On The Hunt: Borgata Seeks Permission To Go After Phil Ivey’s Assets In Nevada

Posted By Kim Yuhl on October 16, 2018 - Last Updated on March 24, 2021

“Follow the money.”

Borgata is taking the catchphrase made famous in “All the President’s Men” to heart.

In the latest installment of Borgata vs. Ivey, the Atlantic City casino filed a motion with the US District Court for the District of New Jersey.

It seems the casino cannot locate assets belonging to Phil Ivey in New Jersey. It’s hard to collect on a debt when there is no money to be found.

Now, Borgata is seeking permission to look in Nevada.

Specifically, the filing said:

“Borgata has been unable to locate any assets of Defendants in New Jersey. Borgata identified a bank in which Ivey maintained an account. A writ of execution was returned and the bank indicated there were ‘no funds.’”

Where did all the money go?

In the court filing, Borgata admits to being unsuccessful in executing the 2016 judgment that awarded the casino the $10.1 million in the now infamous edge-sorting case.

Borgata was able to locate a Wells Fargo bank account in Ivey’s name. On Oct. 2, the bank informed the casino the account was empty.

There was speculation that Ivey and his partner and co-defendant, Cheung Yin “Kelly” Sun, transferred their assets to a bank account in Mexico.

Even though it seems Ivey spends most of his time in Macau, he also spends a great deal of time in Mexico — or at least he used to. Ivey admitted to owning a house in Cabo San Lucas on his Instagram account in the past.

Borgata used that information in the court filing when pleading its case to start collecting its money from Ivey’s assets in Nevada.

“Although the extent of Defendant Ivey’s business holdings is unclear, it is believed that Ivey Poker, LLC is the entity behind Ivey League, Ivey’s poker oriented website. Ivey’s holdings have been estimated at $100 million, and the above shows these holdings, at least those that are ascertainable, are based in Nevada. Ivey has also disclosed a luxury home in Cabo San Lucas, MX on his social media account. It is possible that one of Ivey’s Nevada entities is the ultimate owner of this home.”

Specifically, the casino has found assets in Ivey’s name or one of his business enterprises that include a condo in Clark County.

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Keeping the bill collector at bay

Besides the latest court filing, there are a couple of appeals already working its way through the US Court of Appeals for the Third Circuit.

In September, Ivey asked the court to stop Borgata from immediately collecting on its $10 million judgment. The premise of the filing is that it would do irreparable harm to Ivey’s business.

The appeal is ongoing, but the court ruled Borgata could continue its efforts to collect on the debt. Not long after, Borgata cross-appealed. It wants a review of every ruling that went against the casino in the case.

Specifically, the casino is looking at its initial request for a $30 million judgment for fraud. The judge ruled that fraud was not committed and Ivey is only guilty of not playing a fair game. Hence, the $10 million judgment.

Using edge-sorting to identify the value of cards definitely provided an advantage to Ivey. Fraud is a stretch, though.

Let’s not forget, the AC casino approved all of Ivey’s requests and Ivey never touched the cards. With the casino in control of the game, it should bear some responsibility.

For now, though, Ivey hopes to get a stay on the collection of the debt. Borgata, on the other hand, wants permission to follow the money.

MGM Resorts International owns Borgata, and as such, it has plenty of leverage in Nevada to collect on the debt, if allowed. Borgata is hoping to get a green light at a requested Nov. 5 court date.

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Kim Yuhl

Kim Yuhl has been covering the US online gambling market since 2013. Her work is featured on various sites and covers sports betting, online casino gambling, and online poker. Kim is a full-time traveler and vlogger and is currently slow traveling to 60 countries. You can follow her travels at kimandway.com and on YouTube at kimandway.

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