Jerry Powers, a top exec at Plum TV recently settled a debt he held with a Connecticut casino for a total of $1.2 million.
Powers accrued the debt playing blackjack but then refused to pay. When the casino sued him he made the defense that they taken advantage of him by allowing him large credit advances to play Blackjack while being intoxicated. The Connecticut state court didn’t buy it and has ordered Powers to cough up for his substantial losses.
Powers was being simultaneously sued by two other casinos for not paying his debts to them. The Taj Mahal in Atlantic City and the Bellagio Casino in Las Vegas both wanted a piece of what they claim Powers owed them which is a million dollars at the Taj Mahal and an undisclosed amount at the Bellagio.
Powers has now paid all of casino debts and stated to the AP, “It was a chapter. It was closed. Everybody’s paid, and I’m really happy about it.”
It’s unclear why Powers is having these issues since he sold Ocean Drive Magazine for $33 million four years ago and then went on to invest in other ventures in the magazine and film industry. The folks over at Blackjack Champ have speculated that issues may have arisen based on problems Powel had with cocaine that apparently resulted in 13 incidents of unpaid debts between 1977 and 1984.
A spokesman for Powers explained his recent massive gambling losses on a “dark period” in Powers’ life two years ago in which he was suffering from substance abuse.
Powers invested in Plum TV five months ago and took over the roles of CEO and Chairman. Part of his changes to the station involved extending the company beyond cable TV and into the world that he succeeded so well in, luxury magazines.
Tagged as: Casino, Jerry Powers
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