Tom Schneider raised to 1,300 from middle position, Howard Lederer called from the button, Patrick White moved all in for 3,900, Schneider folded and Lederer called. White drew one and Lederer rapped pat. White showed a king-low, Lederer showed a jack-low and he took the pot.
Billy Baxter raised to 1,200, Amir Vahedi moved all in for 5,000, Miami John moved all in for 7,300, and Baxter called. Vahedi drew two, Cernuto stayed pat, and Baxter drew one. Vahedi showed a pair of threes, Baxter a pair of deuces, and Cernuto took it down with 2-3-7-9-T.
Vahedi elected not to rebuy again and was eliminated.
A middle-position player raised to 1,400, Johnny Chan called, David Grey moved all in for 10,000 from the small blind, the MP player folded, and Johnny Chan called off his remaining 6,000.
Grey said, "I'm good," and rapped pat.
"Me too" said Chan as he knocked the table.
"You win, then," said Grey. Chan showed 2-3-4-7-8 and took the pot, increasing his stack to 15,000.
Bruno Fitoussi raised to 2,000 pre-draw, Miami John Cernuto moved all in for his remaining 3,700 and Fitoussi called. Since Cernuto was all in, he turned up his hand at the draw. Fitoussi drew two while Cernuto showed 3-4-5-8-K, threw away his king, and got a seven in return. Cernuto's 8-7 low was good and he doubled up.
Parick White raised to 1,000 from the button, Tom Schneider called from the small blind and Gavin Smith called from the big blind. Schneider rapped pat, Smith drew two and White drew one. Schneider led out post-draw for 3,000, Smith folded, White moved all in for 7,500 and Schneider folded.
Players are not allowed to rebuy in cash. They can use the Rio's chips to rebuy or, oddly enough, Bellagio chips. A number of players have $5,000 Bellagio chips stacked at the ready for rebuys.
After the draw, Chip Reese bet 4,000, his opponent raised all in for over 20,000 and Reese called. He showed 2-3-5-7-8 and took down the pot, increasing his stack to 31,000.
It is rumored that Doyle Brunson, Chip Reese, and Mike Sexton have made some high-stakes "team" bets on the side. Each player takes 9-10 players in the field and there are bets paid out to whomever's "horses" make the final table and an even larger payout if one of their players wins the bracelet.
A coin toss determined who got to pick first. Chip Reese won the toss and his first draft pick was none other than the Lowball King, Billy Baxter. Baxter has won this event an unprecidented five times-- in 1975, 1978, 1982, 1987 and 1993-- and made the final table in it on three other occasions, finishing 2nd in 1989, 5th in 1992, and 3rd in 2003.