..

Plum TV Exec Won’t Pay His Casino Debt: Profiled on ABC News

Written by:
Aaron Goldstein
Published on:
Mar/22/2011

First he claimed it was out of principal.  Now he’s saying that the Mohegan Sun Casino out of Connecticut cannot sue in a state court for the $1.2 million gambling debt they claim is owed based on the concept that the casino is located on Indian sovereign land.

Jerome “Jerry” Powers, through his attorney, made the claim.  A judge in New London rejected these views and in January ruled that the Pequots could attach Powers' assets to the tune of $1.2 million. Powers has appealed the ruling.

Ironically, Powers runs Plum TV, a cable network based only in the United States most affluent communities such as Aspen, the Long Island Hamptons and Vail.  Plum TV is also broadcast in the Miami area where Powers currently resides.  Its focus is on the top spenders and influencers in America on all major platforms: TV, Print, Digital, and Events.  Plum was launched by Nantucket Nectars founder Tom Scott in 2002.

While there is that old saying “There is no such thing as bad press”, it’s somewhat doubtful that Plum TV wants to be perceived as being run by someone who welches on his debts. 

ABC News has brought the story to the forefront after Gambling911.com was among the first media outlets to publish the story.

First, he said he'd welshed on principal, claiming in court papers that the marker given him amounted to an illegal contract, since the State of Connecticut forbids both the extension of credit for gambling and gambling itself.

Now he is making the “sovereign nation” claim.

Being a public figure, especially one who is part of the so-called “lifestyle” community, has previously disclosed a portion of his financial wealth.

According to a November story in the Miami Herald, Powers in late 2007 sold a magazine he had founded. Purchase price: $33 million. Earlier that same year he told the New York Post he had entered into a multi-year $20 million magazine deal with Donald Trump.

ABC News noted that Powers is just part of what some see as a growing epidemic, casino credit players refusing to pay back their losses.

The American Gaming Association doesn't keep statistics on it. Nor does the biggest state gaming control board in the country, Nevada's. "I don't think there's been a material change," says Frank Streshley, chief of the board's tax license division.

Not so in Atlantic City, the nation’s second largest gambling destination.  Unlike Vegas, it does report bad debts per casino.  While almost all reported a decrease in revenue for 2009 and 2010, bad debts at many were up, ABC News noted. 

- Aaron Goldstein, Gambling911.com

 

Gambling911.com has been serving the gambling community with news around the clock since September 2000.

Follow us on Twitter for all the latest breaking gambling news

Follow us on Facebook.  Become a fan here.

Gambling News

First Things You Need to Know About Starting Your Own Online Sportsbook

First Things You Need to Know About Starting Your Own Online Sportsbook

The sports betting industry is, for sure, one of the biggest and most profitable you will ever find in the modern world. Betting on sports, casino games, horse racing, and other gambling products, have become one of the most popular hobbies and fun daily activities for millions and millions of people from all over the world, and if you can get in on it and run your own operation, then you will most probably start getting a good piece of the pie. 

Gambling Company Stocks Tanking, Calls for Ban on Team Sponsorship Deals

Gambling Company Stocks Tanking, Calls for Ban on Team Sponsorship Deals

Investors appear concerned over Penn National's “free” customer acquisition through the Barstool brand, and DraftKings spend to acquire its customers.

Sports Betting Set For Explosive Growth in 2021:  CEOs Share Outlook

Sports Betting Set For Explosive Growth in 2021: CEOs Share Outlook

Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: MGM Resorts International (NYSE: MGM), FansUnite (OTC: FUNFF) (CSE: FANS), fuboTV (NYSE: FUBO), and DraftKings (NASDAQ: DKNG).

Can Weed Help Build Atlantic City?

Can Weed Help Build Atlantic City?

Rebuilding the iconic Atlantic City Boardwalk to enable it to survive future severe storms; improving the look of the city’s main downtown business districts; helping people in underserved communities, and embracing the “blue economy” of the ocean are among recommendations from a state-appointed panel studying ways to improve the seaside gambling resort.

Poker Player, Sports Bettor Jailed for 14 months in $1million Tax Evasion Case

Poker Player, Sports Bettor Jailed for 14 months in $1million Tax Evasion Case

A Connecticut sports bettor and part-time poker pro has been sentenced to 14 months in prison for evading taxes on more than $1million of poker gambling winnings.  He must also pay back more than $800,000.

Syndicate