have any assets in New Jersey.
In Nevada, Borgata expects to find Ivey’s assets which are estimated to be $100 million. They
are expecting to collect around $10.16 million. However, it seems that the figure might be too
low considering that there is a high probability of treble damage to be asked from the casino.
Ivey may not find any more assets left in Nevada after this debacle.
The Ivey-Borgata Case
The case started several years ago when Phil Ivey had connived with his playing partner, Cheung
Yin “Kelly” Sun into beating a couple of casinos, including Borgata. They were able to get
around $20 million from these casinos by “edge sorting.” Edge sorting is a technique used by
gamblers, in which they identify the unintentional differences at the back of the card. This gives
them the idea of whether the card presented was a high card or a low card.
Edge sorting has been considered cheating by these casinos as it hurts the idea of winning
something “by chance.”
Ivey then used the money earned from Borgata to travel all over the Asia-Pacific and indulged
himself in high-stakes games. Borgata was already eager to collect from Ivey because the latter
kept on appealing the case, and caused the delay of the case several times, saying that he needed
the money to continue his career as a professional gambler.
Recent News
Borgata had already examined Phil Ivey’s assets in New Jersey, and they found nothing.
Considering that there were no other options left to collect from Ivey in New Jersey, they
pursued his assets in Nevada.
Borgata’s lawyers were certain that the value of those assets in Nevada were estimated to be
$100 million. They were also certain when they said that Ivey had purposely flushed out his
assets in New Jersey to offshore accounts in order to avoid having them garnished or executed.
While this may prove to be some bad news for fans of Ivey who saw his return to the World
Series of Poker, it seems that the poker star remains unfazed in the recent developments against
him. He may avoid the United States for a while, given the status of his case, but Ivey seems to
be adamant in joining other Poker tournaments abroad where stakes can be much higher.