With the drop of a gavel, Phil Ivey lost $10M
A judge sides with the Borgata in the ongoing legal dispute
The saga of Phil Ivey’s fight over $10 million with the Borgata Casino could be reaching its final chapter. A U.S. District Court Judge has agreed with the Borgata and has given its approval to docket a $10.16-million judgment against the poker great in Nevada. With that ruling, the Borgata can embargo Ivey’s assets in Nevada.
For those that may not recall, Ivey and his partner, Cheung Yin Sun, took to the baccarat tables at the Borgata and won almost $10 million. However, the casino later accused the ten-time WSOP winner of “edge sorting,” using flaws in the cards to determine how to bet. The Borgata cried foul and asked for its money back, but Ivey wouldn’t budge. He admitted to the practice, but argued that it wasn’t his fault the casino didn’t know how to manage its assets properly.
A legal row ensued and the casino finally prevailed. This wouldn’t be the end, though, as the Borgata discovered that recuperating the money wouldn’t be easy. Ivey apparently held no assets in the casino’s home state of New Jersey, which meant the Borgata couldn’t recover the funds. It then went back to court and asked that Ivey’s assets in Nevada, which reportedly were more than $100 million, be made accessible. On January 29, the judge agreed and the Borgata is ready to collect.
The case isn’t quite over. While Ivey is going to be obligated to hand over the $10 million, he is still appealing the previous ruling and has a case pending with the Third Circuit Court of Appeals.