It has been a few years since the Borgata Hotel and Casino decided to sue poker player Phil Ivey for the $10.16 million that he won playing baccarat. In 2016, the Borgata won a lawsuit for the winnings to be paid back by Ivey and his gaming partner Cheng Yin Sun from 2012. The two used an edge sorting technique to be able to find defects in the cards and use the marks to their advantage. The money has yet to be paid back and the Borgata wants to collect.
The casino was recently given approval from a New Jersey federal judge to go after the assets of the poker pro. Ivey and Sun were able to earn around $9.6 million from the baccarat game at the casino with an additional $500,000 won at the craps table.
When the Borgata won the ruling for the cash, they were unable to find any assets in New Jersey. The casino only found a Wells Fargo account that was in Ivey’s name in New Jersey. The account was empty and the casino claimed that Ivey and his partner had sent the money that they won to a bank account in Mexico.
In October of last year, the casino filed a motion to be able to seek assets of Ivey from other areas. The motion stated that assets were found in Nevada and they wanted to seek such assets to receive their payment. The Borgata determined that Ivey has the Ivey Poker, LLC which is the entity behind the Ivey League brand.
Ivey has been found to have holdings of $100 million and the casino wants to go after these assets to earn their payment. Ivey also reportedly has a home in Cabo San Lucas.
With the recent approval, the Borgata will now push to use assets in other locations, including Nevada, to be able to earn back the $10.6 million.