Wynn Rumors, Including Steve, Hover Around Celtics Sale

The defending NBA champion Boston Celtics are for sale and purported bidders could include Wynn Resorts (NASDAQ: WYNN) and Steve Wynn, the founder of the gaming company.

Jayson Tatum Boston Celtics championship odds midseason NBA 2023 warriors nets bucks grizzlies nuggets 76ers
Boston Celtics star Jayson Tatum celebrates a play. There’s unfounded speculation that Wynn Resorts or Steve Wynn could be interested in buying the team. (Image: Getty)

On a recent edition of “The Greg Hill Show,” Boston sports talk radio host Courtney Cox said there are three finalists who could acquire the Celtics: Amazon founder Jeff Bezos, Boston Red Sox President Sam Kennedy, and Encore Boston Harbor. Located in Everett, Mass., Encore Boston Harbor is Wynn’s lone US casino hotel outside of Las Vegas. The property is the holder of the first sportsbook license in state history.

Kennedy’s potential involvement implies it would be Fenway Sports Group, which owns the Red Sox and the NHL’s Pittsburgh Penguins, among other sports interests, that makes a bid.

Bezos being interested in the Celtics isn’t surprising as he’s long coveted a professional sports franchise. Last year, he was among the bidders for the NFL’s Washington Commanders, but the team was ultimately sold to another group.

Wynn Resorts Buying Celtics Seems Iffy

The unidentified source cited by Cox isn’t from Boston and Wynn hasn’t commented on any interest in buying the Celtics or any other professional team.

Financially, buying the historic NBA team could be burdensome to Wynn, particularly at a time when the operator is building what could be the first casino resort in the United Arab Emirates (UAE) and is pursuing a gaming license in the New York City area. The Celtics are worth an estimated $4.7 billion, making the team the fourth-most valuable in the NBA. That’s more than half of Wynn’s current market capitalization of $8.29 billion.

Speculation that the gaming company could be mulling a bid for the team may be attributable to the operator’s hopes of expanding Encore Boston Harbor and the surrounding area. There’s been chatter that such an effort, if approved, could include a new arena for the Celtics and Boston Bruins. There’s also been scuttlebutt that the basketball team could relocate its offices to Everett.

As for the NBA allowing an owner with gaming interests, that’s not an issue. Golden Nugget boss Tilman Fertitta owns the Houston Rockets and Dr. Miriam Adelson and Patrick Adelson recently acquired majority control of the Dallas Mavericks. Adelson is the largest Las Vegas Sands (NYSE: LVS) shareholder, and Dumont is president and chief operating officer of that gaming company.

Steve Wynn an Unlikely Bidder

Born in Connecticut, Steve Wynn is a native New Englander and could well be a Celtics fan, but for now, his possible involvement in acquiring the Celtics appears to be mere speculation.

He’s 82 years old and his net worth of $3.7 billion implies he’d have to take on significant debt to meet the asking price for the Celtics, which is expected to easily set an NBA record. Wynn also no longer has ties to the gaming company bearing his surname.

Assuming the Celtics’ sale price were to approach $5 billion, that might be too rich for Wynn’s blood, but it would be easily affordable for Bezos. One of the richest people in the world, Bezos is worth an estimated $190.4 billion.

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Malta Court Upholds Sentencing of ex-MGA CEO Connected to Daphne Caruana Galizia Murder Suspect

Murder suspect link

Malta’s Court of Criminal Appeal has upheld the conviction and sentencing of the ex-CEO of the Malta Gaming Association (MGA) connected to Yorgen Fenech, the man awaiting trial for the murder of journalist Daphne Caruana Galizia.

head’s-up on an anti-money laundering review

On Tuesday, Justice Neville Camilleri ruled in favor of the May sentencing of former MGA boss Heathcliffe Farrugia for giving Fenech the head’s-up on an anti-money laundering review the MGA was going to subject a rival casino to in 2019.

Earlier this year, Magistrate Ian Farrugia had found the ex-MGA CEO guilty of illegally disclosing information obtained by virtue of his role and sharing professional secrets, for which the magistrate sentenced Farrugia to “a three-year conditional discharge.”

Implicated by chats

The former head of Malta’s gaming authority resigned his post in October 2020 after he was charged over his communications with Fenech, the former head of the Tumas Group, which operates Portomaso Casino on the Saint Julian’s coast.

Maltese investigative journalist Caruana Galizia was killed by a car bomb in October 2017 after she leveled a series of corruption claims against powerful figures. One of the final words the 53-year-old wrote before her murder was: “Do your worst, you bastards, until the only option left to you is to take out a contract on my life.”

Investigators rumbled Farrugia after he was implicated via an analysis of the murder suspect’s mobile phone.

The criminal chats were found after Fenech’s phone was seized by police investigators in December 2019 during his arrest in connection with Caruana Galizia’s murder.

In possession of Fenech’s mobile, investigators perused 24 pages of texts between him and the MGA CEO. The chats revealed Fenech had told Farrugia of his disappointment with the result of an AML compliance review into his Tumas Gaming Group, which also operates Oracle Casino, in addition to Portomaso.

Favors and tip offs

Fenech’s beef with Farrugia was that the MGA review gave Tumas a bad reputation. In an effort to assuage the ex-casino and property kingpin, the MGA exec promised, according to Malta Today, to delay the release of the compliance report.

AML inspection was going to hit Casino Malta

Farrugia also tipped Fenech off that an MGA AML inspection was going to hit Casino Malta, which is owned by Eden Leisure Group, a rival to the murder suspect’s corporate group.

On Tuesday, however, Judge Camilleri tossed the appeal, ruling that the court of first instance’s conclusions in May were justified.

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Singapore Allowing Cashless Gambling at Casinos Except for Cryptocurrencies

Singapore lawmakers have changed the nation’s Casino Control Act to allow cashless gaming at the two casinos in the city. The only exception is that cryptocurrencies are not permitted due to the possible money laundering risk, so people will have to stick with virtual credit cards and e-wallets.

The Minister of State for Home Affairs and Social and Family Development announced the decision on Tuesday, which eliminates the need for gamblers to exchange physical cash for playing chips.

change will strengthen security, create more efficiency

Lawmakers believe this move will strengthen security, create more efficiency by reducing the amount of cash casinos handle, as well as incentivize younger people who don’t use physical cash in their daily lives.

The changes won’t take effect straight away as Resorts World Sentosa and Marina Bay Sands need to upgrade their systems to allow cashless gaming.

Other amendments also came into place on Tuesday relating to the region’s casinos. The two properties can now share the data of patrons without their consent if it’s to combat terrorism financing or money laundering. Operators will also have the ability to offer mobile gaming on their premises if they get approval from the Gambling Regulatory Authority.

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Thai Government Eyes Bangkok for Three Casinos

The newly installed Thai government would like to see as many as seven casino hotels developed to start the country’s regulated gaming industry, with up to three of those venues located in the capital city of Bangkok.

Thailand Casinos
An aerial view of Bangkok. Thai gaming legislation could provide for as many as three casinos in the capital city. (Image: New York Times)

Recent media reports suggest that new Prime Minister Paetongtarn Shinawatra is poised to bring a casino policy statement to parliament as soon as this week, and that the package is likely to include a directive calling for as many as seven gaming venues to commence Thailand’s foray into regulated gaming.

Should related speculation about the creation of seven integrated resorts, including three in Bangkok prove accurate, those numbers would top previous scuttlebutt. Earlier this year, there was chatter that should Thai policymakers approve casino gaming — an increasingly likely prospect — the country would start with five casino hotels. That plan called for two gaming venues in Bangkok, and one each in the Eastern Economic Corridor, Chiang Mai, and Phuket.

Bangkok Could Be an Alluring Casino Center

An article published by The Nation on Monday featured comments from Deputy Secretary-General to Prime Minister Suksit Srichomkwan indicating that the casino legislation under consideration by the Thai cabinet provides for three integrated resorts in Bangkok.

It’s believed that the legislation contains a provision calling for each winning bidder of a Bangkok casino license to pay $3 billion, meaning $9 billion in fresh revenue for the government. That price point is likely to be attractive to an array of global gaming giants because it’s significantly less than it would cost to develop a new casino hotel on the Las Vegas Strip, and far less than what some operators are planning to spend in New York.

Assuming long-term return on investment in the high teens or low 20s in percentage terms – a common goal in the gaming industry – a $3 billion licensing fee would likely be palatable to numerous gaming companies, including US-based firms Las Vegas Sands, MGM Resorts International, and Wynn Resorts. All three have expressed some interest in Thailand.

The aforementioned legislative package also includes stipulations that casinos command no more than 10% of an integrated resort’s square footage and that gaming venues outside of Bangkok will carry an initial licensing fee of $1.5 billion.

Bangkok Casinos Matter for Other Reasons

The Thai government’s commitment to allowing casino resorts in Bangkok is important for other reasons. First, it’s the most populous city in the country, thus making it desirable for operators.

Second, it’s a positive departure from what gaming companies dealt with several years ago in Japan. Operators such as Sands and Wynn, among others, hoped to get permits for integrated resorts in Tokyo and Yokohama — that country’s two biggest cities. Ultimately, those companies and others abandoned their Japan ambitions because it became apparent those cities weren’t open to becoming casino hosts.

Speaking of Japan, Thai lawmakers backing the country’s casino ambitions are hoping to speed up the legislative process so that their nation’s first gaming venues open before MGM Osaka does in 2030.

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MGM Is Full Steam Ahead With Japan Casino After Eliminating Early Exit Clause

MGM Resorts International is now fully committed to developing Japan’s first casino resort after eliminating the exit clause that would allow it back out of the project without paying a penalty. It got the all-clear in April 2023 for a license to build the property in Osaka alongside its main partner, the Orix Corporation.

The exit clause was a get-out-of-jail-free card for the Las Vegas-based casino company, allowing it to terminate its agreement under certain conditions, such as tourism in the region not getting back to pre-pandemic levels, financing terms not making sense, or any unforeseen issues with the site.

MGM reportedly wants to show good faith by voluntarily eliminating the option

While the clause was valid until September 2026, MGM reportedly wants to show good faith by voluntarily eliminating the option. Some construction companies had expressed concerns about entering contracts for the work due to possible uncertainty.

Work on the new development began in December, and the current planned opening date is fall 2030. Initial tasks include fortifying the artificial island on which the casino will lie to make sure it is fully fortified, as well as laying power lines and setting up fences.

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Wynn Resorts Forfeiting Record $130m to DOJ Over Unlicensed Money Transmitting

Bringing the matter to a close

Wynn Resorts has agreed to forfeit $130m to the US Department of Justice (DOJ) as part of a “non-prosecution agreement” regarding a decade-long case relating to unlicensed global money transmitting.

Justice Department didn’t pursue criminal charges in the case

The company noted on Friday that this is not a fine and the money will come through the funds related to the payments in question. The Justice Department didn’t pursue criminal charges in the case, which dates back to 2014. Mitigating factors included the casino company’s cooperation in the case and the historical element of the payments.

Wynn Resorts also rolled out extensive improvements to its compliance systems to ensure something similar doesn’t happen again.

No meager sum

It is the largest payment that a casino company in Nevada has made to the DOJ, significantly surpassing the $47.4m settlement from Las Vegas Sands in 2013 in a money laundering case.

The main issue related to the Wynn Las Vegas property, with investigators discovering disguised transactions at the property involving former agents, employees, and some patrons. In a filing with the Securities and Exchange Commission (SEC), Wynn Resorts said that the actions of the individuals under scrutiny “date back many years and violated Wynn’s compliance policies and procedures.”

The payment transmission process at Wynn’s customers avoided US and overseas laws relating to money transfers and the reporting of transactions.

Talking about the case, US Attorney Tara McGrath said: “Casinos, like all businesses, will be held to account when they allow customers to evade U.S. laws for the sake of profit.”

Another settlement

In the same SEC filing, Wynn Resorts also revealed that it settled a shareholder class action lawsuit concerning the expenses of key management figures surrounding the sexual misconduct allegations against the company’s founder and former CEO Steve Wynn. The mogul stood down from his role and sold his stock when the allegations came to light.

The company did not reveal the size of this settlement, just saying that all claims against the former and current executives and directors are now concluded.

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Fantasy Football World Championships Kick Off at Circa Casino

FFWC starts Circa deal

The Fantasy Football World Championships (FFWC) got started for the first week of the NFL season at their new home of Circa Resort & Casino in Las Vegas.

thousands of players from across the US descended on the casino to draft teams

The FFWC has moved from venue to venue for over 20 years, but signed a five-year contract to be hosted at Circa. Thousands of players from across the US descended on the casino to draft teams for multiple leagues, with buy-ins ranging from $350 to $10,000.

The players will compete for the illustrious title of Fantasy Football World Champion, which awards the winner $150,000 as well as a championship belt.

Fantasy football front of house

The FFWC has typically been given a backseat to other events at the casino, but since the move to Circa, the game is no longer taking place on the sidelines.

“Being partnered here at Circa helps elevate that experience and puts us in the middle of the casino,” said Ian Ritchie, owner of Circa FullTime Fantasy Sports. “What that’s done for fantasy and live events is it’s helped it absolutely explode.”

they bend over backward to make our players feel comfortable”

“Our experience at Circa couldn’t be more different than any other property we’ve dealt with doing these contests,” Ritchie said. “They bend over backwards to make our players feel comfortable and treat everybody special to give them a Las Vegas experience.”

Players are given drinks and food while they conduct their drafts, with casino staff putting up picks on a physical draft board.

Multiple celebrities have appeared at the FFWC, including former MLB star Jayson Werth and NASCAR driver Austin Dillon.

Circa breaks records

Players can also reserve their seating at the sportsbook or at Stadium Swim, a six-pool complex with private cabanas, bars, and giant screens showing all of the day’s biggest games.

“The past two weekends, in particular, there have been almost every moment of the day there’s been somebody drafting out at Stadium Swim,” said Aaron Oster, Circa Media Relations and Marketing Manager. “It’s a very popular thing and a lot of people are enjoying it.”

Meanwhile, Circa’s own NFL handicapping competitions, Circa Millions and Survivor, shattered records, attracting a combined $20.6m in entries, exceeding their total $16m guarantee by over 25%.

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High Roller Ordered to Pay AU$38m Gambling Debts After Blank Check Bounced

High roller ordered to pay up

A Singaporean high-roller has been ordered to repay more than AU$38m ($25.28m) in gambling debts after losing a court case on Monday.

Billionaire Dr Yew Choy Wong racked up the debts to The Star Entertainment QLD Limited in 2018 during a trip to the Broadbeach Island casino on the Gold Coast.

lost over AU$47.3m ($31.5m) during the week-long stay to play a baccarat tournament

Wong lost over AU$47.3m ($31.5m) during the week-long stay to play a baccarat tournament, which was reduced to AU$43.2m ($28.7m) including rebates and allowances.

Blank check issued to casino

The Star informed the court that they had made AU$40m ($26.6m) of credit available to Wong, via a blank check that was issued to the Star Sydney in 2017.

However, after leaving the casino, Wong canceled the check and instructed his bank to not honor the agreement. When the Star attempted to cash the check at the National Australia Bank in Bundall on the Gold Coast, it bounced.

Wong denied giving the casino permission to use the blank check

The Star issued written demands for repayment on October 16 and December 21, 2018. Wong denied giving the casino permission to use the blank check, and argued that mistakes made by baccarat dealers meant that he was not obliged to honor the debt.

The Star admitted that they had been at fault over three incidents, with Chief Operating Officer Paul Arbuckle issuing a written apology to Wong on August 1, but this had no bearing on the money owed.

The Star had attempted to take Wong to court in Singapore in 2019, but failed due to the Singapore Civil Law Act, which prevents the Singaporean government from assisting foreign companies attempting to recover gambling debts incurred overseas.

In response, the Star took the case to the Queensland Supreme Court, which ruled in favor of the casino, with Justice Melanie Hindman stating: “The Star GC has made out its claim for recovery of the CCF [cheque cashing facility] monies as loans, and Dr Wong has not made out any pleaded defence to that claim.”

Welcome reprieve for Star

The verdict comes as a rare piece of good news for The Star, which has faced serious problems in recent years.

Star Sydney had its license suspended and received a record AU$100m ($66.6m) fine after an inquiry in October 2022, while a second enquiry last month found the company unfit to reobtain its license.

On September 2, Star was suspended from trading after failing to reveal its accounts for the year. The company faced serious cashflow issues, with new CEO Steve McCann attempting to secure tax reprieves from local authorities in an effort to buy time for the floundering business.

Before trading was stopped, the company was trading at AU$0.45 ($0.30) a share, a 50% drop over the previous year.

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Bet365 Fined Again in New Jersey, This Time for Taking Bets on Completed Events

Bet365 has been fined again in New Jersey for violating the state’s sports betting regulations.

bet365 New Jersey sports betting online sportsbook
The headquarters of bet365 in England’s Stoke-on-Trent. The online sportsbook and iGaming operator has been fined $33,000 in New Jersey for accepting bad bets. (Image: Stoke-on-Trent Business Live)

England-based bet365 operates iGaming and online sports betting across New Jersey through its partnership with the Hard Rock Hotel & Casino in Atlantic City. In recently disclosed regulatory action, the New Jersey Division of Gaming Enforcement (DGE) punished bet365 with a $33,000 settlement.

The state’s gaming administrator said the online sportsbook took bets on a mixed martial arts (MMA) match that had been contested a week earlier. Bet365 oddsmakers accidentally listed the replay of the match on their book. The sportsbook was also accused of accepting wagers on other prohibited sporting events.

Settlement Ratified

DGE Interim Director Mary Jo Flaherty, who has served in the role since the agency’s longtime Director David Rebuck retired in March after leading the gaming regulatory for nearly 13 years, said the MMA match and cited prohibited wagering events occurred between Feb. 3, 2022, through Jan. 23, 2023. Flaherty said that after seeing bet365 take “remedial action,” the DGE agreed to settle the shortcomings.

Having considered the Stipulation of Settlement which the parties executed and finding sufficient legal and factual support for the recommended penalty therein, I hearby order that the settlement be adopted and that a civil penalty in the amount of $33,000.00 be imposed upon bet365,” Flaherty wrote in her order.

The bet365 penalty will be deposited to the DGE’s Revenue Unit. The fine comes just weeks after bet365 was ordered to pay over a half-million dollars back to bettors after a DGE probe concluded that the sportsbook amended odds in the book’s favor after accepting nearly 200 wagers.

The DGE found that bet365 altered odds for online digital bets on 13 events after the fact of accepting bets that reduced how much 199 winning wagers paid. Impacted bettors were given restitution of $519,323.32, the full amount that they would have won should bet365 not have unlawfully altered their tickets’ odds.

Bet365 argued that the initial odds were offered in error. The DGE said a sportsbook can only amend a facilitated wager with its approval.

“The failure of bet365’s internal software coupled with its manual trading errors caused its system to be unable to ensure the accuracy of its data feeds. These failures are both problematic as to bet365’s business ability to conduct online gaming and the integrity and reliability of its operational systems, and therefore unacceptable as they resulted in misleading wagering information that was relied upon by its patrons and ultimately led to incorrect payouts for numerous patrons,” the DGE wrote.

Ensuring Trust Paramount

As sports betting has spread to nearly 40 jurisdictions in the U.S., the industry has faced criticism this year for supposedly limiting bettors who win too often and preying on those who don’t.

The Massachusetts Gaming Commission, perhaps the most pro-active regulatory in the U.S., continues to investigate how its online sportsbooks decide when to limit customers. Sportsbooks have been hesitant to reveal their trade secrets, but a planned Q&A with licensees is slated for next month.

The legitimacy of online casino games came under fire this week in Connecticut after DraftKings was discovered to be running an online slot that had a payout rate of 0%. After telling angry gamblers that they were simply having a run of bad luck, the Connecticut Department of Consumer Protection intervened and ordered the iGaming platform to pay back nearly $24K in bets on the game in question.

DraftKings later realized a programming error that made the interactive slot unwinnable.

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Denmark Blocks 79 Illegal Casinos, Skin Gambling Sites

Gambling sites blocked

The Danish Gambling Authority (DGA), has blocked 79 unauthorized gambling sites. The sites in question range from unlicensed offshore casinos and sports betting operators to skin betting platforms that targeted children and young adults playing online video games.

The decision to block sites is ultimately made by a court in Frederiksburg, which granted the DGA’s request for the blocks – its second batch this year.

There are now 438 gambling websites in total which Danes are blocked from accessing.

The DGA has now blocked a total of 162 websites in 2024, the most in a single year since it began banning sites in 2012. There are now 438 gambling websites in total which Danes are blocked from accessing.

Denmark’s youth gambling problem

Skin gambling, where online video gamers use in-game items as virtual currencies to gamble on the outcome of matches, has been a particular cause of concern for the regulator due to its accessibility to underage gamers. Roblox, which uses the in-game currency Robux, was specifically mentioned as a problem.

“We pay particular attention to this new type of site. Roblox is a game that is very popular among children and young people under the age of 18,” said DGA chief Anders Dorph.

“Our children should not be introduced to gambling when they play video games, so I am very pleased that we have blocked access to these sites.”

Gambling among young adults has been a growing problem in Denmark in recent years. The national gambling helpline StopSpillet had 41% of its calls come from people aged 25 or under since 2019. In addition, the self-exclusion register ROFUS reported the same percentage of its users were under 30.

Danish ISPs on board

Users will be denied access to the sites by means of a DNS block, put in place by all Danish internet providers which are part of the Teleindustrien trade group. In the latest round of blocks, an additional three providers also volunteered to take part.

visitors to the page are informed that the site is illegal and does not have a license

In addition to blocking the sites, the DGA also provides an extensive warning to any users trying to access them. Visitors to the page are informed that the site is illegal and does not have a license or any other safeguards in place, in an attempt to discourage people from using VPNs or other software to circumvent the block.

“We know that some players will try to bypass the DNS blocks. Therefore, it is very important to us that the information you come across is clear and makes the players aware that they are trying to access a site without a licence. These sites do not have the same level of consumer protection and it can be very risky for a player to use them,” said Dorph.

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