While considering all of those good storylines, I overlooked the most obvious: recently graduated uni student and young gun rises to the top.

But we should start at the beginning.

15 players returned for Day 4. Within two hours six of them -- Andrew Scarf, Serge Mazza, Robert Wang, Jie Gao, Campbell Melville and Tim Macbeth -- were standing on the rail. Several of my "good storylines" were still in play. Then one by one they began to drop away until only the two young guns were left.

The first to go was Team PokerStar Pro (Asia) Bryan Huang, who took some beats early in the day to limp into the final table 7th in chips. He was soon joined by Maklouf, who did indeed secure his third ANZPT final table in a row -- and precious leaderboard points -- but ultimately couldn't get much going when it mattered most. Jason Gray soon dropped out of contention after Cohen flipped a coin to decided whether or not call Gray's shove. Gray called it in the air, and called it wrong. Cohen called, then won another flip with [qh][10h] against Gray's pocket eights to knock Gray out.

Gray was followed shortly by the last Kiwi in the field, Emerson Rewi, and Clarke, the 2009 bubble boy. That left Spilkin, Zmukic, Watson and Cohen to battle it out for the trophy.

Spilkin was the player who was the recipient of a nasty gift from a bluebird upon arriving in Queenstown on Tuesday. He rode that "good fortune" all the way to four-handed play, then made a daring all-in call against Watson with [as][2d] after Watson raised all in on a board of [2c][9d][9h][jh][3d]. It turned out to be the wrong move, as Watson tabled [10c][9c] to knock Spilkin out of the running.

Zmukic exited in 3rd place. He lost a flip to Andrew Watson after seeing his own stack decimated by doubling Cohen up. That left only two players -- the two youngsters, Watson and Cohen.

Cohen, you might remember, finished Day 2 by making a royal flush and started Day 3 by flopping quad sixes. He had definitely found some run-good in the early stages. He was going to need it in the late stages as well, as Watson started with a 3-to-1 chip lead. Cohen quickly whittled that down to even by winning a flip and then winning a few pots in succession, but a series of mis-fired bluffs allowed Watson to climb right back up to his 3-to-1 perch. Cohen was actually all in a second time, with [10d][9d] against Watson's [ks][qs] but survived again by flopping a pair and rivering a straight.

After that second all in, Cohen re-grouped and kept firing away at Watson. A critical hand that pushed Watson firmly underwater occurred when, for the second time of the evening, Cohen flipped a coin to determine whether to call or fold. The coin told him to call and it was the correct decision. After losing that pot, Watson's stack trended steadily downwards until he finally moved in with [kh][10d]. Cohen was there to greet Watson with [ad][10c], a hand which held up to end the tournament in Watson's favor.

For his four days of tournament glory, Cohen will receive $73,630. He's also jumped to 12th in the Season 2 points standings. Those standings are still led by Tony Hachem, but today's results have considerably narrowed Hachem's lead. His 171.65 points are trailed closely by John Maklouf (161.00), Andrew Scarf (154.50) and Rennie Carnevale (139.55). With three more events yet to be played, the points championship is far from decided.

That concludes our coverage from Queenstown. I hope you've enjoyed following along as much as I've enjoyed being here. This is truly an amazing little town set in the midst of some majestic wilderness. Put it on your list of can't-miss tour stops for next season -- and maybe your name will be one of those good storylines at the end of the week.

After Andrew Watson started trending downwards, he didn't seem to be able to stop. On the final hand of the tournament, Watson opened all in from the button for about 450,000. Julian Cohen snap-called with [ad][10c] and was the dominating favorite over Watson's [kh][10d] to end the tournament. There wasn't much sweat as the board developed [4s][jc][4h][7c][9s]. That ended Watson's run in 2nd place and crowned Cohen the champion.

Executive Director of SKYCITY Queenstown Michelle Baillie gave a few very brief remarks and then presented Cohen with his trophy.

We'll have a complete recap of the day later this evening, but for now offer our congratulations to Cohen on his accomplishment.

9:45pm: Watson trending downwards

On an all-broadway flop of [ah][js][10s], Andrew Watson checked and then called a bet of 100,000 from Julian Cohen. Cohen fired another 125,000 after Watson checked the [qc] turn. Again Watson called. Both players checked the [10h] river, at which point Cohen turned over [as][ks] for a Broadway straight. He collected the pot after Watson mucked.

Watson is down to about 650,000.

9:40pm: Cohen flips with the best of them

Julian Cohen's lucky coin was out again as he contemplated calling a river bet from Andrew Watson. Cohen flipped and did what the coin told him to do -- call. It turned out to be the correct decision, earning Cohen another pot. He now has the chip lead again, with about 1.5 million to Andrew Watson's 900,000.

9:37pm: Level 23 begins (blinds 12000-24000, ante 3000)

9:35pm: Cohen doubles again

After being ground down to 445,000, suddenly the chips were all in the middle. Andrew Watson limped his button, Julian Cohen shoved all in, and Watson snap-called.

"Uh oh. I'm in trouble," said Cohen. But it wasn't quite as bad as he had feared. His [10d][9d] was lived against Watson's [ks][qs]. Cohen paired nines on the flop, [9c][8s][7d], then had to hang on for a sweat after the [3s] turn. The river was a face card, but it was a [jd] to give Cohen a jack-high straight. He now has bout 900,000 in chips and so we play on.

9:22pm: Back to square one

The chip counts have been restored to what they were at the start of heads-up play -- a roughly 3-to-1 chip lead for Andrew Watson -- after a failed bluff by Julian Cohen. Cohen called a pre-flop raise to 45,000, then led out for 65,000 on a flop of [jc][2c][9s]. Watson called to the [2h] turn, a card both players checked. Cohen took another stab with a bet of 130,000 on the [6s] river, but he couldn't shake Watson. Watson called with a pair of nines, [10d][9c], which was better than Cohen's busted straight draw, [qh][10s].

9:13pm: Watson comes storming back

No sooner had Julian Cohen evened the chip counts then Andrew Watson came back with a vengeance to relieve Cohen of 400,000 chips in one shot. Cohen opened his button to 40,000, then called a three-bet to 120,000 from the out-of-position Watson. Watson bet 130,000 on a king-high flop, [5h][2d][kh]. The words were barely out of his mouth when Cohen had already called. Watson checked the [js] turn to Cohen, who bet 160,000. Cohen snap-folded to Watson's check-raise to 400,000.

9:09pm: Cohen evens the score

The last two players are virtually dead even in chips after Julian Cohen won another two pots. First, on a flop of [kc][as][5c], Cohen check and called a bet of 57,000 from Andrew Watson. Both players checked the [js] turn. Cohen's bet of 100,000 on the [8d] went uncalled.

The next hand Cohen opened for 40,000. Andrew Watson re-raised to 120,000, but folded when Cohen four-bet to 250,000. Cohen flashed pocket aces.

9:01pm: Julian Cohen doubles up

Julian Cohen opened his button with a minimum-raise to 40,000 and then was faced with a huge decision after Andrew Watson moved all in. After thirty seconds Cohen called all in for 480,000 total, putting himself at risk of elimination. He had to win a race with [ac][9c] against Watson's [6s][6c] in order to remain in the tournament. Win it he did, making a full house on a board of [jd][9h][10h][9d][10s]. Cohen now has about 1.0 million in chips to Watson's 1.3. Game on!

8:53pm: Vesko Zmukic eliminated in 3rd place

In the end, Vesko Zmukic couldn't avoid the inevitable flip. He moved all in from the big blind after Andrew Watson opened for 50,000 from the button. Watson quickly called with [6h][6s], and the race was on against Zmukic's [kh][10h]. A six in the window was pretty much all she wrote. The board came [6d][jd][7c][3d][ad] to eliminate Zmukic.

Watson and Julian Cohen are now heads-up for the championship. Watson has a 3-to-1 advantage, but Cohen has approximately 30 big blinds. There's plenty of time.

8:50pm: Zmukic makes an eyebrow-raising fold

There was some hushed murmuring on the rail after a recent pot between Vesko Zmukic and Andrew Watson. Zmukic opened his button for 67,000, leaving himself about 200,000 behind. Andrew Watson was next to speak and pushed all in, folding big blind Julian Cohen. Zmukic tanked for about a minute, then open-folded [8d][8c].

8:43pm: Zmukic teetering

With the limits up, Vesko Zmukic is now right on the edge of being classically short-stacked. He did just manage to pick up 45,000 chips from Andrew Watson to increase his count to about 300,000. Watson opened pre-flop for 45,000 and Zmukic called from the blind. Both men checked to the river, [2c][as][10d][ks][jc]. That's where Zmukic's bet of 100,000 took down the pot.

8:33pm: Level 22 begins (blinds 10000-20000, ante 2000)

8:25pm: Watson starting to pull away

Chalk up another pot for Andrew Watson. He and Vesko Zmukic took a limped flop of [8d][7c][7h]. Zmukic led out for 30,000 and Watson called. Both players checked the [3h] turn. When the river came the [as], Zmukic checked again. He started shaking his head when Watson bet 42,000 but called anyway. Sure enough, Watson turned up [ad][4c] for a rivered two pair, aces and seven. Zmukic flashed queen-eight as he mucked.

8:13pm: Michael Spilkin eliminated in 4th place

With Michael Spilkin playing so many post-dinner pots, he seemed assured of either amassing a massive stack or busting out. It turned out to be the latter. He and Andrew Watson took a raised flop of [2c][9d][9h]. Spilkin was first to speak and made it 70,000 to go. Watson called.

When the turn came [jh], Spilkin quickly slid a stack of orange chips (100,000 total) into the pot. Again Watson called. Spilkin repeated the same action on the river [3d], betting a quick 100,000. Watson then raised all in. He had Spilkin covered. The raise was 240,000 back to Spilkin.

"I don't think I can fold," said Spilkin. After another thirty seconds, he called with [as][2d], nines and deuces. Watson was pumped, popping out of his chair and pumping his fist as he showed [10c][9s] for trip nines. The two men shook hands and then Spilkin beat a hasty exit.

8:07pm: Cohen and Spilkin again

Michael Spilkin and Julian Cohen are tangling quite a bit here in the post-dinner play. They played another raised pot, this one with Cohen in position. On a flop of [6s][5c][5h], Spilkin opened for 60,000. Cohen put in a raise that was just bigger than the minimum, making it 130,000 to go. Spilking tanked for several minutes, staring Cohen down, before he finally mucked his cards.

8:01pm: Cohen returns the favor

Michael Spilkin tried opening a pot pre-flop to 35,000. He was called by small blind Andrew Watson, prompting Julian Cohen to three-bet the big blind to 130,000. Both of his opponents quickly folded, allowing Cohen to flash [10h][6h].

"Now we're even," he told Spilkin.

7:57pm: Spilkin bluffs Cohen out

Julian Cohen started things pre-flop by raising his button, but it was the big blind Michael Spilkin who finished them off. Both players checked a [7h][5s][5d] flop. When the turn came a jack, [js], Spilkin led out for 45,000. Cohen considered that bet briefly and then called. At the river [5c], Spilkin tried another bet of 55,000. This one induced a fold from Cohen, who claimed to have folded ace-high after Spilkin showed [qc][10s].

7:53pm: Zmukic can't get action from Spilkin

Michael Spilkin opened from under the gun for 36,000 and was called only by big blind Vesko Zmukic. Zmukic led out for 70,000 on a flop of [jd][4s][8d], then showed unimproved [ah][ks] after Spilkin folded.

7:45pm: Watson hits the river

The small-ball style that characterized pre-dinner play has returned after dinner. Andrew Watson opened for 36,000 pre-flop and was called by Vesko Zmukic. Both players checked the [3d][3h][4h] flop. Zmukic also checked the [9h] turn, then called a bet of 41,000 from Watson. The action was similar on the [ks] river, where Watson opened [kc][8c] for a pair of kings after Zmukic called one last bet. Zmukic tapped the table "good hand" and mucked his hand.

7:35pm: Play resumes

Players have returned from dinner and cards are back in the air.

The last four players, who have been at it for almost seven hours now, have been given 30 minutes to find something to eat.

6:54pm: Spilkin's check-raise doesn't get the desired result

On a paired flop of [8h][10d][8d], Michael Spilkin checked to the pre-flop raiser, Andrew Watson, who made a continuation bet. Spilkin then check-raised that bet, making it an extra 31,000 to go. Watson called. When the turn came a seeming blank [3s], Spilkin checked again. Watson took the bait and fired out a bet of 93,000. Spilkin thought it over for about a minute and a half before flicking his cards into the muck.

6:46pm: The smallest of pots to Spilkin

There's still not a ton of action at our four-handed final table. As an example, consider a recent pot that was opened by Vesko Zmukic to 36,000. Michael Spilkin called from the button. Both players checked all the way to showdown, [qh][10d][ah][9c][kh]. At showdown Spilkin's pair of aces, [ac][4c], took down the pot.

6:34pm: Cohen finds his double-up

For a while now Julian Cohen has been the shortest of the four remaining stacks. He just leveled the playing field by doubling through Andrew Watson in a blind-on-blind battle. Watson shoved from the small blind into Cohen. Cohen snap-called with [10c][10s] and needed to fade only one overcard as Watson showed [ah][8h]. Cohen wound up turning a full house, [qh][5c][5s][10h], a hand he needed after Watson rivered the nut flush with the [6h].

Cohen is still the shortest stack but now has about 350,000 in chips. Watson is down to roughly 500,000. Michael Spilkin is in second with 680,000, while Vesko Zmukic has reclaimed the lead with 850,000.

6:22pm: Cohen a little frustrated

Several times today, Julian Cohen has opened pre-flop as the first in. Several time today, Vesko Zmukic has popped him back with a re-raise. Each time Cohen folded and flashed an ace, with Zmukic responding by showing ace-king. It just happened again, and left Cohen shaking his head.

6:11pm: Watson pressures Zmukic out

As soon as we mentioned small-ball poker, the players played a reasonably large pot. Vesko Zmukic opened pre-flop for 36,000 as t he first player to act. Small blind Andrew Watson re-raised to 116,000. Zmukic called to a flop of [8h][2c][ks], but then folded to a bet of 127,000.

6:03pm: Small ball taking hold

Over the course of the last hour, there has been a subtle shift towards more of a "small ball" approach to this final table. The last four players are playing very cautiously, trying to minimize their investment of chips with speculative holdings. This isn't unexpected, especially since the average stack at this point is 50 big blinds deep.

6:00pm: Level 20 begins (blinds 6000-12000, ante 1000)

5:52pm: Spilkin gets paid with the nuts

Making the best hand is (sometimes) only half of the battle. The other half is figuring out how to get paid. Michael Spilkin decided to try a bet of 100,000 against Andrew Watson on a board of [ah][qh][10c][jc][8s]. Watson opted to call, then quickly mucked as Spilkin announced the nuts and showed [kh][7h].

The final table seems to be turning into a two-horse race between Spilkin and Watson. Although Vesko Zmukic and Julian Cohen aren't short by any stretch, they're not playing nearly as many pots.

5:43pm: Zmukic gets a small victory against Spilkin

A three-way limped pot by Michael Spilkin, Andrew Watson and Vesko Zmukic produced a flop of [qd][jd][ah]. Spilkin had first action and made it 35,000 to go. Watson folded, but Zmukic called. The turn came [2c] and was checked by both remaining player. Spilking also checked the [5s] river, then called a bet of 50,000 by Zmukic. Zmukic showed a pair of aces, [ad][6h], good enough against Spilkin's pair of queens, [qh][10d].

5:28pm: Zmukic and Watson chop after a good sweat

Vesko Zmukic raised first to 30,000. Then Andrew Watson re-raised to 112,000. Zmukic responded by moving all in and Watson quickly called. Zmukic showed [as][kd] against Watson's [ac][kc]. A chop was likely, but an all-black flop of [9s][8c][2s] raised eyebrows. Any black card on the turn would give one player or the other a freeroll heading into the river. It was Watson who picked up that freeroll with the [7c] turn. Although the river was also black, the [ks] did not give Watson a club flush. Chop it up.

5:26pm: Tim Clarke eliminated in 5th place

When action came to Tim Clarke in the small blind and nobody had yet entered the pot, he moved all in for 122,000. Michael Spilkin thought for about a minute before calling with [ah][7s]. It was a flip against Clarke's pocket deuces. Spilkin won this flip, [6c][7h][10s][10d][4h]. Spilkin's tens and sevens sent Clarke -- last year's bubble finisher in this event -- to the rail in 5th place.

5:20pm: Watson playing loosey-goosey

After seeing Michael Spilkin lay down pocket queens earlier, Andrew Watson may have thought he could push Spilkin around. The two got a bunch of chips in the pot pre-flop and took a flop of [4s][qh][5d]. Spilkin led out for 35,000, then snap-called after Watson raised to 84,000. When the turn came the [10h], Spilkin led out again, this time for 100,000. Watson called.

The river came a threatening [ad]. "How much do you have left?" Spilkin asked Watson. Each player had more than 500,000 behind and opted to check the river. Spilkin showed pocket nines; Watson showed a lot of imagination with a [10s][2s] that turned a pair of tens.

5:13pm: Spilkin makes a big fold

Michael Spilkin opened with a standard pre-flop raise to 25,000. Andrew Watson was next to speak and made it 100,000 straight. Spilkin didn't take long to make his decision.

"I will fold my pocket queens. This time." True to his word, Spilkin open-mucked two queens.

5:06pm: Emerson Rewi eliminated in 6th place

Somehow, despite his short stack, Emerson Rewi found himself involved in a three-way flop, out of position, with chips behind. He opted to lead out with an all-in bet on the [4d][5s][9d], making it 31,000 to go. Julian Cohen folded, but Michael Spilkin couldn't do it.

"I'm behind, but I have to call," said Spilkin. It turned out his [ac][7c] was actually ahead of Rewi's total airball, [6h][2d]. Rewi did no improve with the [9s] turn or [7s] river and thus is the 6th-place finisher.

5:00pm: Play resumes

Cards are back in the air.

The remaining six players are on a ten-minute break.

4:48pm: Rewi hanging around

The last kiwi in the field, Emmerson Rewi, has been on the short stack all day. When action folded to his small blind, he moved in for about 35,000. Julian Cohen called with [ac][6c], in the lead against Rewi's [8h][7s].

Rewi went to shake Cohen's hand on a board of [as][kd][jh], but Cohen pointed out the possibility of runners. The furst runner came with the [10c] turn. "Queen!" called out Cohen, pointing out the possibility of a chop. Rewi did him one better by calling for, and receiving, a [9h] to make a jack-high straight and double up.

4:45pm: Spilkin gets Clarke back

After a brief lull in the action, Vesko Zmukic opened a pot for 20,000. Tim Clarke had the button and was next to act. He made it 61,000 to go. Michael Spilkin, in the small blind, peeked at his cards and then moved all in for 242,000. Zmukic quickly folded.

Clarke debated several minutes, got an exact count, and then called with [ad][kc]. Spilkin showed [ah][ac] and doubled up on a board of [10s][8h][6s][7d][4h].

"I liked that hand better than the other one," said Spilkin, referring to his earlier confrontation with Clarke. Spilkin now has about 520,000, while Clarke is down to 185,000.

4:29pm: Watson floats and gets a fold

Andrew Watson has the biggest stack on the final table and is using it to great effect. He opened a recent pot for 19,000, then called after Tim Clarke re-raised the big blind to 52,000. Clarke continued for 66,000 on a flop of [8c][3c][kh]. Watson was undeterred and, with position, called to the [2s] turn. Clarke checked that card and then folded to a bet of 115,000. Watson showed [ad][4d].

4:18pm: Clarke flushes to double through Spilkin

In no-limit hold'em, everything can change in an instant. Tim Clarke looked to be struggling and Michael Spilkin looked to be in control. They've reversed roles after a huge pot that started with a raise to 20,000 pre-flop by Spilkin. Clarke called out of the big blind to a flop of [8h][7h][qc] and checked. A series of raises quickly got the chips all in. Spilkin's [ac][qh] made top pair and was ahead of Clark's flush draw, [ah][10h]. Spilkin dodged eight hearts on the turn [4c], but the river [2h] brought in Clarke's draw and doubled him up.

4:15pm: Watson puts Clarke to the test

Tim Clarke opened pre-flop for 20,000 and was called by Andrew Watson out of the big blind. Watson checked an ace-high flop, [jh][ad][7d], inducing a bet of 27,500 from Clarke. Watson then check-raised to 72,500. Clarke wanted nothing further to do with the pot and surrendered his hand.

4:03pm: Jason Gray eliminated in 7th place

Julian Cohen had such a tough decision that he decided to let random chance make it for him. Cohen opened pre-flop to 17,500 in front of Jason Gray, who moved all in for 73,500 total. Cohen agonized over his decision for several minutes before asking TD Toni Quedley if he could flip a coin to decide.

"Of course!" Quedley replied.

Cohen then fished a coin out of his wallet and asked Gray to call it in the air. If Gray called correctly, Cohen would fold. If not he'd call. Gray called heads but the coin came up tails. Cohen, true to his word, called with [qh][10h]. Gray, fittingly enough, showed [8h][8d] for a coin-flip situation. Gray lost his second flip of the hand as the board came [qs][2c][5c][as][jh] to give Cohen a pair of queens. Gray's tournament is finished in 7th place.

3:56pm: John Maklouf eliminated in 8th place

John Maklouf is the first player in ANZPT history to make three consecutive final tables. But he's out of today's event after running into the buzz-saw that is Michael Spilkin. On the turn of a [qc][qs][9h][kh] board, Spilkin fired a bet of 55,000 chips into an already sizable pot. Maklouf tanked for more than a minute before raising all in for about 160,000. Spilkin snap-called with [as][qd], trip queens. Maklouf winced as he showed down [ah][kd], two pair kings and queens. There was no savior for Maklouf as the river fell [7c] to knock him out.

Spilkin now has about 570,000 and appears to be closing in on chip leader Andrew Watson.

3:51pm: Level 18 begins (blinds 4000-8000, ante 500)

3:50pm: Gray doubles through Cohen

The last hand of Level 17 produced yet another all-in confrontation. Jason Gray put himself at risk as he moved all 31,000 of his chips into the pot after an opening raise to 14,000 by Julian Cohen. Cohen called with [ac][10c], dominated by Gray's [ad][kh]. The board completely bricked out, [jd][5c][4s][2d][7c], allowing Gray's king kicker to play for a double-up.

3:48pm: Bottom pair good enough for Zmukic

On the penultimate hand of Level 17, Vesko Zmukic and Andrew Watson took a heads-up flop of [jc][8s][ad]. Zmukic checked and then called a bet of 22,000 from Watson. Neither player made any additional aggressive actions, checking the action down all the way. Zmukic took the pot with a pair of eights, [8d][7d].

3:37pm: Big pockets abound

The big pocket pairs have been all over the place today. Most recently it was Andrew Watson's turn. After Tim Clarke opened for 14,00 from under the gun, Andrew Watson re-raised to 39,500. Clarke called to a flop of [10c][7h][8h] but checked out to a single bet of 53,000.

3:28pm: Rewi doubles up

Down to 38,500, Emmerson Rewi put all his chips at risk with [3h][3d] after John Maklouf opened for 15,000. Maklouf called with [ac][9c] but whiffed on a boar of [jc][7d][4d][qs][4s]. Rewi is still short, but in slightly better condition with about 88,000.

3:24pm: Zmukic's aces go down in flames

The action was heavy pre-flop between under-the-gun player Michael Spilkin and small blind Vesko Zmukic. Zmukic led out for 35,000 on a flop of [10c][7d][10s] and was raised by Spilkin to 95,000. Zmukic did not hesitate long in calling, but thought much longer and harder on the [ks] turn. He checked that card, prompting Spilkin to quickly lead out for 60,000, about 40% of his remaining stack. Zmukic eventually open-folded [ad][ah], and it was a good fold. Spilkin showed [kh][10d] for a full house.

3:13pm: Clarke fires three times

A most unusual four-way pot took place at our final table. Each player was in for the minimum of 6,000 before the flop. On an all-diamond flop of [2d][9d][8d], action checked all the way to Tim Clarke. His bet of 16,000 was called only by Michael Spilkin. Spilkin check-called another 43,500 after the turn fell [kc] and then checked the [jc] river. Clarke didn't slow down. He fired another 70,000. Spilkin tanked for several minutes, leaning back in his seat with his arms folded across his chest, before finally folding.

3:02pm: Bryan Huang eliminated in 9th place

Bryan Huang knew he was going to have to make some strong moves if he wanted to take down this tournament. After Andrew Watson opened to 14,000 from late position, Huang moved all in for a total of 81,500. Watson called with [ad][10h]. Huang tabled [kh][qc] and did a little shimmy in his chair, perhaps to try to bring some good flop mojo, It had the opposite effect, as a flop of [ah][as][7s] made trip aces for Watson and left Huang looking for runners that never came. He leaves the final table as the 9th-place finisher.

2:50pm: Level 17 begins (blinds 3000-6000, ante 500)

2:40pm: Shuffle up and deal

After an extended pause to set the tournament floor up for the final table and to collect biographical information from the final nine players, cards are back in the air. Ten minutes remain in Level 16.

Seat 1 - John Maklouf, Sydney, NSW, PokerStars Qualifier (175,000 in chips):

A 31-year-old manager with six years of online and live experience, this Star City regular qualified for the ANZPT Queenstown Main Event via a PokerStars satellite. This is his third ANZPT final table in a row, an unprecedented feat. He's had a bit of luck today to make it through this far but his results speak for themselves.

Seat 2 - Andrew Watson, Wollongong, NSW, (450,000 in chips):

Andrew is a 23-year-old student studying Commerce at University of Wollongong. He's been playing poker for three years and now mainly plays online. Any result today of fifth place or better would eclipse Andrew's previous biggest score, an online score of $17,000. Starting the final table 2nd in chips will give Andrew an excellent opportunity to set a new personal best.

Seat 3 - Emmerson Rewi, Rotorua, NZ, (80,000 in chips):

The lone Kiwi at the final table, Emmerson can normally be found working at the Department of Justice. He's 35 years old, is married and has one child. His best previous finish in a live tournament was 4th place at the 2008 Auckland Championships.

Seat 4 - Julian Cohen, Melbourne, Victoria, PokerStars Qualifier (377,000 in chips):

Julian Cohen will start today's final table third in chips. He'll be looking to improve upon a 4th-place finish at the 2009 Victoria Championships. Cohen has been playing poker for three years and recently completed a program in commerce arts at Deakin University.

Seat 5 - Bryan Huang, Singapore, Team PokerStars Pro (Asia) (97,500 in chips):

Hailing from Singapore, Bryan Huang is one of Asia's rising poker talents. He took up the game while serving in the military, and his interest continued as he went on to study accountancy. While working towards his degree he began to take poker more seriously, by reading up on the game and trying to understand its complexities. That effort has paid off, and he's now one of the toughest players on the circuit, and one of highest earning Singaporeans of all time. His work is cut out for him at this final table as he is ranked 7th in chips.

Seat 6 - Jason Gray, Sydney, NSW (71,500 in chips):

Don't let the unassuming demeanour of this poker pro fool you. He's one of the nation's most respected players and has featured in Australia's (and the world's) biggest cash games for more than two decades. His best tournament results have come in recent years - he won the $15,000 buy-in event at the 2007 Victorian Championships, then placed third in the $10,000 Omaha Hi/Lo Split World Championship at the 2008 WSOP for more than USD $200,000 and was runner-up to Martin Rowe in the 2008 APPT Grand Final. He also won ANZPT Canberra last month to pad his poker resume. Today Jason starts in the "Dank Position", 9th in chips.

Seat 7 - Vesko Zmukic, Perth, Western Australia (575,000 in chips):

Many argue that poker is a sport, and no-one is better qualified to make a call on this vexing question than this 42-year-old former professional soccer player. Indeed, his PokerStars ID sutjeska refers to the Montenegrin football club with which he made his professional debut (he now coaches in the top tier of WA soccer). The father of two is among the most respected players on this side of the country, having captured the Western Classic title late in 2009. He enters the final table as chip leader.

Seat 8 - Tim Clarke, Melbourne, Victoria, (292,000 in chips):

It's been a better return engagement for Tim in the 2010 installment of ANZPT Queenstown than it was in 2009. Last year Tim was the bubble boy of the Queenstown Main Event. This year he comes to the final table ranked 4th in chips. Tim is 21 years old and is currently studying Business and IT at Swinburne University. In his spare time he works for plumbing company.

Seat 9 - Michael Spilkin, Melbourne, Victoria (275,000 in chips):

In a different life Michael Spilkin is a trader. In his poker life he continues to post sustained, impressive results. He has been playing for two years, primarily as a cash game player. But he also has a few tournament final tables to his credit. He finished 4th in the Melbourne Championships, and 8th in a recent Joe Hachem Deep Stack event.

Although he managed to triple up to about 10 big blinds, Tim Macbeth ultimately couldn't out-run the reaper. He was all in again, with the best of it again. His [kh][10s] was looking good to double through Julian Cohen's [kc][4c], but it just wasn't Macbeth's day. Cohen was all over a flop of [7c][9c][4s], making a pair and a flush draw. Macbeth couldn't pull of the suckout as the turn came [qd] and river fell [as]. Macbeth exits in 10th place.

The tournament is now on a short break to prepare for the final table.

1:58pm: Tim Macbeth crippled

"Not jack-five. Please not jack-five," Tim Macbeth begged the dealer. He had opened with a standard raise from the button, then called John Maklouf's all-in re-raise from the big blind for roughly 70,000. Macbeth had [ah][qs] and was up against Macbeth's [jh][5h]. Macbeth's worst fairs were realized as the flop came jack-high, [2c][jd][6c]. Macbeth picked up outs with the [10s], but the river blanked out [4d].

1:49pm: Campbell Melville eliminated in 11th place

Campbell Melville sucked out on Julian Cohen one time. He couldn't do it a second. Melville wound up all in before the flop with [as][2d] and this time Cohen was there to greet him with the pre-flop nuts, [ad][ac]. The board was an uneventful [9h][3d][10s][6c][jh] to send Melville to the rail in 11th place.

We're down to two five-handed tables. Because the pay jump to 9th place is relatively small, the tables are not playing hand-for-hand. The final table will be played 9-handed.

1:46pm: The charmed life of Jason Gray

Jason Gray opened all in from the button with [ac][6s]. Bryan Huang was there to meet him with [jc][jd]. Once again Gray was all in and behind, but this time he eked out a win, [ad][qh][qd][kh][9s]. Gray's aces and queens doubled him up to about 105,000 and put a signficant dent in Huang's stack.

1:39pm: Cohen's kings cracked

Campbell Melville open-shoved his button and knew he was in trouble when Julian Cohen snap-called from the small blind. Melville grimaced to see Cohen turn up [kc][ks]. Melville could only muster [jh][10c].

"Good luck," Cohen told Melville. Melville took that to heart, flopping trip jacks [jd][5s][js]. Cohen couldn't find a third king as the board ran out [qd] and [5d].

"F*** my life," said Cohen. The silver lining for Melville was that Cohen had only 37,900 in chips.

1:28pm: Jason Gray NOT eliminated

Vesko Zmukic, active with his big stack, opened the button with a standard raise. Jason Gray then moved in from the small blind for about 70,000 and Zmukic had a decision. He opted to call with [ac][10h], in great shape against Gray's [ah][3s]. The board rolled out [4c][jc][kh][8d][8h], no help to either player. Jason stood up and shook Zmukic's hand, preparing to leave, until TD Toni Queadley and ANZPT Commissioner Danny McDonagh pointed out the two players were chopping. Each played four board cards, 8-8-K-J, with an ace.

"You're welcome to go, Jason," called Andrew Watson from the neighboring table.

1:24pm: Jie Gao eliminated in 12th place

Short-stacked Gao was going to need a lot of help to re-build after his devestating loss to Tim Clarke. Gao moved in for the second time and was called by Vesko Zmukic. Gao had the best hand with [kd][jh], but Zmukic's paired one of his "two live cards", [9h][6d], on a flop of [3d][qc][6h]. Gao didn't pair on the turn [ac] or river [7c] and is now out.

1:16pm: Clarke cracks aces

For the fourth or fifth time in the last twenty minutes, Tim Clarke opened all in, this time for about 80,000 Jie Gao quickly called with [ah][ad], bad news for Clarke's [kh][ks]. The flop changed nothing, [3d][5d][3c], but Clarke spiked a lucky [kd] on the turn to take the lead. He kept it with the [2c] river to double up to about 155,000.

The next hand Gao moved in with [jd][8d]. Clarke tried to finish him off with [ad][7d] but it was Gao's turn to spike a card on fourth street. He paired jacks and remains alive.

1:14pm: Level 16 begins (blinds 2500-5000, ante 500)

1:11pm: Zmukic's stack gets bigger

Vesko Zmukic started Day 4 with about 480,000 in chips. He's up to about 540,000 after winning a small pot against Jason Gray. Zmukic limped his button, with Gray calling in the small blind and Bryan Huang checking the big blind. On a flop of [kd][qd][3h], Gray had first action and bet 8,000. Only Zmukic called. Gray tried another 16,000 on the [3s] turn and again Zmukic called. Both players checked the [9s] river. Gray showed down a pair of queens, [qh][6h], but conceded the pot to Zmukic's pair of kings, [ks][7h].

1:00pm: Keeping it friendly

Michael Spilkin has been rock-steady throughout the four days of this event. He opened a pot a few moments ago to 13,000 from middle position and was called by big blind Bryan Huang. The two players checked all the way to the river, [8c][4c][5h][4s][10c]. Huang also checked that street, then called a bet of 16,000 from Spilkin. Spilkin showed down [as][10s], having rivered tens and fours. His hand was good.

12:51pm: Robert Wang eliminated in 13th place

John Maklouf found himself a little caught. He opened his button with a standard raise, then saw Robert Wang shove in for about 15,000 more. Maklouf thought things through, then called with [7d][5h]. He was live against Wang's [ah][4d]. It was Maklouf who connected with the board, making trip sevens, [kd][10c][7h][8d][7c]. Wang stood up, shook Maklouf's hand, and quickly left the tournament area.

12:48pm: Kiwis sticking around

Tim Clarke leaned back in his seat a few moments ago to get a look at Robert Wang's stack on Table 1. Clark, Wang, Emmerson Rewi and Tim Macbeth are the only Kiwis left in the field. Clarke's continued presence in the tournament was at risk after he opened all in with [ks][jh] and was called by Jason Gray's [ac][qh]. Clarke flopped two pair, [kh][5h][jc], then ducked any improvement by Gray on the [2c] turn and [5c] river. Each player now has roughly 80,000 in chips.

12:42pm: Emmerson Rewi flops good

Robert Wang opened from early position all in for about 80,000. Action passed all the way to big blind Emmerson Rewi, ho called all in for less -- 52,800 total. Rewi opened [8c][8s] and was in bad shape against Wang's [qs][qd]. But the flop bailed Rewi out with a beautiful eight -- [8d][3h][jh]. Running hearts, [5h] and [kh], didn't improve Wang. He dropped to less than 30,000, while Rewi is now up to about 110,000.

12:29pm: Serge Mazza eliminated in 14th place

We've lost another player on Table 2. Team PokerStars Pro Bryan Huang opened pre-flop with a raise to 10,200. Serge Mazza was next to act and moved all in. Action passed to Michael Spilkin. He called the all-in re-raise, chasing everyone else from the pot. Spilkin's [jd][js] had the better side of a flip against Mazza's [as][qc]. Jacks were best on a board of [4h][10c][6h][5s][kd].

"Jacks held up for me," mused Spilkin. "What's going on boys? Good fold Mr. Huang."

"Bad fold for me," Huang replied.

12:18pm: Andrew Scarf eliminated in 15th place

On the second hand of the day, Andrew Scarf open-raised all in for 15,200. Action passed to big blind (and chip leader) Vesko Zmukic, who called with [7c][7d]. Scarf opened [ac][jd] and the raise was on. This one went to Zmukic on a board [ks][8c][8d][qc][7h]. Scarf then announced that he'd be willing to pair with the next player out for the teams event.

12:15pm: Shuffle up and deal

We're on the main gaming floor for the final two tables today. We're missing one player -- Tim Macbeth hasn't arrived yet.

The 3rd-place and 4th-place players on the ANZPT Season 2 points leaderboard, Andrew Scarf and John Maklouf, have each secured themselves 26 points and the assurance that they'll leap-frog 2nd-place player Rennie Carnevale. If either Scraf or Maklouf finishes in 1st or 2nd place, they would also overtake leader Tony Hachem. Maklouf, by the way, is gunning for an unprecedented third straight ANZPT final table.

The remainder of the 15 players that have come through the field of 119 are an interesting mix of young and old, Aussies and Kiwis (with a few interlopers), and professionals and recreationals. As a generalization, the players with the most experience seem to be concentrated in the top half of the chip counts. The field would be wise to be wary of Team PokerStars Pro Bryan Huang and Jason Gray. But it's too easy to count out a skilled player solely due to a lack of results. We won't make that mistake, especially since the two biggest stacks in the field belong to Vesko Zmukic and Andrew Watson, players with limited previous results.

As it has every day since Tuesday, play will get started today at 12:15pm local time. Tonight, however, there's no stopping until someone has all the chips.

"There's always someone crazy enough to jump in though," Jackie acknowledged.

I replied that what seems crazy to some might not seem crazy to others. That, as much as any, seems an apy summary of the Day 3 action at the 2010 ANZPT Queenstown Main Event. Players made huge bluffs and huge calls all day. Those that made them at the right time were rewarded; those who didn't were not.

The biggest winner of the day was Vesko Zmukic. In addition to having a penchant for being dealt pocket kings (he's received them eight times in 14 levels), Zmukic also turned heads when he called to a river showdown with unimproved ace-nine -- and was good. Some thought Zmukic was crazy. Others, that he was crazy like a fox.

Winning that pot gave Zmukic a big stack that he was able to swing effectively on a protracted bubble that took more than hour to play. By the time Stephen Smith was eliminated as the bubble boy, Zmukic had run his total up to 479,000. On the other side of the coin was Lee Nelson. He was the person directly responsible for the start of the bubble when he tried to run a huge bluff against Andrew Campbell Watson. Nelson check-raised a jack-high flop with a total airball, then shoved the turn when he picked up a flush draw. Watson called with a pair that stayed best through the river. Nelson's stack, 130,000 (43 big blinds) to start the hand, was reduced to zero after the crazy daring of a bubble bluff.

There were other winners and losers during the day, but most of the rest were "standard" plays. Yannick Frenette, chip leader at the start of the day, was continually out-drawn and eventually busted short of the money holding pocket aces. Team PokerStars Pro Bryan Huang doubled up from 35,000 chips early, then continued accumulating throughout the day to finish with 225,000. John Maklouf and Jason Gray each had to survive flips on the bubble to make it to Day 4.

But make it the did, along with Zmukic, Watson, and 11 other survivors. All 15 will return tomorrow at 12:15pm to play out the rest of the tournament. At the end, one will be roughly $70,000 richer. In Queenstown, $70,000 can buy a fair bit of craziness.

It took more than hour, but we finally have our bubble boy of the 2010 ANZPT Queenstown Main Event. In a blind-versus-blind battle, Steve Smith moved all in for an additional 38,600 from the big blind after Bryan Huang was in from the small. Huang clearly was not in love with his hand, but decided to go for the kill and called with [10c][8h]. He had two live cards against Smith's [ac][qh] and paired one of them on a flop of [8d][kd][jc]. That flop left Smith looking for an ace, a queen or a ten on the turn to overtake Huang. Smith picked up a few more outs when the turn [kc] paired the board. The river, however, was a tournament-ending [3s] for Smith.

With Smith's elimination, the remaining fifteen players are in the money. They're currently bagging up their chips for the night. A full recap of the day's events will come later tonight but it looks like Vesko Zmukic is the chip leader.

6:48pm: Spilkin's ace-high may have been best

A curious hand just went down at Table 2. Michael Spilkin limped from middle position and Serge Mazza completed his small blind before Bryan Huang made a minimum raise to 6,000. Spilkin and Mazza both called. Huang continued for 10,000 on a flop of [7d][9h][5c]. Spilkin raised that bet to 21,000, folding Mazza. Huang called.

Huang checked the [9s] turn and was faced with a small bet of 17,000 from Spilkin. Huang tanked for a minute before folding. Spilkin opened [ah][10s].

6:36pm: Maklouf's turn to win a flip

John Maklouf opened all in for about 40,000. Action passed to Julian Cohen in the big blind, who quickly called with [ad][kd]. It was another race, with Maklouf's [7d][7s] having the slightest edge. Each player found a match on a flop of [kc][5d][7h]. Maklouf's set of sevens were in charge, but the turn [qd] was a "sweater", giving Cohen a flush draw. The river was red, but it was a heart, not a diamond. The [5h] doubled Maklouf up to 80,000.

Hand-for-hand play on the bubble therefore continues.

6:20pm: Gray survives flip

John Maklouf was first into a pot on Table 2 with a raise to 8,200. Jason Gray, sitting with the button, then moved all in behind Maklouf for an additional 50,000. Maklouf tanked for several minutes before calling with [ah][qh]. He was flipping against Gray's [8h][8s]. The flop came with paint, but it was not a queen -- [4c][kh][3c]. Gray made it home when he turned a set with the [8d].

Gray now has about 120,000. Maklouf is the new short stack with roughly 40,000.

6:12pm: Bubble continues

All the pots are small and cautious at the moment. The clock has been frozen at the end of the level, rather than sending the tournament on a break. We will be here, in this room, until someone busts. Right now it looks like that's going to require two big hands to be dealt at the same time.

5:59pm: A long bubble gets longer

The shortest stack in the room previously belonged to Campbell Melville. But he just quietly doubled up at Table 1. Nobody else is particularly short. We could be here a while, especially with coveted Player of the Year points up for grabs.

5:40pm: Hand-for-hand play commences

16 players remain in the tournament. 15 are being paid. The two eight-handed tables still in action are playing hand-for-hand until the next elimination. At that time the players will re-draw and bag up the chips until tomorrow.

5:38pm: Watson send Nelson to the rail

A massive pot at Table 1 has resulted in the elimination of Lee Nelson two spots out of the money. Jie Gao, Nelson and Andrew Campbell Watson were each into the pot for 11,200 pre-flop. Action checked to Watson on the [3d][6h][js]. His bet of 16,700 folded Gao. Nelson then check-raised to 42,500. Watson called.

When the turn came the [kd], Nelson moved all in for 78,600. Watson asked for a count, then tanked for three full minutes before announcing a call. His [ah][jh], a pair of jacks, was ahead of Nelson's [7d][10d]. Nelson had flopped completed air, then picked up a flush draw on the turn. That draw didn't come. The rivver was the [qs], eliminating Nelson's tournament run.

Watson may now be the tournament leader. He has about 300,000 in chips.

5:26pm: Bills busto

James Bills held on as long as he could. His short stack was finally in the middle with [kc][9c] and called by Serge Mazza's [ac][10h]. There was something for everyone on a flop of [as][10c][kh]. Bills made a pair of kings; Mazza made two pair, aces and tens. The turn [3c] give Bills a flush draw, but he could only improve to a useless two pair with the river [9h]. He's now out.

"It was a scary turn!" said Mazza after shaking Bills' hand.

17 players are left in the tournament. We're within striking distance of the money (15 places).

5:15pm: Level 13 begins (blinds 1500-3000, ante 300)

5:12pm: Spilkin gets better end of cooler

After surviving a set-over-set situation early in the day, Michael Spilkin got the right end of the cooler this time around. He was dealt [kh][kc] at the same time that Jordi Urlings picked up [qh][qc]. Spilkin found a matching king on a flop of [3s][kd][6d], basically ending the hand. The stacks were close, but after a count-down Spilkin wound up having Urlings covered. He's up to about 130,000 while Urlings is out on the bubble.

18 players remain. We are three spots off of the money.

5:06pm: Recent eliminations

Sandy Retallick is out. She took [as][ks] against Matt Pearson's [qs][qc] and did not improve. Ricky Kroesen is also out. He got all in with [ks][kc] against Tim Macbeth's [as][kd], but Macbeth managed to spike an ace on the turn and then avoid Kroesen's flush draw to send Kroesen packing.

5:02pm: Another sick bluff

The bluffing bug is going around the room. Somehow John Maklouf and James Bills got 35,000 chips into the pot pre-flop. They both checked an ace-high flop, [as][9d][5d]. Maklouf acted first on the [5s] turn and bet 15,000. Bills called.

The river came [kh]. Maklouf bet 27,000, about half of his remaining stack and enough to put Bills all in. Bills tanked for three solid minutes before open-folding [js][jc]. Maklouf grinned and showed [4s][3s] -- a complete airball.

4:56pm: Nelson finds value on the river

Lee Nelson's stack has been on the downswing recently, but he picked up a few chips courtesy of Ricky Kroesen. Nelson opened with a pre-flop raise from the cutoff, then called Kroesen's button re-raise to 14,000. They were heads-up to a flop of [6h][8s][ah]. Nelson checked and then called a continuation-bet of 12,000. Both players checked the [8d] turn. Nelson fired out a bet of 14,100 on the [9h] river. Kroesen called with [as][9c], two pair aces and nines. That was no good. Nelson turned up [8c][7c] for trip eights.

4:49pm: Wang gets best of three-way all-in

In the front of the room, at Table 1, three sets of cards were on their backs. Lee Nelson had the best hand, [jh][js], but was facing all the over-cards he could face. Robert Wang showed [ah][kh] and David Bonham showed [as][qs]. Bonham was the shortest stack and had the worst hand. Wang was the only one to improve on a board of [3d][kd][10c][9c][8d]. Bonham headed for the exit, tantalizingly close to the money, while Wang scooped a big pot. He now has about 120,000, while Nelson -- who had been running great since Level 5 on Day 1A -- has slipped to 75,000.

4:44pm: Siiiiiiiiick bluff

We came to Bryan Huang's table with a hand already in progress between Huang and John Maklouf. On the turn, [6h][5s][10s][8s], Huang led out for 16,500. Maklouf raised that bet to 40,000, then faced a huge decision as Huang three-bet to 95,000. After thinking it through for several minutes, Maklouf folded. Huang showed [qh][jh], a stone bluff.

4:33pm: Power poker, by Vesko Zmukic

Sometimes poker isn't necessarily about making the best hand, but making the pressure bet that your opponent can't withstand. Andrew Scarf opened a recent pot at Table 3 to 7,100 and was called by small blind Vesko Zmukic. On a Q-5-2 rainbow flop, Zmukic led out for 13,000. Scarf popped it up to 41,000, leaving himself about 60,000 behind. Zmukic then re-raised to 81,000 and got Scarf to lay down his hand.

As Zmukic collected a sizable pot, he opened [10c][7c] for a stone bluff. Scarf claimed to have folded [as][6s].

4:25pm: Didn't we just see this hand?

The chips were all in on Table 2, with Rewi Emmerson at risk of elimination. He had the best hand, however, tabling [kc][kd] against Erich Stadler's [ac][jd]. Stadler turned a jack but couldn't find a river card that improved him further, [8d][10d][5d][js][10d]. Emmerson's king-high flush propelled Emmerson to 95,000 and left Stadler with just 8,100.

"Chip and a chair," he said as the dealer tossed him his change. "Nice hand, brother."

4:20pm: It's good to be Bryan Huang

Back from the break, Bryan Huang quickly got a player all in and in bad shape. Huang's pocket kings were the leading hand against the A-Q of Huang's opponent. The board rolled out an easy [8s][js][5d][kc][2c] to give Huang a set of kings. He eliminated his opponent.

"You run so bad Bryan," said Michael Spilkin.

"Can't complain," Huang replied.

4:13pm: Play resumes

Cards are back in the air. We're ten eliminations from the money.

25 players remain. They're now on a short break.

3:56pm: Macbeth happy for the action

Action folded all the way to the small blind at Tim Macbeth's table. That player moved all in for about 25,000. Tim Macbeth snap-called with [jc][jh]. The small blind showed [ac][3c] and although he did develop a club draw, ultimately bricked out a [kc][10d][7s][5c][2d] board.

"Did you even look at your cards?" a player asked Macbeth, referring to the speed of his call.

"I was like, 'Don't fold all the way around!'" Macbeth replied. He's now up to about 190,000.

3:51pm: Huang ups the aggression

Team PokerStars Pro Bryan Huang started the day with a quick double-up but has been treading water ever since. He's become more active in the last orbit or two, re-raising several opening raises several times. So far none of his opponents have been interested in four-betting or calling to a flop.

3:37pm: Slowdown finally arrives

With the tournament down to three nine-handed tables, the pace of play is finally starting to slow down. Players seem less willing to call all in raises as the money slowly starts to come in sight.

We did just lose Yannick Frenette, however. Frenette entered the day as the chip leader with more than 167,000 chips, a 50,000 chip lead on the second-place player. But he had a day of terrible luck, constantly getting out-turned or rivered by his opponents. On Frenette's final hand, he bet a flop of [9c][10c][ks] after his sole opponent checked. That player called Frenette's bet, then check-raise shoved the [3h] turn. Frenette called with pocket aces and had the best hand against his opponent's Q-10, a pair of tens. But the river [qh] improved Frenette's opponent to two pair and ended Frenette's run. He is busto.

3:20pm: Macbeth's adventurous call doesn't work out

Serge Mazza was first into a recent pot at Table 5. He limped in, allowing Tim Macbeth to put in the first raise behind him, to 6,300. Jie Gao then shoved all in for a total of about 24,000. Mazza quickly folded but Macbeth agonized over his decision.

"This would be such a bad call, but I think I'm ahead," said Macbeth. After several minutes, he added, "Donation, mate," and called with [ah][5c]. Gao showed [ac][10s] and won the pot on a board of [4d][4h][6s][10d][9c]. He's now on about 50,000, while Macbeth has dropped to 125,000.

3:07pm: Spilkin back to where he started

Up and down, up and down. That's how things have gone today for Day 1A chip leader Michael Spilkin. He's back to roughly what he started the day with -- about 90,000 -- after eliminating a short-stacked opponent. That player raised to 8,000 pre-flop, then put the rest of his stack in the middle (about another 8,000) on a king-high flop, [6s][7d][ks]. Spilkin made an easy call with [6d][7c], sixes and sevens. His two pair held.

"Are you allowed to high-five the dealer?" Spilkin asked.

3:01pm: Level 12 begins (blinds 1000-2000, ante 200)

2:53pm: Formosa out on a race

We're really starting to reach the stage of the tournament where one race can be the difference between making a push for the money and being shown the door. David Formosa lost his "one race". He moved in with [ah][qh], was called by [5d][5c], and couldn't improve.

2:44pm: Spilkin can't shake Huang

Team PokerStars Pro Bryan Huang refused to back down to Michael Spilkin. Both had checked a [7s][7c][3h] flop. On the turn [5s] Spilkin bet 4,000 and Huang called. The action checked through on the [as] river.

"King-high," announced Spilkin. He showed [kh][qs]. Huang tabled [4h][4d] to win the pot.

"One more bet and you fold?" Spilkin asked.

"Mmmmm..." Huang considered. The player to his right then remarked that Huang never folds. "I'm a calling station," Huang agreed with a smirk.

2:35pm: Cohen's slow-play backfires

Julian Cohen has roughly 200,000 chips in his stack, but isn't beyond playing craftily to try to lull his opponents into a trap. But Cohen's most recent trap backfired on him. In position, he called a raise to 4,000 pre-flop. Bryan Huang also called for a three-way flop of [9s][5c][5s]. Huang checked to the pre-flop raiser. He continued for 7,500 and only Cohen called.

Both players checked the [as] turn and [9h] river. Cohen's opponent opened [ad][qs] for a pair of aces; Cohen nodded and flashed two red queens, [qh][qd].

2:25pm: Huang almost gets away with one

Michael Spilkin's been having some trouble seeing the board today. He completely missed the potential that his opponent held a flush earlier in the day, and almost missed his own full house just now. On a board of [5s][5h][7h][qh][ah], Bryan Huang led out for 11,000.

"I'm sure my set of 7s is no good," said Spilkin. That seemed an odd thing to say, because with a board pair a set of 7s was actually a full house! Spilkin eventually made what another player described as "the most angry call I've ever seen" and slammed over [7c][7s]. Huang quickly mucked his hand. That's when the rest of the table clued Spilkin in to his full house.

"I swear to God, I couldn't see properly," said Spilkin.

2:19pm: McKenzie sends another player packing

Ever since Jesse McKenzie's big three-way all-in showdown early on Day 1B, he's had an up-and-down time of it. He started today off trending downwards, but is rebuilding again after knocking out another player. McKenzie opened his button for 4,000 pre-flop, then called a small blind shove to about 22,000. McKenzie said he felt the small blind had been "making big moves" all day, and it turned out he was right this time. The small blind showed [7d][3d] against McKenzie's [ad][9d]. A flop of [ac][8c][as] gave McKenzie a hammer-lock on the hand. After the turn fell [2c], McKenzie's opponent was drawing dead.

2:14pm: Zmukic gets kings AGAIN

Vesko Zmukic had pocket kings three times yesterday. He's had them three times again today. His first pair of kings didn't fare well; despite flopping a set, Zmukic lost to Sandy Retallick's running flush. A few minutes ago, however, Zmukic's kings held up all in to send a player to the rail.

When I checked for a "kings" magnet under the table, Zmukic quickly grabbed my wrist and yanked it away from the table.

2:07pm: Chisnall's day ends

After an opening raise to 3,600, Paul Chisnall moved all in. He wound up involved in a three-way all in with [9h][10h]. His opponents showed [jh][js] and [kc][kh]. Chisnall made a pair on the flop, [7d][9s][ah], but there was no further drama in the hand. He was eliminated, one player tripled up and the stack of the third was severely reduced.

2:01pm: Play resumes

Cards are back in the air. We have 34 players left in the field. 15 will be paid.

The players have reached the first break of the day.

1:40pm: Frenette shaking his head

Serge Mazza check-called a bet of 11,000 from Yannick Frenette on a [5c][7h][3c]. He snap-called another 11,000 after checking the [10h] turn. When the river fell a scary [as], both players checked. Mazza quickly tabled [ac][6c], noting that he had a straight draw, a flush draw and an overcard on the flop. Frenette mucked his cards, shaking his head all the wihle.

Frenette won't have to worry about Mazza for a while. Already 14 players have been eliminated today, allowing the staff to break one table. Table 4 -- Mazza and Frenette's table -- was the first table drawn. We're playing nine-handed the rest of the way.

1:28pm: Gray hits six figures; Cohen on a tear

At Table 4, Michael Spilkin and Jason Gray were involved in a huge pot. There was already 50,000 in chips in the middle by the turn, [6d][9h][9s][4c]. Spilkin made a small lead of 12,000 that Gray called. Spilkin increased his bet the slightest bit, to 13,000, on the [7s] river. Gray moved all in for 10,500 more, then turned up the black aces [as][ac] after Spilkin made a crying call. Spilkin showed red jacks, [jd][jh], and remarked, "You're too good for me." Gray now has about 120,000 in chips.

We didn't see the hand, but we did see Julian Cohen dragging yet another massive pot. He's up to 200,000 in chips now, leading the way here on Day 4.

1:22pm: Points race update!

With the elimination of second-place points leader Rennie Carnevale (129.55) yesterday and overall leader Tony Hachem (161.65) today, the Season 2 leaderboard could be in for a shake-up. Players that cash in this event are guaranteed a minimum of 26 points, with the winner receiving 50 points. Andrew Scarf (118.50) and John Maklouf (118.00) both remain in contention here on Day 3. If either is able to go the distance, he would take over the lead from Hachem. Even a cash would be enough to squeeze Scarf or Maklouf -- or both! -- ahead of Carenvale.

1:15pm: Another 25k to Spilkin without showdown

An opening raise of 3,200 was called by Serge Mazza, small blind Michael Spilkin and big blind Yannick Frenette. Spilkin and Frenette checked a flop of [6d][6h][7s] to the pre-flop raiser, who continued for 7,300. Mazza called that bet. Spilkin then quickly tossed out six orange (T5,000) chips, a raise to 30,000. Everyone folded in turn, with last-to-act Mazza showing [5h][5s].

"Pick one," said Spilkin. Mazza chose Spilkin's left card, which Spilkin revealed as the [6s]. "Is that good enough?" he asked.

1:03pm: Tyler's tens one pip better

Mike Tyler opened pre-flop with a hand he described as "the one to go with". Action folded to Carl Knox's big blind. He moved all in for another 20,200. Tyler paused before calling with [10d][10h]. Knox's [9d][9h] was behind and never improved.

On the chip leader's table, it's been an interesting first hour. Yannick Frenette is down to about 130,000 and appears to have been overtaken by Julian Cohen and Lee Nelson. Some of Frenette's chips wound up in the stack of Michael Spilkin, who has rebounded from losing to a flush early in the day and now sits behind about 105,000.

12:52pm: Level 10 begins (blinds 600-1200, ante 100)

12:50pm: Price survives all in

Jesse McKenzie was at it again on Table 3, attempting to take out the all in Ben Price. Price tried to muck his cards at showdown, not realizing that McKenzie had called, but then quickly retrieved them and showed [8d][8s]. McKenzie's [ac][kh] needed to improve. Three hearts by the turn gave a good sweat, but a board of [4h][3h][9d][7h][2c] doubled Price up to about 35,000.

12:42pm: Points leader busto

Tony Hachem's lead in the Season 2 points race may vanish after the end of this event. He moved all in on the turn of a 6-x-6-Q board and was instantly called by Julian Cohen. Hachem's A-Q was drawing dead against Julian Cohen's quad sixes with 6-6.

"Can we test Julian please?" a player at the table joked. The reference was to the fact that Cohen made a royal flush on the last hand of the day yesterday and now has started with four-of-a-kind today.

ANZPT Commissioner Danny McDonagh procured an empty water bottle and handed it to Cohen. "Take that to the toilet, please."

12:33pm: Sets, flushes and eliminations

Note to TDs around the world: player play more aggressively and are more willing to get chips into the pot at the beginning of the day than they are at the end of the day. We've already have several eliminations. At least one -- that of Kani Edwards -- was on a total set-up hand. Edwards' pocket tens made a set on a K-10-4 flop, but so did Lee Nelson's pocket kings. There was no one-outer for Edwards. He's gone.

At a back table, Chris Levick moved all in from the button for 13,400 after Jesse McKenzie opened the cutoff for 2,500. McKenzie made what another player at the table described as "an interesting call" with [kd][2d]. Levick was ahead with [6c][6h]. A paired flop, [ac][jc][jh] gave McKenzie some additional outs that he wound up not needing when the turn came the [kc].

"For f***'s sake," said Levick with a sigh. He bricked the river and will have to find something else to do for the remainder of the day.

That was the same table at which Sandy Retallick ran down Vesko Zmukic's flopped set of kings by making a running flush. Zmukic, however, is still in the tournament.

12:24pm: Lots of action early

We were still getting things set up in the SKYCITY tournament room as players started splashing chips into pots. Grant Ven was the first casualty of the day. At the other end of the spectrum, it looks like Team PokerStars Pro Bryan Huang doubled up early through Jackson Zheng. Mishel Anunu is off to a strong start as well, as his pocket queens held against Rewi Emmerson's pocket eights on a bord of [3s][js][6d][4s][7c]. Emmerson tried to bet Anunu out of the pot with a small river lead, but Anunu called and dragged a pot worth roughly 20,000 in chips.

12:15pm: Shuffle up and deal!

Cards are in the air. We'll be playing out the rest of Level 9 and then taking a break after Level 10.

Although Julian Cohen bagged the most chips last night, thanks to a last-hand royal flush, the chip leader at the start of Day 3 is Canadian Yannick Frenette. A week ago at an early flight of players in Auckland, Frenette amassed 167,700 chips in 8.5 hours of play. Cohen's 116,000 chips are in 2nd place, trailed just slightly by Lee "Final Table" Nelson with 115,600.

Also still in the hunt are Day 1A chip leader Michael Spilkin (90,500), Day 1B chip leader Jackson Zheng (51,200), Team PokerStars Pro Bryan Huang (35,500), and three players in the Top 5 of the Season 2 points leaderboard: John Maklouf (77,400), Andrew Scarf (31,400) and Tony Hachem (20,600). With blinds starting at 500-1,000 with an ante of 100, none of these players will be forced to make an early move. They can afford to wait for good spots.

Seven hours of play is by no means a long day, but after three short days to kick things off here in Queenstown, it might feel that way. But whenever we do end the day -- 8pm, 9pm, 9:30pm -- things will just be getting started in this scenic, crazy part of the world.

As things were winding down halfway through Level 9, the story of the day was the constant aggression of the resurgent Lee Nelson. Nelson had been down to 3,500 in chips at the start of Level 5 late on Day 1A, then finished Day 1A with more than 37,000. He poured the pressure onto his opponents during Day 2 and more than tripled his stack to 115,600. As the last hand was being dealt, Nelson seemed assured of being the overnight chip leader (not counting the 15 players from Auckland joining the field tomorrow).

Then the last hand was dealt and, as they often do in no-limit hold'em, things changed in a hurry.

Perhaps looking to take advantage of players all too happy to bag up their chips, Julian Cohen started with a raise from under the gun to 2,200. A player known as "Furniture" John (we believe to be John Apostilidis) was the only caller. Cohen continued for 4,000 on a [6h][kc][qc] flop and again Furniture John called. Cohen checked the [jc] turn.

If this were a movie, everything would start to go into super-slow-motion from there. There would be shots of Cohen's eyes and Furniture John's eyes, then the excruciatingly slow movement of Furniture John pushing all of his chips into the pot, with Cohen hanging on every move. As soon as they were in, things would speed up and slam back into real-time, with Cohen snap-calling and tabling [ac][10c] for a royal flush!

Furniture John had two sixes. He flopped a set and wound up rivering a full house with a board-pairing [qh]. No good, as it turned out.

That spectacular hand gave Cohen 116,000 chips to bag up. He edged Nelson by a nose (or 400 chips) at the wire to claim the overnight chip lead.

But don't forget those 15 players coming down from Auckland. They'll join the Day 3 field tomorrow, headed by Yannick Frenette's 167,700. Frenette, then, is the true overnight chip leader. What's more, he's had a week to rest up and start fresh tomorrow.

Fifty players will return at 12:15pm local time. They'll play at least until the money bubble bursts with 15 left. There's a lot of poker to be played between now and then. Most likely the picture at the end of the day tomorrow will look vastly different than it does today -- as is often the case with no-limit hold'em.

That's it for Day 2. It looks like Team PokerStars Pro Lee Nelson, with a shade more than 115,000 chips, finished play as the chip leader. 50 players will return tomorrow -- 35 from Day 2 here in Queenstown and 15 from Day 2 in Auckland. A complete recap of this abbreviated day will come later this evening.

4:10pm: Ending with a bang!

On the very last hand at the very last table still in action, Julian Cohen opened for 2,200 pre-flop from under the gun. Only "Furniture" John called to a flop of [6h][kc][qc]. Cohen cotinued for 4,000 and again Furniture John called.

The turn was the [jc]. Cohen checked, then double-fist-pump-snap-called a shove from Furniture John. John showed [6c][6d] for a set of sixes; amazingly, Cohen turned over [ac][10c] for a royal flush! Furniture John was drawing dead. The [qh] river that gave him a full house was just a slap in the face.

3:55pm: Seven more hands

We've already reached that time of the day. Each table will play seven more hands and then we'll be done.

3:50pm: Anunu's ace-high is good

Mishel Anunu made what Michael Spilkin described as a "hell of a call" against Scott Kerr a few moments ago. Anunu opened pre-flop to 3,000, with Kerr calling right behind him. Both players checked a nine-high flop, [3h][2s][9d]. Anunu also checked the [6h] turn, drawing a bet of 4,500 from Kerr. There wasn't much hesitation as Anunu put the matching chips into the pot.

The river was the [4d]. Again Anunu checked. Kerr fired another 8,000 chips into the pot, then announced "king-high" after Anunu called. Anunu tabled unimproved [ad][jh] to collect the pot.

3:45pm: 51 is not an even number

"36 players left here," said ANZPT Commissioner Danny McDonagh. "Combined with the 15 from Auckland that's 51 total. I need one more to volunteer to lose today so we can all start in this room tomorrow."

Unsurprisingly, nobody volunteered.

3:33pm: Level 9 begins (blinds 500-1000, ante 100)

This is the last level of Day 2. Play will conclude after 35 minutes have elapsed, in order to sync up the field with the Auckland flight that played last weekend.

3:25pm: Still nothing coming easy for Hachem

Chris Levick opened for 2,000 in front of Jason Gray. We're not sure what Gray did, but we do know that Tony Hachem moved all in. Gray snap-called after Levick folded. Hachem tabled two kings... and Gray tabled the other two kings. A rainbow flop ended the hand in a chop.

"You probably thought you had the best hand!" said Gray to Hachem.

"Actually, I was sure you had aces," said Hachem. If that's true, then chopping Chris Levick's 2,000 wasn't the worst result.

3:15pm: Three in a row for Maklouf?

John Maklouf has made the final table of each of the last two ANZPT events. He's putting himself in a great position to do that again here in Queenstown. He made a reluctant pre-flop call after a player three-bet all in for 11,600 over the top of Maklouf's opening raise to 2,100. Maklouf's pocket tens were racing against [ks][qs] and won the race, [7h][2c][2h][6d][2s]. Dragging that pot vaulted Maklouf to about 80,000 in chips.

3:06pm: Gray gets crafty with aces

Action folded to Jason Gray's button. He made a 2.5-times raise to 2,000 that was called only by the big blind. Action checked all the way to the river of a [9c][9s][3c][4h][qs] board. That's where the big blind took a stab with a bet of 2,000. Gray raised to 4,500, then turned up the red aces after being called. The big blind flashed a [qc] before mucking.

Gray had a tough day yesterday, but he's grinding it out here today. His current count is about 32,000.

2:59pm: Knox shocks

Carl Knox and Serge Mazza each put in 2,100 chips before the flop. Knox acted first on a king-high flop, [9c][8h][ks], and bet 4,100. Mazza quickly and emphatically made it "this much", putting five orange (T5,000) chips into the pot. The raise effectively would put Knox all in if he called.

"Wow," he said. He went into the tank for several minutes. "Have you got A-K Serge?"

"I've got good cards," Mazza replied.

Knox eventually shocked the table by open-folding [ah][ac]. Mazza did not show his hand as he collected the pot.

2:50pm: Nelson's streak continues

We want to point out -- again -- that at the early stage of Level 5 Lee Nelson had only 3,500 chips left in his stack. He's up to more than 90,000 now after taking out another player. Nelson's [ad][kd] was too strong against his opponent's [ah][10h], all in before the flop. There was a small sweat as the board developed [as][2h][3d][4h], bringing potential flush and board-straight possibilities. But the river [qc] didn't fill any of those draws.

Today has felt like a day mainly of all-in pre-flop battles. We'll see how that changes as we get closer to our early departure time in Level 9.

2:42pm: Another table breaks

Two quick eliminations after the break trimmed the field down to 39 players. A random breaking order was drawn, and Table 2 -- the table of Michael Spilkin, Tony Hachem, Lee Nelson and others -- was drawn as the first to break. Those players have now filled in the empty seats at the other tables.

Spilkin was sent to Table 5, where his good friend Vesko Zmukic was happy to see him. "Hello honey!" he said as Spilkin sat down.

2:33pm: Play resumes

Cards are back in the air. The field is scheduled to play all of Level 8 and 35 minutes of Level 9. Play will be suspended at that point.

The remaining 41 players have been sent on their first and only break of the day.

2:10pm: Hachem frustrated

Three pre-flop raises put Tony Hachem in a tough spot. Michael Spilkin (down to 95,000 so far) opened for 1,700. Hachem was next to act and made it 4,500 to go. Action passed to Grant Ven's big blind. Ven shipped it all in, about 19,500 in total.

"I guess the book says I'm supposed to fold," said Spilkin. He did what 'the book' said to do. That brought the action back to Hachem, whose decision was less clear.

"I don't know what to do," said Hachem. "Anyone else on this table I snap-call." Eventually Hachem folded his hand, preserving a stack of 9,000.

1:55pm: Not so fast

It stands to reason that as soon as we made a comment about play slowing down, there would be a three-way pre-flop all in on one of the tables. Scott Redman opened all in from early position for about 6,000. When action came to Mishel Anunu, one of the chip leaders to start the day, Anunu put in an isolation raise to 15,000. That isolation raise failed as Vesko Zmukic moved all in behind Anunu for 22,200 total. Getting better than 5-to-1 on his money, there was no way Anunu was folding. He called with the worst of the three hands.

Redman: [qs][qc]
Anunu: [9c][9s]
Zmukic: [kc][kd]

Zmukic was delighted to see a king flop, [3d][4c][kh]. By the turn [7s] both of his opponents were drawing dead. He shot up to about 50,000 in chips, while Anunu fell to about 40,000 and Redman was eliminated.

1:48pm: Play settles

The initial wave of aggression has washed over the room, smashing some short stacks and floating others. Now that we're into the second level, the players seem more settled into their tables and prepared to grind out smaller pots. It's not as if they're in for a long day -- we'll be finished mid-way through Level 9, the fourth level of the day.

Chip leader Michael Spilkin is in a dangerous seat, with Tony Hachem and Lee Nelson to his immediate left. He's been laying low so far today.

1:36pm: Bonham takes advantage of scary turn

Danny Andrews and David Bonham were the only players in the pot for a flop of [jh][6h][7s]. Andrews checked to Bonham, then raised to 4,200 after Bonham made a half-pot bet of 2,000. Bonham called that bet to see a doozy of a turn card come, the [ah]. It was an overcard to the flop and also the third heart on the board. Andrews bet 6,500 and was quickly faced with a minimum-raise to 13,000.

"You get very lucky there, I can tell you that," said Andrews as he mucked his hand. Bonham did not reply.

1:25pm: From one points leader to another

Rennie Carnevale (currently 2nd in the ANZPT Season 2 points race) and Andrew Scarf (3rd) drew the same starting table today. Rennie had the shorter stack between the two men and just passed what was left of it to Scarf. The two got all in before the flop, with Carnevale's [ks][qs] dominated by Scarf's [ac][kh]. There was no miracle queen to be found on the board for Carnevale. He's now out. Scarf is up to 34,000 in chips.

1:20pm: Level 7 begins (blinds 300-600, ante 75)