Costa Rica Rumor

[Boris]

Here's some juicy gossip. I heard a crazy story this weekend about how the owner of the casino in Costa Rica grabbed every bit of cash in the casino and the bank he owned, and then split town for destinations unknown. Reports were that the amount taken was not chump change.

Anybody else here about this?

[Grambo]

From: Newgca (newgca@aol.com)
Subject: GCA "Costa Rica Story, another RipOff"
View: Complete Thread (9 articles)
Original Format
Newsgroups: rec.gambling.poker
Date: 2002-11-28 20:48:15 PST


Director says Milanes casino ownership is complex



By Bryan Kay
and the A.M. Costa Rica staff



Nick Gullo, director general of the Europa, Royal Dutch and Tropical casinos,
said Tuesday that he suspects his former boss, Luis Milanes, has left Costa
Rica. Milanes’ high-yield investment firm, Savings Unlimited, has been closed
since Friday, leaving a large number of investors guessing what has happened to
their money. He said that he now has instructions to report to Milanes’
brother, José, on casino matters. The brother is the owner of Ascia, a toy
warehouse in Tibas, near Milanes’ Europa Casino at the Raddison Hotel. There
has been considerable confusion regarding Milanes interests, particularly with
the casinos. Gullo said that three separate corporations operate the three
casinos. However, it is not clear who the owner or owners of the corporations
are. Gullo said he reported to Milanes before that man left. He said he knew
nothing else about ownership. The Tropical Casino and the Morazan Hotel are
operated by the same corporation, he said. The Royal Dutch Casino is operated
by another firm, and the Europa Casino is operated by yet another, said Gullo.
The Raddison Hotel, which houses the Europa on its premises, is a separate
entity. Gullo said the hotel leases the space to the casino. In fact, there is
no ownership of any of the premises, said Gullo. Each one is leased. Investors
with Savings Unlimited continued to search for answers Tuesday. Most accepted
the idea that Milanes has left with their money.
Joe Hall, an investor from Texas, came to Costa Rica specifically to collect
his interest payment. He found a closed office and no forwarding information.
He said that this is the first time he has even been in Costa Rica, having been
advised of Savings Unlimited by a friend. Before, he received his payments by
mail. The reason he came to the country, he said, was because his interest
payments had stopped in October. He was then told by telephone that he could
collect his payment Monday at the office. He later said: "Why should I ever
come back to Costa Rica?" At the former Savings Unlimited office in Edificio
Colón somone posted a sign Tuesday morning. The sign was addressed to "victims
of closure of Savings Unlimited." It instructed interested parties to contact
two telephone numbers because there was important information to share. A call
to one number determined that the mailbox was full. A machine at the second
number instructed a caller to leave a message. Another casino employee told a
reporter that investors in Savings Unlimited were led to believe they would
have an equity stake in the casino corporation if they gave money to Milanes or
manager Michael Gonzales. For the last 18 months, some investors came by and
told casiino workers they were there to check up on their investment. However,
this source maintained that none of the investments at Saving Unlimited were
backed by any interest in any Casino here. This same source said that Milanes
used poker tournaments at the Europa casino to recruit potential out-of-town
investors for Savings Unlimited by means of signs posted at the event and by
personal invitation.

+++++++++++++++++++++++++

This is the story.

Russ Georgiev

[Boris]

"Old News"

lol. guess I don't get out much.

[**MR.MANHATTAN**]

MR. g, u got it together brother