U.S. IN FOCUS

Fertitta Ups Wynn Stake While Preparing for Ambassador Role

Houston-based billionaire Tilman Fertitta has again increased his stake in Wynn Resorts, according to Securities and Exchange Commission filings submitted March 25.

According to the SEC filings, Fertitta made three purchases from 21-24 March to bring his stake to 12.6 million shares. Through his various companies, he now controls 11.8 percent of the casino powerhouse. Wynn declined to comment on the stake increase and pointed to Fertitta’s 13G status.

Fertitta’s increase comes days after he pledged to step down as CEO of conglomerate Fertitta Entertainment if he is confirmed as the next U.S. ambassador to Italy and San Marino. In addition to Golden Nugget, Fertitta’s business holdings also include the Landry’s restaurant chain and the NBA’s Houston Rockets franchise. President Donald Trump announced his nomination as ambassador in December.

In a March 16 letter to the U.S. Office of Government Ethics, Fertitta said he would resign as his company’s CEO and also forfeit his potential severance from the company. Much like his stake in Wynn, he indicated he would only remain in a passive capacity during his ambassadorship.

Louisiana Supreme Court Strikes Down HHR

On March 21, the Louisiana Supreme Court ruled that historical horse ruling (HHR) is in fact considered a new form of gaming, meaning that it was improperly legalized in 2021 and should have been approved via referendum by local voters. At that time, HHR was grandfathered into existing parimutuel regulations, but lawsuits were filed challenging that interpretation.

The state’s Supreme Court has agreed with a lower court that moving forward the games will have to be subject to “approval by local option vote in an affected parish before historical horse racing is licensed or permitted to be conducted in that parish.”

Four horse tracks in the state had been offering HHR, but it is unclear at this time whether they will pursue local referendums to get the games back.

“We are disappointed with the recent ruling from the Louisiana Supreme Court declaring Act No. 437 unconstitutional,” a spokesperson for Churchill Downs told Bloodhorse. “When passed in 2021, Act No. 437 provided a critical framework that authorized historical horse racing as pari-mutuel wagering. The legislature encouraged and authorized operators, such as Fair Grounds, to advance horse racing and strengthen its economic viability in Louisiana. … As a result of this law, we made investments to bolster the horse racing industry, foster job creation and support local communities. This recent court ruling directly and adversely negates this progress.”

Community Board Rejects Bally’s NY Proposal

Community Board 10, an advisory board made up of Bronx, New York, residents and officials with a non-binding vote on proposed casino projects in its district, voted 29-5 against a proposed Bally’s hotel-casino complex at what is now called Bally’s Links at Ferry Point. The golf course was formerly owned by President Donald Trump’s organization.

The vote, on March 20, came after a contentious meeting dominated by heated argument and expletives from the board as an audience member was removed. It followed the city Planning Board’s decision to re-map and rezone what is now parkland to permit the project’s 500-room hotel, 200,000-square-foot casino and 2,000-seat event center.

The board’s vote is advisory and marks the first step in a lengthy public review process that will see the Bally’s proposal move to Bronx Borough President Vanessa Gibson, followed by the Bronx Borough Board, the Department of City Planning, the City Council and, ultimately, the mayor’s office.

Bally’s is among 11 contenders for three downstate casino licenses expected to be awarded by the end of 2025.

Rolling Stone Casino Coming to Las Vegas?

Penske Media Corp., which owns the U.S. music media brand Rolling Stone, is in talks with CIM Group to purchase the Downtown Grand Hotel and Casino in downtown Las Vegas, according to Vital Vegas.

A separate report from Billboard asserts that Penske would rebrand the property as the Rolling Stone Hotel and Casino. If the project comes to fruition, the consensus is that the property could be the new home of the Life Is Beautiful music festival, which is owned by Penske but was not held this year and faces an uncertain future.

Neither report included a timeline as to when a deal could materialize. CIM has tried in vain to sell the property for several years, but so far has been unable to find a buyer.

Report: NV Tourism Worth Nearly $100 Billion

The Nevada Resort Association (NRA) March 26 released its latest report on the state’s hospitality industry, conducted by Applied Analysis. According to the report, the industry drives $98 billion in total economic impact, which equates to 37 percent of Nevada’s overall GDP.

In terms of employment, the industry supports over 436,000 jobs, which translates to 28 percent of the state’s total employment. Total wages are $24.4 billion, just under a quarter (22 percent) of all wages paid in the state.

“We’re very encouraged by the signs that the industry is strong,” NRA President and CEO Virginia Valentine said in a statement. “It continues to show growth both in the revenue it provides and employment across all metrics. The Fact Book shows the role that tourism and gaming play in the state’s economy. It’s the largest for employment, taxes, economic activity, and health insurance.”

Indiana Casino Study Bill Draws Pushback from Licensees

Senate Bill 43, a bill that would have allowed the Indiana Gaming Commission to commission a study on potential relocation areas for a poor-performing casino, was amended to only take place with available funding, according to the Indiana Capital Chronicle. Lawmakers also reduced the number of relocation sites the study would propose from three to two.

Earlier this year, Full House Resorts failed in its attempt to pass legislation that would have allowed the company to relocate its Rising Star casino from Rising Sun to New Haven, and SB43 was drafted as a response.

However, existing licensees have expressed displeasure at the bill, which would also allow for the possibility of another license to be awarded altogether. Jim Purucker, a lobbyist for Caesars Entertainment, told lawmakers that the industry views the bill as being “tremendously destabilizing,” per the Chronicle.

“It’s just not how we treat any other industry,” he continued. “We don’t talk about, you know, how we want to put other competitors in place with other industries.”

Supreme Court Tosses Wynn’s Defamation Appeal

The U.S. Supreme Court March 24 declined to consider an appeal from former casino mogul Steve Wynn regarding a defamation case Wynn filed against the Associated Press that was ultimately dismissed by the Nevada Supreme Court.

Wynn and his legal team specifically wanted the court to consider the precedent of “actual malice,” which was set in the landmark New York Times v. Sullivan case from 1964. Under that precedent, public figures must prove that offending information was published with the knowledge that it was false, or with reckless disregard as to whether it was false, in order to win a libel suit. Wynn is not the first public figure to try to overturn that precedent, but thus far the court has not budged from its stance in the Sullivan case.

In 2018, Wynn filed a defamation suit against the AP over a story that included sexual assault allegations against him from the 1970s. The two claims were taken from Las Vegas police records, and in a separate case a Nevada court deemed one of the claims to be “clearly fanciful or delusional.”

Despite this, the state Supreme Court decided that the case did not meet the threshold of “actual malice,” and the nation’s top court appears to have agreed. Wynn has denied all accusations against him and now lives a reclusive life in Florida.

Former Fiesta Henderson Site Back on Market

The city of Henderson, Nevada is putting a 35-acre parcel back on the market after a negotiating period with a prospective buyer lapsed without a deal in late February, according to a March 24 report from the Las Vegas Review-Journal. The city bought the site, which used to feature Station Casinos’ Fiesta Henderson property, from Station in 2022 for $32 million.

In January 2024, the city opened an RFP process looking for development partners, and in August it was announced that Utah-based Woodbury Corp. was chosen as the winner. Woodbury had proposed a sprawling complex that included hotels, dining and retail options, an indoor sports facility and more.

Now that the agreement has lapsed, the Review-Journal said the parcel will be put back up for sale soon, perhaps by the end of the summer.

F1 Delays Las Vegas Grand Prix Plaza Opening

The public opening for Formula One’s (F1) Grand Prix Plaza complex in Las Vegas has been delayed until May 2, the company announced March 26. The facility was originally slated to open March 29. According to the Las Vegas Review-Journal, no details were given for the delay other than a desire to “ensure an excellent guest experience.”

The four-level building is F1’s home base in the city, and will feature a retail store and other fan experiences. It will close to the public each year in September to allow for race preparations. The race takes place in late November, during the weekend before Thanksgiving.

11 Gaming Companies Honored in Top Workplaces Survey

On the fifth annual Top Workplaces USA awards, presented by USA Today and Energage, a total of 11 companies from the gaming industry earned honors, according to a March 25 report from CDC Gaming. The awards were organized in categories based on the number of employees.

Gaming industry honorees for this year included: