Wire NORTH AMERICA
Sands Proposes Third Biggest US Casino
US - WynnBet pulls plug in several states Wynn Resorts is to close its online sports betting and iGaming platform, WynnBET, in certain jurisdictions. The company will seek to cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia as soon as possible. Operations in Nevada and Massachusetts will continue unaffected and operations in New York and Michigan remain ‘under review’.
Julie Cameron-Doe, CFO of Wynn Resorts, shared: “In light of the continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders.”
Nevada - Casino Royale considers skyscraper Casino Royale, a small, local-style casino located in the middle of the Las Vegas Strip close to the Venetian and Mirage, is believed to be looking at building a 699-foot skyscraper on its site. The property, owned by Best Western, has been given the green light by the Federal Aviation Administration for a future project despite no plans being publicised or lodged with Clark County officials.
If constructed, it would become one of the tallest buildings in Las Vegas, smaller in height than only the Strat and Fontainebleau. The FAA approval for the project’s height runs out on January 21, 2025, meaning the build for the project would have to start in around a year-and-a-half.
Nevada - Caesars hints at future M&As With excess cash flow expected from 2024 to 2025, Caesars Entertainment has hinted that it could be on the lookout for mergers and acquisitions. Speaking as Caesars announced net revenues of $2.9bn for the second quarter ended June 30 versus $2.8bn for the comparable prior-year period, Tom Reeg, Chief Executive Officer of Caesars Entertainment, said: "From a balance-sheet and cash-flow perspective, you get to a point where you’re going to be generating a lot of free cash flow and look at what to do with it.
“We as a team have delivered a lot of value over the last decade to stakeholders through external opportunities. Of course, we’re going to look for potential future opportunities now that we’re in a position to tackle those, but don’t read that as a lack of confidence in the growth potential of the existing portfolio. You know who’s out there. You know those that are at our size. It’s not as easy to find targets that, A, move the needle and B, are actionable from an antitrust perspective. But there’s not zero targets available out there. And as we get to those free-cash- flow levels, given what we’ve generated in the past in terms of returns, it shouldn’t be surprising to anybody that we’ll look for an opportunity to do that again."
P22 WIRE / PULSE / INSIGHT / REPORTS
Te proposed square footage for Las Vegas Sands’ New York casino would only be smaller than WinStar World Casino & Resort, OK, and Mohegan Sun, CT.
Las Vegas Sands is looking to build the third biggest casino in the US if it wins approval to develop a 72-acre site into the Mitchel Field Integrated Resort District around Nassau Coliseum. Te proposed square footage for the Sands New York casino has been detailed as 396,726, meaning it would only be smaller than WinStar World Casino & Resort in Oklahoma and Mohegan Sun in Connecticut.
Te size of the front print was revealed in a zoning application filed in the Town of Hempstead. Sands wants to develop over 3.7m square feet for the resort above ground, along with another 3.9m square feet for parking and garages and more than 765,000 square feet of underground space.
Te Nassau development includes 1,670 rooms between two hotels, 31,200 square feet of retail space, 60,000 square feet of public attraction space, 213,000 square feet of meeting space, 147,929 square feet for restaurants and bars and 4,500-seat live performance venue. Labour and business leaders are among the supporters who say that the project will create 8,500 jobs and
Pennsylvania
NeoGames has signed an agreement with Scientific Games to deliver its NeoGames Studio content to the Pennsylvania Lottery.
Te three-year deal will see NeoGames Studio’s portfolio of titles integrated onto the Scientific Games platform, providingPennsylvania Lottery’s customers with a range of eInstant games which will be rolled out across the coming year.
Te new partnership further expands NeoGames’ increasing support for lottery customers in North America, with a total of eight lotteries on the continent set to carry the supplier’s iLottery offering. NeoGames Studio, the company’s in-house games studio, has created over 250 titles since its inception 17 years ago.
generate an estimate $100m in annual revenue around the Coliseum. Nassau County Executive Bruce Blakeman also stood in support of the project as well.
Town of Hempstead spokesperson Greg Blower said: “Te application will be subject to a thorough review. Te review will be conducted with full transparency, including public hearings.”
Rich Catalano, of the group ‘Say No to the Casino,’ commented: “After disingenuously implying in their talking points that the casino will be small, by emphasising the gaming floor will be only 10 per cent of its footprint, Las Vegas Sands reported in the zoning application that its behemoth casino will be 393,726 square feet; the size of seven football fields.
“Tis provides a clearer picture of the mammoth scale of the project and validates the concerns of the Say No to the Casino Civic Association and the countless residents of Nassau County who adamantly oppose letting a casino move in and exploit our community for profit.”
Kentucky Sports wagering in Kentucky
Gov. Andy Beshear has provided a timeline of key dates including that betting will officially start at 10 a.m. on Tursday, September 7, for in-person bets at licensed retail facilities.
“Te countdown is on. We are just three weeks away from sports wagering in Kentucky,” said Gov. Beshear. “We are ready to deliver the quality entertainment experience Kentuckians asked for, while bringing money to the state to support pensions and free up funds that can be used to build a better Kentucky.”
On September 28, approved mobile applications can start taking wagers. Kentucky chose a tiered implementation, which has been used in multiple states and which allows for testing of policies and procedures before the full rollout that includes mobile applications.
Sports betting will generate an estimated revenue increase of $23m a year upon full implementation that will be dedicated to the Kentucky permanent pension fund and 2.5 per cent to the problem gambling assistance account. Te bill also established a new excise tax on sports wagering: 9.75 per cent on the adjusted gross revenues on wagers made at a licensed facility and 14.25 per cent on wagers placed online or on a smart phone.
Earlier in August, Gov. Beshear announced the retail locations and mobile applications seeking licensure. In July, the Governor joined the KHRC and lawmakers to announce that Kentuckians could make their first-ever sports bets in Kentucky in less than 60 days followed a KHRC meeting where members approved emergency administrative regulations.
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