Houston, Texas is home to a booming social poker club scene that has managed to thrive during the pandemic. But recently, a popular venue closed down for unclear reasons. 88 Social Club, owned by Johnny Chan, shut its doors on 03 Dec, leaving many players shocked as they still had cash left in their boxes at the club.
Others were holding chips from the establishment to prepare for their next tournaments, only to find out that the room had stopped operating. 88 Social Club did not post any notice on its website or social media accounts, leading to different speculations regarding the club’s financial status. Has 88 Social Club Gone Broke?
In late 2020, 88 Social Club was supposed to host its Winter Tournament series but eventually canceled the event over fears it might not have adequate funds to cover the guarantees if events fall short of hitting their targets. The room also implemented a $2,000 cap on daily cashouts leading players to believe that something bad was brewing. A few weeks ago, the venue also unexpectedly dropped its planned Winter Classic event.
88 Social Club has been dealing with financial issues as early as 2019 when Chan filed a lawsuit against his former business partners accusing them of breach of contract, fraud, and misappropriation of his name and likeness. Chan started the 88 Social Club with David La and Ho Jun Sin. When the club was first launched, it was launched under the name 52 Social.
The trio later had a major dispute involving the club’s finances, leading to the lawsuit which reached a settlement without going to court. La and Sin eventually left 88 Social with Chan overtaking the club. La established his own club located directly across the street from 88 Social. La’s Legends Social Club quickly gained popularity, leading to a significant drop in 88 Social’s daily traffic.
While 88 Social was slowly losing customers, there were allegations of graft and mismanagement committed by the club’s management. The room was reportedly dealing with an operational shortage of between $850,000 and $1.2 million.
As of this writing, 88 Social Club […]
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