Things are heating up in Las Vegas at the moment (aren’t they always?) for a good cause. The World Series of Poker taking place right now includes a no-limit Texas hold ‘em tournament that will last until Tuesday. The tournament has, to date, raised $5.5 million for One Drop, a Montreal charity that supports clean drinking water.
The tournament requires a $1 million buy-in and grew out of a conversation that Guy Laliberte, the founder of One Drop, and Mitch Garber, the chief executive of Caesars Interactive Entertainment had.
Many heavy-hitters are taking part in the tournament, including hedge fund manager David Einhorn. He has staked $1 million of his own money on the charity tournament, which will be awarding $18.3 million to the winner.
Mr. Einhorn’s goal is to donate any proceeds that he wins towards City Year, a Boston-based organization that works with public schools to prevent dropouts.
Other entrants at the tournament from the investment realm include Daniel Shak of SHK Asset Management and Chamath Palihapitiva, a venture capitalist. Last year, Mr. Einhorn lasted until day two of the tournament; in 2006 he managed to finish in 18th place and to earn $600,000 for a charitable cause. As a spokesman for Mr. Einhorn, Jonathan Doorley, said, “David believes that to solve the education crisis, public schools have to succeed through creative and proven initiatives. City Year is at the forefront of making needed improvements within the education system.”