I suspect bad investments is what really kills many athletes. Their buddy convinces them to open a restaurant, invest in his start up record label etc. And they lose everything they put in.
I suspect this gets sorted very quickly and isn't heard about again.
They are common but you are supposed to pay them off within 30 days (and in fact you usually arrange a wire before leaving). It is supposed to be just for convenience so you don't carry cash. They aren't really a loan.
They would have demanded payment after 30 days, and it's obvious that he either couldn't or wouldn't pay. They don't launch a lawsuit without trying to sort it first.
ETA: The claim filed says they tried to sort it but he didn't cooperate.
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I suspect bad investments is what really kills many athletes. Their buddy convinces them to open a restaurant, invest in his start up record label etc. And they lose everything they put in.
Sure but friends and families are the biggest siphons of wealth.
You don't need to buy your friends watches or cars. Or put your mother in a 6000 square foot house. You don't need to be a collector of fine cars. Or buy a jet.
You don't need to throw huge parties, blast coke up your nose, or sleep with a girl without protection.
when you go through the reasons why these athletes go broke its not as often about investments as it is bad personal choices.
How many koi fish do you need, or white tigers.
In football two things really kill the players. Nobody tells them that their pay checks stop after the super bowl. While you think that you're going to be playing forever, the average NFL career is three years. NBA 4.5 years NHL 5 years.
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Originally Posted by Strange Brew
I suspect bad investments is what really kills many athletes. Their buddy convinces them to open a restaurant, invest in his start up record label etc. And they lose everything they put in.
Many a hockey player has gone bankrupt due to bad agents (Bobby Orr & Alan Eagleson) and bad investments made by the player, family or agent.
In other cases you have athletes that can't handle their new found wealth and piss it all away on houses, boats, cars and women.
Sure but friends and families are the biggest siphons of wealth.
You don't need to buy your friends watches or cars. Or put your mother in a 6000 square foot house. You don't need to be a collector of fine cars. Or buy a jet.
You don't need to throw huge parties, blast coke up your nose, or sleep with a girl without protection.
when you go through the reasons why these athletes go broke its not as often about investments as it is bad personal choices.
How many koi fish do you need, or white tigers.
In football two things really kill the players. Nobody tells them that their pay checks stop after the super bowl. While you think that you're going to be playing forever, the average NFL career is three years. NBA 4.5 years NHL 5 years.
re: the bolded part, this really is my point. Their "investment" decisions are often not made with good judgment or sound professional advice and involve friends and family too often.
And the unprotected sex point is a good one. I'm sure a ton of pro athletes have child support payments coming out their backside. Basketball Hall of Famer and former Rocket great Calvin Murphy has 14 kids with 9 different women.
Unless you have proof or reason to suspect this, it is outrageous.
Again, unless we have proof that there is something shady going on, we have no business in his private life.
Respectfully disagree. His employment is based on winning and losing, and is heavily gambled on. He's a key player who can have an impact in that, even if it is so modest as to be shaving points to affect the spread.
Brian Burke once discussed with me the conditions of gambling within the NHL while he was GM of the Canucks. His take was that there was zero tolerance within the organization, from the highest paid player to the contract employee. The specter of it affecting the outcome of the game was too high for there to be anything otherwise.
This was 15 years ago, and the acceptance of gambling is far greater now in society. Heck, the NHL capitalized on getting to Las Vegas first.
But I agree with others - this is not going to turn out to be isolated for Kane. I'm not as hard on him as others here, but it seems the height of insanity to suggest he tried gambling for the first time, lost half a mil, then stopped and that's all that's up.
I think speculation is fair, investigation is warranted based on his job, and that it's likely symptomatic of a much deeper problem for him.
I also feel gambling addiction is real, and hope he gets help for it.
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Isn’t his residence in the Cosmopolitan? It’s in one of those City Center complexes. Thus the familiarity with the casino and him and it’s not his first or last gambling streak there, he’s probably a regular.
This particular one was a little rich (as mentioned, likely had some friends in town)and he’s a little late in paying back, and 6 months of reminders hasn’t worked, so it’s on to the lawyers.
Getting the lawyers involved is more public shaming then anything else and the first step to put a lien against his property as well.
Isn’t his residence in the Cosmopolitan? It’s in one of those City Center complexes. Thus the familiarity with the casino and him and it’s not his first or last gambling streak there, he’s probably a regular.
This particular one was a little rich (as mentioned, likely had some friends in town)and he’s a little late in paying back, and 6 months of reminders hasn’t worked, so it’s on to the lawyers.
Getting the lawyers involved is more public shaming then anything else and the first step to put a lien against his property as well.
Why would his residence be in Vegas? He plays for San Jose. The Cosmo is in City Centre but its a hotel. I suppose some people live there but its not condos or something.
A little late? Markers are not a loan. They are more like writing a cheque to buy chips. The norm is to clear it via a wire transfer at the end of your stay. The 30 days is just a grace period. And like I said, its a criminal offence to fail to pay a merger in Nevada.
Why would his residence be in Vegas? He plays for San Jose. The Cosmo is in City Centre but its a hotel. I suppose some people live there but its not condos or something.
I don’t think decision making is Kane’s strong point.
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The only mistake here was the casino extending a half million of markers to this guy.
But Kane does have one thing going for him now. He is going to find it a lot harder to gamble in Vegas.
Why? One would think that would be as safe as can be. You know he makes the money to pay it. His income is public, his job is public. He effectively took a loan and he cant default on it.
Hes got a multi-million dollar contract for 5 more years and they're a legal creditor. They'll get their money unless there are other factors involved.
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Why would his residence be in Vegas? He plays for San Jose. The Cosmo is in City Centre but its a hotel. I suppose some people live there but its not condos or something.
A little late? Markers are not a loan. They are more like writing a cheque to buy chips. The norm is to clear it via a wire transfer at the end of your stay. The 30 days is just a grace period. And like I said, its a criminal offence to fail to pay a merger in Nevada.
Cosmo isn't a part of City Center. It was built at the same time and on property beside City Center but they aren't related. City Center is jointly owned by MGM Resorts and Dubai investors. Cosmo is owned by Blackstone Group.
Original plans were to include condos but they scrapped that plan. However I have seen it suggested that they have 17 condo units. I don't know which tower they would be in.
The Veer towers at City Center are condos but don't have balconies like the one pictured in Kane's pic with all the money. Can't tell if he is at a room or condo from that pic as I've never seen pics of the condos.
So was he just visiting or did he have a condo? Who knows. We do have evidence to suggest that he enjoys going to Vegas based on the pics and now the lawsuit from Cosmo.
Doesnt necessarily mean he has a gambling problem. But he most likely has a problem properly managing his money.