Articles from February 2025

Billionaire, Golden Nugget owner, and current US ambassador to Italy, Tilman Fertitta, is now the biggest individual shareholder of Wynn Resorts. The Houston Rockets owner hit the threshold of owning at least 10% of the casino company, surpassing the number of shares held by Elaine Wynn.

Passing a 10% stake means he needs to adhere to further rules, such as reporting transactions involving the company to the SEC within two days. It remains unclear if Fertitta will be a passive investor or attempt to take over the company.

now controls 10.9 million shares worth $984m

This week’s SEC filing outlines how Fertitta now controls 10.9 million shares worth $984m based on Wednesday’s opening price of $90.23. He also has the option to purchase another 1.7 million shares in May at $85.73 per share.

As the owner of Golden Nugget casinos, the 67-year-old already has plenty of experience in the gambling industry. The Texas native plans to build an unnamed resort on the Las Vegas Strip in the near future.

The post Golden Nugget Owner Tilman Fertitta Becomes Biggest Wynn Resorts Shareholder appeared first on Vegas Slots Online News.

While most slots players just play for entertainment (as they should), everyone dreams about being the rare lucky person for whom the reels align perfectly that one glorious time. That fantasy became a reality for a player at DraftKings Casino in Michigan on Wednesday when a 20-cent spin turned into an insane $9.2m jackpot win, the largest in US iGaming history.

According to a DraftKings press release, the Single-Level Progressive Jackpot had been building since February 2024, when it started at $1m.

“To be able to award the largest online casino jackpot in US history is an amazing testament to the DraftKings Casino team who work tirelessly to deliver customers a best-in-class experience,” said Jason March, Vice President of iGaming Marketing and Operations at DraftKings. “Congratulations to the winner, we look forward to celebrating our next big jackpot win.”

The winning spin was confirmed to have hit on the game Irish Pot Luck.

players must opt-in and then contribute an additional $0.10 wager every spin

As mentioned, the jackpot was a Single-Level Progressive, so while the lucky winner had a ludicrous return on investment, the spin actually cost 50% more than the $0.20 that DraftKings is hyping. To qualify for the Single-Level Progressive Jackpot on games where it is available on DraftKings – Irish Pot Luck is one of them – players must opt-in and then contribute an additional $0.10 wager every spin. So, the winning spin cost $0.30 in total, not $0.20. But still, $9.2m on a 30-cent spin is unfathomable, except for the fact that it actually happened.

A Multi-Level Progressive Jackpot was also available on Irish Pot luck for an additional $0.25 per spin.

The previous US internet casino jackpot record was $6.45m, won with a $200 bet on a Fruit Blaster slot at BetMGM Casino in August 2024.

Both Irish Pot Luck and Fruit Blaster are available to try for free here at VegasSlotsOnline.

The post DraftKings Casino Player Wins $9.2m Slots Jackpot, Largest in US iGaming History appeared first on Vegas Slots Online News.

Caesars mulls split

Caesars Entertainment is considering spinning off its digital assets, including its eponymously named sportsbook, into a separate, publicly traded entity.

current corporate structure is “undervaluing its digital properties”

Speaking Tuesday on an investors call, CEO Tom Reeg stated Caesars’ current corporate structure is “undervaluing its digital properties.”

Assets currently under the entertainment giant’s digital division include its sportsbook, iCasino products, and its newly formed in-house gaming studio.

Reeg believes assets under Caesars Digital are valued less than they should be because they’re grouped with the parent firm’s retail casino business.

Breaking it down

According to Sportico, Caesars Digital posted $1.16bn in net revenue in 2024. The figure represents 10% of Caesar’s entire net revenue, up 2% from 2023.

Caesars Digital adjusted earnings before EBITDA climbed from $38m to $117m year-over-year. Reeg said that should this digital growth continue and “market dynamics remain the same,” then it was time to act.

“You should expect that we would look at any and all avenues in terms of how we can drive the most value.”

Like the majority of US sportsbooks, Caesars took a battering over the 2024 NFL season with results favoring bettors. Reeg reported that, however, Caesar’s Digital saw a 60% growth in iGaming net revenue for 2024 which offset the sportsbook-related performance. 

Despite news of the potential public spinoff, Caesars’ stock price “remained flat after-hours Tuesday night.”

Falling behind on sports

Caesars’ move to spin off its digital operations is of strategic interest, considering the rising strength of its iCasino vertical against its shrinking sports betting market share.

neck-and-neck with Fanatics”

FanDuel and DraftKings now preside over 70% of the US’s legal online sportsbook handle. Caesars Sportsbook is behind third-place BetMGM, and according to Legal Sports Report, “is now neck-and-neck with Fanatics.”

The post Caesars Mulls Boosting “Undervalued” Digital Gambling Assets via Public Spinoff  appeared first on Vegas Slots Online News.

Probe uncovers failures

The gambling regulator for the Australian state of Victoria has issued multiple operators with a raft of fines totalling nearly AU$500,000 ($318,850) after an investigation discovered underage gambling failures.

landmark probe by the VGCCC

According to media reports Tuesday, a landmark probe by the Victorian Gambling and Casino Control Commission (VGCCC) resulted in charges against several digital and retail operators for violating state gambling law.

The ‘landmark’ action was, according to the VGCCC, the regulator’s “most comprehensive action to date for underage gambling.”

After over 2,000 hours of investigations, the VGCCC launched 14 prosecutions against ten operators on the back of 98 charges.

Tabcorp leads offenders

Australia’s biggest sports and racing betting operator Tabcorp was the worst offender. The VGCCC hit the sports betting giant with 43 charges and fines of AU$274,000 ($174,728).

Australian Leisure and Hospitality Group was next in line, with the regulator penalizing the firm with over 350 licensed retail outlets AU$175,000 ($111,597) for 23 charges across five of its properties. The remaining 32 charges were leveled at smaller operators, such as gaming establishments and hotels, with the VGCCC fines ranging from AU$2,500 ($1,595) to AU$15,000 ($9,566).

In a news release detailing the “systemic failures by multiple gambling operators to prevent minors from accessing gambling services,” the VGCCC highlighted the case of a boy, 17, with neurodiversity. VGCCC CEO Annette Kimmitt slammed the harm caused to the unnamed boy’s family while praising the mother for reporting the issue.

“When industry players are not diligent about complying with their legal and social obligations, the consequences for everyday Victorians can be serious and long-lasting.”

Kimmitt gave the plight of the boy and his family as a reason why the VGCCC “is determined to hold operators accountable.”

Consider the kids

The exec said while VGCCC welcomed the outcome of the court cases, “the family’s recovery from this experience is likely to take a lot longer and leave a painful scar.”

operators are responsible

Kimmitt concluded with a warning that operators are responsible for ensuring “minors do not access a designated gambling area, let alone gamble, no matter how determined or convincing a child might be.”

The post Aussie Regulator Hits Multiple Operators With $318k in Fines Over Underage Gambling  appeared first on Vegas Slots Online News.

Hooters of America looks set to file for bankruptcy in the coming days as the company has struggled with falling customer numbers and the resulting financial woes.

sold its Las Vegas casino for $135m in 2019

While it sold its Las Vegas casino for $135m in 2019 and closed about 40 underperforming locations last year, it still is struggling to meet its $300m debt obligations. Bloomberg reported that the restaurant chain is working with a law firm to prepare a Chapter 11 filing.

Hooters Casino Hotel was a popular destination for people to play $1 blackjack as it was only a few minutes walk from the Las Vegas Strip, located behind the MGM Grand. It’s now named the Oyo Hotel & Casino Las Vegas.

The post Hooters Faces Bankruptcy Despite Selling Las Vegas Casino and Closing 40 Restaurants appeared first on Vegas Slots Online News.

Governments can’t ignore gambling

As world leaders are increasingly pushing gambling and crypto to the forefront of politics with the realization that regulated markets could bring in major revenue, Thailand’s recent move to make its future casinos inaccessible to most Thais has received instant criticism.

met with both internal and external concern

Despite a major win for Sino-Thai relations in a crackdown on Myanmar’s hellish scam centers last week, a new draft regulation for Thailand’s integrated resort casinos was met with both internal and external concern.

The draft circulated by Thailand Prime Minister Paetongtarn Shinawatra’s government requires nationals to prove they have at least THB50m ($1.48m) in fixed deposits for at least six months in their bank accounts to enter the proposed IRCs.

According to the Bangkok Post, Thailand’s Deputy PM and Interior Minister Anutin Charnvirakul said it would be hard for the draft to win the approval of the Thai cabinet because it didn’t address local illegal gambling.

Genting Singapore, meanwhile, said Sunday night that it would be “difficult to commit” to entering the IRC market if locals were off the table.

Potential investors paying attention

The Genting Group’s Singapore arm is, according to Inside Asian Gaming, the first Asian IRC operator to host an earnings call since Paetongtarn’s government released the IRC draft.

Genting Singapore told analysts on Sunday via a note from Japanese investment banking giant Nomura that “it will be difficult to commit to a high IR capex if the market size is reduced to mainly foreign-only visitors.”

Genting, which also owns and operates Resorts World Las Vegas, shares common ground with fellow US casino giants Las Vegas Sands, Wynn Resorts, and MGM Resorts in jockeying for a potential Thailand IRC license.

An additional restriction in the IRC draft could give Genting and the other potential US investors further reason to reconsider their pitches, namely that the proposal demands the casino area of IRCs take up no more than 10% of the overall complex space.

Internal rifts amid regional wins

That the Thai Deputy PM has criticized the proposal to exclude the majority of locals from IRCs is, perhaps, inevitable given reports of a rift between Paentongtarn’s Pheu Thai Party and Anutin’s Bhumjaithai Party.

The Bhumjaithai Party is Pheu Thai’s largest partner in the coalition that came to power late last year. Anutin confirmed the foreigners-only stance on IRCs would be discussed at a cabinet meeting.

The internal in-fighting comes, however, after Paentongtarn’s government made major breakthrough last week. The Thai PM’s government was instrumental in freeing over 7,000 workers from Myanmar’s scam call centers after political pressure from China.

The post Thailand’s Deputy PM, Genting Express Concerns Over Foreigners-Only Casinos appeared first on Vegas Slots Online News.