Phil Ivey’s Assets Seized by Borgata

Several years back, Ivey and a playing partner, one Cheung Yin “Kelly” Sun, beat a couple of casinos — Borgata and London’s Crockford’s — out of about $20 million via “edge sorting,” utilizing slight defects on the backs of cards to gain an edge.

Both casinos contested the results of Ivey’s sessions and both won judgments against the popular nosebleed icon.

While Crockford’s never actually paid up, Ivey and Sun made off with the dough from Borgata, and Ivey spent the next several years grinding across the Pacific in high-stakes games in Asia.

 

 

 

 

 

The latest in the Phil Ivey-Borgata saga hit the news wire courtesy of Flush Draw a few days ago, and the news doesn’t look good for one of poker’s preeminent stars.

The battleground appears to have expanded beyond New Jersey borders now, as Borgata received clearance from a federal judge to begin coming after Ivey’s Nevada assets. The prominent East Coast casino apparently began an attempt to collect in the Garden State, only to find Ivey had zero assets there, leading to the motion to expand its search to Nevada.

 

 

 

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There, they expect to find at least some of Ivey’s wealth, which they estimate at over $100 million, with the expectation of collecting at least $10.16 million, CardPlayer reported. The last update on the case, dating from October, raised the possibility of treble damage, so that $10.16 million figure may even be low.

Resource: pokernews.com