Phil Ivey Eliminated in 12th Place ($16,075)
Pot-Limit Omaha
Jose-Luis Velador raised to 18,000 before Phil Ivey three-bet to 66,000. After everyone folded back to Velador, he made the call.
The flop came down 
and Velador checked to Ivey. The man most consider to be the best in the game, ever, fired 80,000 into the pot and left himself with 179,000 chips behind. After a minute, Velador raised all in for 283,000 total, having Ivey covered. Ivey went into the tank and he sat there for several long minutes.
After a couple minutes Ivey said, "I guess you could have aces too, right?" Velador didn't give him anything though and just sat there.
Ivey tanked for a couple more minutes as the crowd on the rail inched closer and closer, standing four and five heads deep. Media surrounded the table and the players at the other table stood up to watch once they completed their current hand. All eyes were on Ivey.
"The best I can hope for is a chop," said Ivey.
A minute later Velador responded, "You'll get to see it anyway." Phil laughed at that comment.
Ivey tanked for another little while and eventually said, "All right, I call," nodding his head. Velador immediately spread the 
for a full house, jacks over fours. Ivey turned up his 
for a pair of aces that didn't look so good anymore.
The turn was the 
and left Ivey needing help on the river. Only an ace would do it. The river completed the board with the 
and that was it. Ivey abruptly stood up and headed out the door. He didn't grab his payout sheet or wait to be escorted to the payout desk, he was just gone.
Ivey finished in 12th place for $16,075. The amount he won is going to be the last thing on his mind as he moves on to the next tournament. Velador moved to about 700,000 in chips and has taken the chip lead.