Disclaimer: This article is based on rumors obtained from circulating anonymous emails.
There is more bad news over at Cereus headquarters to report. The poker network seems to be running short on money and it is reflecting in a lot of the actions they are taking. Since Black Friday, the Cereus Network has lost 76% of their traffic, as compared to the 38% hit Full Tilt Poker has taken and the 26% hit PokerStars has taken. This has resulted in a lessened cash flow and huge problems for Cereus’ investors, players, and employees.
Black Friday has had the biggest impact on the Cereus Network. Blanca Gaming, the company that owns the Cereus Network, is rumored to have accumulated debts in excess of $250,000. These alleged debts are increasing at more than $100,000 per month. This has forced the company to file bankruptcy and has left investors empty-handed. The monthly $100,000 payment is rumored to be going to lawyers as Cereus has joined forces with the WTO and the country of Antigua to try and fight the allegations put forth by the Department of Justice. According to the Antiguan government, the United States has violated many agreements put forth by the WTO.
With the money trouble at Cereus, they have had to back out of many of their regular promotions. Many rakeback affiliates are no longer doing business with the poker room. Additionally, non-US players are only allowed to withdraw $250 at a time from the poker site. Even though this is what is read on the Cereus Network, many aggravated players have reported failed withdrawals.
Cereus has been forced to downsize its operations. A whopping 95% of its employees are said to have been terminated. In the anonymous termination email that has been circulating across the Internet, the employees are asked to work from home until told otherwise. Some employees are expected to be asked to return for a new job with a smaller company. Optimistically speaking, this may allude to a new company purchasing the Cereus Network and correcting everything that is wrong with the management at the poker site. Unfortunately, it most likely will not end up that way.
Black Friday has certainly hurt the Big Three poker networks (PokerStars, Full Tilt Poker, and the Cereus Network). American players at PokerStars have been able to withdraw their money while those at Bovada Poker and Cereus still wait. Stay tuned for FlopTurnRiver for more updates concerning this matter.