Fertitta Increases Wynn Stake to 10 Percent, Becomes Largest Shareholder
The largest individual shareholder in Wynn Resorts is no longer co-founder Elaine Wynn—it is now Tilman Fertitta, after the Houston-based billionaire increased his stake in the company to just under 10 percent Nov. 14, according to a Securities and Exchange Commission filing.
Fertitta is invested in several industries, and owns the NBA’s Houston Rockets franchise as well as eight Golden Nugget-branded casinos across the country. One of the casinos is in downtown Las Vegas and he is also proposing a 43-story casino resort on a six-acre Strip plot he purchased in 2022. He is also CEO of the restaurant company Landry’s.
CNBC cited anonymous sources in suggesting that Fertitta is expected to be a “demanding” shareholder in the operator. In reaction to the news, Wynn stock jumped more than 8.5 percent as of closing Nov. 14. This is despite the fact that the company delivered lower-than-projected Q3 revenue in both Las Vegas and Macau.
Sanborn’s Concord Casino Sale Rejected by State
In what appears to be the end of a multi-year legal battle, the state of New Hampshire Nov. 8 refused to approve a sale of Andy Sanborn’s Concord Casino to a buyer who has remained anonymous. Sanborn, a former state Senator who faces charges related to Covid relief fraud, had been forced to sell the casino nearly a year ago with an original deadline in June.
The process has been extended multiple times, most recently by an ambiguous legal order that allowed the process to continue while the state conducted a suitability assessment for the prospective buyer. Those assessments are supposed to be kept confidential, but based on the conversation that stemmed from a Nov. 8 hearing between the state and Sanborn’s attorneys, the buyer was not deemed suitable for licensure, thereby rendering the last chance for a sale void.
“The point of [the original] order is to complete a sale quickly,” Sanborn’s attorney Adam Katz said, per NH Journal. “Mr. Sanborn clearly has worked to sell. The only problem is the chicanery from the state.”
As of now, there is no immediate path to appeal the decision.
New Opposition Emerges for Cedar Rapids Casino Proposal
A new grassroots coalition known as Iowans for Common Sense has come out against a proposed casino in Cedar Rapids, Iowa, CBS 2 reported Nov. 12. Peninsula Pacific Entertainment has long been vying to build its $275 million casino there after a moratorium on state casino licenses expired earlier this year. The proposal has gone before regulators and a final ruling is expected in early February.
“The message from Iowans is clear,” Zachary Harnden, spokesperson for Iowans for Common Sense, told CBS 2. “People across the state value what our current casinos bring to their communities but do not support further expansion. Cedar Rapids residents, in particular, are firmly opposed, and we’re here to support them in amplifying their voices.”
The new group joins the state’s existing casinos, which have also come out against the Cedar Rapids proposal. Moving forward, the next step in the process will be for the state racing and gaming commission to conduct a site visit and hold a public comment and Q-and-A session Nov. 20.
Wind Creek Chicago Southland Now Open
Illinois’ casino market has now expanded to 16, after Wind Creek Chicago Southland held its grand opening Nov. 11. The casino, located in Chicago’s south suburbs, features 1,400-plus slots, 56 tables, high-limit areas, a sportsbook, a poker room and other amenities. A hotel is expected to open on the property sometime next spring.
“The opening of Wind Creek Chicago Southland underscores our dedication to making a positive economic impact in the communities we serve,” Wind Creek Hospitality President and CEO Jay Dorris said in a statement. “We’re committed to create opportunities that support the region, offer competitive benefits for Team Members, and further strengthen the vibrant Southland community.”
Hard Rock Bristol Hosts Grand Opening
Hard Rock Hotel & Casino Bristol in Bristol, Va. officially welcomed guests for the first time at a grand opening ceremony Nov. 14. The 620,000-square-foot resort features some 1,500 slots, 50-plus tables, a 303-room hotel, a 2,000-seat entertainment venue and other amenities.
Hard Rock opened a temporary casino nearby in July 2022. In its lifespan, the casino welcomed 3 million guests and donated nearly $1 million to local causes, per WJHL.
New Motion Requests Continuation of NGCB Discrimination Suit
Earlier this month, attorneys for Jamie Black filed a motion requesting that Black’s discrimination suit against the Nevada Gaming Control Board (NGCB) and board member Brittnie Watkins be allowed to proceed, following a request for dismissal from the state in October.
Black has been an NGCB employee since 2014 and has headed its administrative division since 2017. In the suit, she alleges that Watkins pressured her to engage in discriminatory hiring practices and then retaliated against her when Black refused.
“When considering the viability of an individual cause of action, all allegations should be considered in totality and in context — in a common-sense manner,” the response says in part, per the Las Vegas Review-Journal. “All reasonable inferences should be drawn per this process. When that exercise is applied, this complaint is fairly viewed as a plausible fact pattern or story, supported by credible factual allegations, which invite application of Title VII.”
Venetian-Palazzo Completes Round of Layoffs
The Las Vegas Review-Journal reported Nov. 12 that the Venetian-Palazzo has laid off dozens of staff, including several upper-management level positions, in an effort to “streamline” operations. While the exact number of layoffs was not reported, an internal memo seen by the Review-Journal said that “less than 50” employees were impacted.
In a statement to the newspaper, owner Apollo Global Management said, ““As part of our commitment to delivering exceptional service and remaining agile in a rapidly evolving industry, we have made the decision to streamline our organizational structure. By reducing layers within our leadership, we can act more swiftly, make decisions more efficiently, and ensure a closer connection between our frontline teams and senior leaders.”
Red Rock: Durango Expansion to Begin Later This Year
Officials from Red Rock Resorts confirmed on the company’s third-quarter earnings call earlier this month that the $116 million expansion project for its Durango Casino and Resort will begin before the end of the year.
The project will add about 25,000 square feet of gaming space to the property, along with 230 additional slots. A covered, 2,000-space parking garage is also part of the plan. All told, the company expects construction to take about a year.
Louisiana Officials to Discuss RG at NCLGS Winter Meeting
The National Council of Legislators from Gaming States (NCLGS) will present a case study on Louisiana’s model for responsible gaming at its Winter Meeting Dec. 12-15 at Caesars New Orleans.
The discussion will highlight how key officials in the state’s mature gaming market develop and implement effective safe-gaming programs. These topics will be explored during the Committee on Responsible Gaming panel, chaired by Washington state Rep. Shelley Kloba.
