Phil Ivey's Assets Seized?
Phil Ivey’s Nevada Assets Cleared for Seizure By the Borgata
The Borgata has been authorized to search Phil Ivey’s house for assets to help pay back just over $10m in winnings.
This is after Marine District Development Corp, the parent company of the Borgata Hotel and Spa, searched for such assets in New Jersey only to find a zero-dollar bank account. However, in Las Vegas, they will surely find some signs of Ivey’s wealth, which is estimated to be north of $100 million.
The Borgata is seeking $10.16m – their share of the $20m he and Cheung Yin “Kelly” Sun won from the Borgata and London’s Crockfords Casino via edge sorting.
Edge sorting involves detecting card values based upon manufacturer’s defects in the deck itself. The use of this technique gave Ivey and Sun a distinct advantage over the house. They used this technique twice, and won around $10m each time.
Crockfords Casino successfully avoided paying out the winnings and even won a court case that sided with the casino. That case was tried in England; the Borgata won a similar case but had already paid out the winnings.
Phil Ivey has stated he would appeal the case.