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.

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.

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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WMBD Radio obtained communications between Peoria Mayor Rita Ali and East Peoria Mayor John Kahl through a Freedom of Information Act request that provides insight into Peoria’s attempts to bring Boyd into its city limits.

I am most disappointed to learn that you and your fellow officials in Peoria are doing your best to force a business organization to relocate from a neighboring community to yours,” Kahl wrote Ali.

Both mayors declined to comment in response to the WMBD Radio report. Boyd Gaming officials also did not respond.

WMBD Radio added that Peoria recently presented Boyd with a proposal that includes numerous economic incentives should the company decide to invest in a land-based casino in the city.

Par-A-Dice is a riverboat with 202 hotel guestrooms, three restaurants and bars, and a 26,116-square-foot casino floor fitted with 550 slot machines, 18 live dealer table games, and a FanDuel Sportsbook.

Casino Clause

When Illinois legalized commercial riverboat gambling in 1990, Peoria and East Peoria partnered to bring one of the casino licenses to the Central Illinois region.

In 2019, in part of the state’s gambling expansion to include a downtown Chicago integrated resort and five smaller casinos in the Windy City suburbs, Illinois lawmakers said the current 10 riverboats could move inland with approval from the Illinois Gaming Board and a $250K fee.

Ali defended her city’s actions in her email reply to Kahl.

We are not trying to force relocation,” she told Kahl. “We came to believe that Boyd Gaming may be interested in expanding to include a land-based casino. We wanted to make sure they understood our signed agreement.”

Ali said Peoria objects to a brick-and-mortar casino in East Peoria because it “violates a trust.”

Riverboat Has Seen Better Days

Par-A-Dice could certainly use some reenergizing, as the riverboat has seen visitation and gaming revenue drop significantly over the past several years.

In 2017, the Boyd Gaming riverboat counted 776,176 admissions to the casino floor. Players lost more than $78.9 million that year, which generated local taxes exceeding $4.7 million.

In 2019, Par-A-Dice welcomed fewer than 700K guests who generated gross gaming revenue of $72.8 million. That delivered a local tax benefit of about $4.3 million.

In 2022, admissions tumbled to 432,334, with GGR totaling $60.7 million and local taxes of $3.5 million. Last year, the casino saw admissions improve to 441,762 and gaming revenue rise to almost $63.5 million.

Boyd Gaming acquired Par-A-Dice in April 1996 for $163 million. The sellers were the original group of local investors who built the riverboat casino and hotel that opened about three years earlier. Par-A-Dice was the second riverboat to open in Illinois following the Alton Belle, which is today the Argosy.

Illinois’ gaming law initially required riverboats to sail daily, but that condition was lifted in 1999.

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In April, Casino.org reported rumblings first revealed by LotteryGeeks.com that the Mega Millions Consortium was mulling a substantial ticket price surge.

The proposed changes to Mega Millions are scheduled for April 8, 2025.

Mega Changes?

While the Mega Millions Consortium is staying quiet on the rumored gameplay changes, the Texas Lottery’s proposed rule adjustments suggest the price for a basic ticket will increase from $2 to $5 next April.

The $1 add-on Megaplier is also set to terminate. The Megaplier allows tickets that won non-jackpot prizes to double, triple, quadruple, or quintuple their payout.

Along with drawing five white balls and a gold Mega Ball, the current Mega Millions drawings on Tuesday and Friday nights include a Megaplier draw that comes up on 2x, 3x, 4x, and 5x. The Megaplier pool of 15 balls includes five marked 2x, six 3x, three 4x, and one 5x.

States that offer the Just the Jackpot option, which provides players two chances to win the jackpot for $3 but no lower-tier prizes, is also slated to expire. The Just the Jackpot is presently offered in 14 states — Georgia, Indiana, Kansas, Massachusetts, Nebraska, New Jersey, New Mexico, New York, Ohio, South Dakota, Texas, Virginia, Wisconsin, and Wyoming.

The number of gold Mega Balls is set to be reduced from 25 to 24. That will slightly improve the players’ odds of one in 302.57 million in hitting the jackpot. The Mega Ball reduction would also improve the overall odds of winning a prize, as the gold ball is used in determining five lower-tier prizes.

The game changes are anticipated to generate increased interest by offering players the potential for larger jackpots, improved chances of winning through improved overall odds, improved chances of winning the jackpot prize through improved jackpot prize odds, and a new embedded multiplier feature that offers players the chance to increase non-jackpot prizes up to ten times,” the Texas Lottery explanation read.

The Mega Millions jackpot for Tuesday, September 10, is an estimated $800 million. The one-time cash option is $401.8 million.

Mega Backlash

Powerball, Mega Millions’ primary competitor, could be the big winner if Mega Millions goes through with the aforementioned changes. Our April coverage of the proposed ticket price increase from $2 to $5, a 150% surge, generated stern feedback, with nearly all of the comments in opposition.

I play a ticket in every Mega Millions and Powerball drawing. I will no longer play Mega Millions if this is true,” commented Lou on the $5 rumors.

“Mega Millions is drunk with delusion thinking they can get away with a $5 basic price to play,” added Eddie.

“I would only pay $5 if the jackpot was over a billion,” said Bob. “This could actually save me money.”

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In the 1960s, back when Las Vegas’ Meadows Addition neighborhood was nice, showgirls lived there. They liked to sunbathe au naturel at their apartment pools because they didn’t like tan lines.

That’s the commonly told story of how the Naked City, a community of low-rent apartment buildings and houses in the shadow of the Stratosphere just north of the Las Vegas Strip, got its nickname.

And it’s hooey.

Not a single newspaper reference to Naked City appears in a Las Vegas newspaper before a June 20, 1982, Las Vegas Review-Journal ?cover story headlined: “’Naked City’ a Las Vegas Battleground.”

In that story, Lt. John Conner reported investigating 10 killings in the neighborhood in 16 months. “Most of them appear to be drug-related,” the homicide chief said.

Myth Understanding

The Meadows Addition — “Las Vegas” is Spanish for “the meadows” — was created in the late 1940s as a grid of 16 streets named after other cities, including New York, Chicago, Cleveland, St. Louis, and Philadelphia. Before the Sahara opened in 1952, Sahara Avenue was wholly contained in this community, where it was known as San Francisco Street.

But the expansion of Las Vegas beyond the Strip eventually gave its hospitality workers and performers their pick of nearby accommodations, including beautiful new houses that were also reasonably priced and more suited to raising families.

By the late 1970s, the Meadows Addition had become forgotten by almost everyone except drug dealers, gangs, and illegal sex workers. Locals and cops nicknamed it after “The Naked City,” a 1948 film noir about the New York City police hunt for a murderer that later inspired a gritty, 1958-1963 TV series of the same name.

In fact, that 1982 R-J story stated that the neighborhood is “called ‘Naked City’ by Metro police officers.”

The way the phrase explodes onto the local paper, complete with context that the phrase was used by Metro, and the way it was used incessantly is all hard to ignore,” said Jeffrey Carlson, who publishes the Vintage Las Vegas history website, which features a post on Naked City.

Over the decades, Carlson said, he spoke to dozens of residents of the area in the ’60s and ’70s who “never heard the name.”

The Naked Truth

The name didn’t sit well with Naked City’s property owners, including Bob Stupak, who, in 1979, opened the Vegas World casino resort on land he owned in the neighborhood.

In 1996, Stupak replaced Vegas World with the Stratosphere — whose 1,149-foot observation tower remains the largest structure west of the Mississippi — remodeling Vegas World’s towers for the new purpose.

Stupak’s friends in city government agreed to rebrand the neighborhood as Meadows Village in the late ’80s. They also told and retold the cover story of the sunbathing showgirls, insisting that the Naked City nickname had nothing to do with crime.

Several local businesses signed on to celebrate the rewritten history, including Naked City Pizza, Naked City Audio, and Naked City Sweets.

“The subject is interesting to me because the gap between the sunny, titillating legend and the grim reality of the counter-story are so distant from one another,” Carlson said. “To put it in personal terms, I want to believe the sun-tanning showgirl story, because the alternative is depressing.”

Look for “Vegas Myths Busted” every Monday on?Casino.org. To read previously busted Vegas myths, visit VegasMythsBusted.com. Got a suggestion for a Vegas myth that needs busting? Email [email protected].

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Speculation recently surfaced that Genius, a data provider to sportsbooks, was mulling a takeover of Sweden-based Kambi, but Anders Str?m, chairman of the Kambi board of directors, said no such conversations have taken place.

While Kambi tends not to comment on rumour and speculation, I can confirm that Kambi is not engaged in any such discussions,” he said in a statement.

With its shares up 15.35% year to date, Genius has the currency with which to hunt for deals. It has a market capitalization of $1.5 billion, which is well above Kambi’s market value of $370.1 million.

Kambi Takeover Rumors Getting Old

Rumors about Kambi being a target aren’t new. In fact, they date back to at least the second quarter of 2023, and the purveyors of the chatter have some factors to hang their hats on.

Furthering the speculation is the fact that Kambi recently pulled its longer-ranging financial targets, in part citing regulatory issues in Brazil. That prompted the resignation of then-CEO Kristian Nylén. High-level executive departures often stoke takeover talk.

Additionally, more gaming companies are looking to bring sports wagering technology in-house, which could further the allure of Kambi as a takeover candidate. The company’s North American clients include Bally’s, Churchill Downs, Penn Entertainment, and Rush Street Interactive, among others. Kambi also works with gaming companies throughout Australia, Europe, and Latin America. The corporation recently extended its partnership with Rush Street.

Genius Sports Denies Rumor, Too

Genius Sports also denied the scuttlebutt.

As policy, we do not comment on unfounded and ill-informed rumors. To prevent any further speculation, we can confirm that we are not involved in any discussions of this nature with Kambi,” said CEO Mark Locke in a statement.

While Genius might not be interested in Kambi, there could be an ample number of other potential suitors should the firm put itself up for sale. After the company adopted the poison pill provision in 2022, Alinea Capital Management, a Norwegian hedge fund, said there could be as many as six US-based companies interested in buying Kambi.

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The rumor was started by a clicktbait video shared on April 6 by a TikTok account called las_vegas_vibes.

“Plans for new Disney themed Hotel and Casino in Las Vegas!!” the captions announced, complete with “leaked concept artwork” that bore the obvious stamp of AI. The post, which received 98K likes, claimed the $2 billion project was “set to be completed by 2030.”

The Lyin’ King

After being bounced around various accounts on X/Twitter, the ball was then picked up by a popular Disney fan blog on July 27.

“Years ago, The Walt Disney Company heading to Las Vegas would have been a non-starter,” Inside the Magic’s Rick Lye wrote. “Gambling goes against everything that Walt Disney stood for. But that was then, and this is now.”

The only evidence offered by Mr. Lye’s story, however, is that Disney competitor Universal is opening a year-round horror experience in a 20-acre expansion of AREA15 next year, so Disney should want to include Las Vegas in its plans to stay competitive.

Also, in a stretch undertaken to show how zip-a-dee-doo-dah Disney has become with gambling, Mr. Lye cited the $1.5 billion deal that PENN Entertainment signed last October with Disney’s ESPN to use the “ESPN Bet” trademark for its new sports betting company.

The Truth

While there have been rumblings in recent years that MGM is looking to divest itself of Excalibur and Luxor, the casino giant’s Strip properties catering to more budget-conscious travelers, there is not even a shred of a shred of evidence that the Mouse House has ever considered purchasing a casino — much less the Excalibur just because its exterior would require minimal adornment to fit the Disney brand.

Casinos do not fit the Disney brand.

That’s why Disney operates one of the world’s top-ranked cruise lines without them. (On Aug. 10, it announced that it will add five more casino-free ships to its fleet, bringing its total size to 13 by 2031.)

As complete and utter fabrications go, this one even lacks originality. Ever since Excalibur opened in June 1990, nearly everyone viewing the property for the first time has been reminded of a specific Disney landmark.

“The $294 million Excalibur is a combination hotel and theme park,” wrote Millie Ball of the Muskegon Chronicle on July 22, 1990. “It’s an eye-popper for sure, a fanciful place with a hodge-podge of Cinderella castle turrets set between two 28-story towers of 4,032 rooms, and a King Arthur theme in every inch.”

Finally, it would not be irresponsible journalism to point out that Inside the Magic averages 30 million pageviews per month despite, or more likely because of, its imagineering of the truth.

Snopes.com cites it for its false recent claims that Disney is ending the Disney+ streaming service, that it suspended Snow White from its theme parks, and, most blasphemously, that it retired Mickey Mouse.

And this subreddit was created just to keep tabs on all the clickbait stories that Inside the Magic has published since its founder, Ricky Brigante, sold it in 2018.

Look for “Vegas Myths Busted” every Monday on?Casino.org.?Click here?to read previously busted Vegas myths. Got a suggestion for a Vegas myth that needs busting? Email [email protected].

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“Ugly carpets are the results of extensive market research,” claims a website called gamblingsites.org. “Tacky carpets with weird lines and curvy patterns actually keep players awake and focused on what they’re doing.”

The reason there are so many casino myths ripe for this series to bust, other than the general lack of casino website fact-checkers, is simple psychology. Every gambler knows that every casino game is designed to take more money from them, on average, than it gives them. So the brain likes to invent “methods” to outsmart this “trickery,” which it tends to extrapolate to every detail of the casino experience.

One of the first Vegas myths busted by this series was that casinos pump in extra oxygen.

Wait, we’re not even finished with all the casino carpet theories yet …

The carpet is intended to disorient you and make it harder to find the exits,” claims Reddit user LordPraetorian in the r/LasVegas subreddit.

“The busy designs on the carpet are to draw your eyes upward, and the relatively tame ceilings are to draw your eyes downward,” Redditor “oftcenter” disagrees. “These two tactics work in combination to keep your attention in front of you and focused on the gaming amenities.”

“These myths are all absurd,” says Scott Roeben of Casino.org’s very own Vital Vegas blog. “It has never occurred to any casino manager, operations person, or owner I’ve ever spoken with to make an ugly carpet so that people will stay awake, or be disoriented, or look up instead of down.”

The Dirt

Casino carpets are busy because busy designs hide stains and wear and tear, period. They’re cleaned frequently, often more than once a day. But it’s impossible to keep up. And because margins are important to public companies, some put off replacing carpets for as many years as possible.

“Casinos are different than most other businesses because thousands of customers constantly stream through them, every day, and almost all of them are carrying drinks,” Roeben says. “The spills are more frequent and often more colorful. Slushy drinks come in a variety of colors.

“Oh, and there’s also the vomit.”

Roeben knows casino carpets. Few people working in Las Vegas have helped wear down as many as he has. He’s also obsessed with them, discussing them with his casino executive friends and rushing to tweet photos from casino floors whenever he gets wind of an upgrade. His current favorite is the new carpeting at the Fremont Hotel & Casino downtown.

“I thought people wouldn’t care for it, because it’s all over the place with shapes and bright colors, but people love it,” Roeben says. “They’re renovating the entire casino floor with this wild pattern, section by section. People have a soft spot for over-the-top casino carpet designs.”

Another (Actual) Purpose

There’s one more purpose served by casino carpets, according to Roeben. But this one has nothing to do with trickery, either.

“They also reinforce a casino’s brand,” Roeben says, “and it’s a distinctive element of that brand, which is why you won’t see carpeting duplicated between casinos.”

For instance, the Horseshoe carpet (in the rebranded Bally’s) contains literal horseshoes in its pattern.

“That’s the only one I can think of that’s so on the nose,” Roeben says. “In most cases, though, the pattern is just something distinctive to that one casino. It’s usually so distinctive that a lot of people can identify casinos just based on the carpet.”

Such brand recognition isn’t always in a casino’s self-interest. For instance, law enforcement will sometimes release a photo of a crime scene to the media but, as a courtesy to the casino, not identify where the crime occurred.

“They’ll show an isolated photo, maybe with the yellow tape across some carpeting,” Roeben says. “And people on social media will immediately recognize the casino and announce it.

“Carpet nerds are like the forensic scientists of carpeting.”

Look for “Vegas Myths Busted” every Monday on Casino.org.?Click here to read previously busted Vegas myths. Got a suggestion for a Vegas myth that needs busting? Email [email protected].

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Unidentified sources with knowledge of the matter told Bloomberg that as of yet, the size of the bond and leverage loan aren’t known. Last month, Apollo surprised investors when it announced a $6.3 billion offer for Everi and the two IGT businesses. In February, IGT and Everi announced a $6.2 billion deal that would have resulted in the slot machine manufacturer merging with the pair of IGT units.

Under the terms of the Apollo proposition, the private equity firm will pay $4.05 billion in gross proceeds to IGT and $14.25 a share to Everi investors.

Prior to Apollo emerging as a suitor for those entities, IGT had struck an agreement with Deutsche Bank and Macquarie Capital for $3.7 billion in financing to acquire Everi and combine the Las Vegas-based gaming device maker with its global gaming and digital operations.

Timeline for Deutsche Bank Funding for Apollo

Deutsche Bank and Macquarie, which is also involved in the financing effort, have some time with which to orchestrate bond and leveraged loan sales for the Apollo financing because when the private equity firm announced its plans for the acquisition, it said it expected the transaction to close in September 2025.

Leveraged loans are typically extended to junk-rated firms and, as a result, those loans also carry interest rates to compensate lenders for the added risk. One of the advantages of leveraged loans is that they are backed by floating rate instruments, meaning they’re often less sensitive to changes in interest rates than are fixed-rate bonds.

These instruments are frequently used to extend credit to buyers in mergers and acquisitions and can secured by assets including property, equipment, and intellectual property.

Speaking of Interest Rates …

It’s possible that Deutsche Bank and Macquarie are waiting on the Federal Reserve to lower interest rates before actively marketing the junk bond and leveraged deals on behalf of Apollo. It’s widely expected the central bank will do that next month, perhaps by as much as 50 basis points.

That would likely result in lower financing costs for high-yield issuers, though the average interest rate on highly rated junk debt has steadily trended lower over the past 10 months.

“US High Yield B Effective Yield is at 6.63%, compared to 6.62% the previous market day and 8.53% last year. This is lower than the long-term average of 8.48%,” according to YCharts.

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Media reports indicated FanDuel could pay as much as $2.56 billion for Snaitech, which represents a healthy premium to Playtech’s market capitalization of about $2.12 billion. Founded in 1990 and branded as Snai, Snaitech offers horse and sports wagering services in Italy and operates more than 49,000 gaming and lottery devices in that country.

The website, snai.it, offers a vast range of gaming and entertaining services including all online products: sport and horse racing betting, poker cash and poker tournament, skill games, casino and cash games, betting on virtual events, forecasts, bingo, lotteries and number games, virtual sports. Betting and casino apps are available also from website using a technology that adapts to all devices,” according to the company.

Snaitech also has bit exposure to Austria and Germany through its 2022 purchase of Happybet. At one point today, Playtech shares were up 22% on the news, marking the stock’s biggest intraday pop in nearly three years.

Playtech Deal Could Finally Come to Fruition

Currently, there’s no indication as to how advanced the talks are between Flutter and Playtech, but the would be seller said it is in exclusive negotiations with the prospective buyer.

In October 2021, Playtech agreed to a $2.8 billion deal with Aristocrat Technologies and two other suitors emerged for the gaming software company, but those two suitors ultimately pulled their bids and the deal with Aristocrat fell apart. In July 2022, Playtech scrapped plans to list Caliente Interactive’s Caliplay unit on a US exchange via a reverse merger with a blank-check entity.

For Playtech, the allure in selling Snaitech is that such a transaction would allow the seller to become a full business-to-business (B2B) player in the European gaming scene while reducing its exposure to volatile consumer spending trends.

Deal Would Boost Flutter’s Italy Footprint

For FanDuel parent Flutter, the potential acquisition of Snaitech makes sense because it would increase the buyer’s presence in Italy, which is the Eurozone’s third-largest economy behind Germany and France.

In 2022, Flutter paid $2.2 billion for Italian lottery giant Sisal. Prior to that acquisition, Flutter’s PokerStars and Betfair were operational in Italy with significant market share.

Italy is Europe’s second-largest regulated gaming market after only the UK. Adding to the allure of Snaitech for Flutter is the point that while penetration of online wagering in Italy has surged in the aftermath of the coronavirus pandemic, it remains far below the rates seen in comparable markets such as Australia and the UK. That implies there’s ample room for growth and Flutter’s potential purchase of Snaitech could be validated over the long-term.

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You might think Las Vegas has been this way since the 1960s, and you might think that because it’s all over the internet.

“In the 1950s and 1960s, the city was a popular destination for LGBTQ+ people because it was one of the few places where it was relatively safe for them to be open about their identities,” according to gayety.co.

That’s a beautiful statement — that isn’t true.

But it’s not a surprising statement. Las Vegas has a history of rewriting history to place itself on the right side of it.

All that Rat Pack magic of the 1950s was made before Black people — including Sammy Davis Jr. — were even allowed to enter through the front doors of Las Vegas Strip casinos. (And did you realize that Elvis Presley’s 1956 Las Vegas debut occurred in front of a segregated audience at the New Frontier?)

By the same token, LGBTQ+ people were routinely beaten up, fired from their jobs/livelihoods, and even arrested just for daring to be themselves in public.

Anything Goes in Vegas … Except That

In 1861, Nevada passed a law prohibiting sodomy. Calling nonmissionary-style sex an “infamous crime against nature,” the law specified an automatic prison term of “not less than five years” for any violation.

In case it wasn’t clear just how dehumanizing this ordinance was intended to be against gays, it specified that violations could be committed “with man or beast.”

In a history from which no pride can be taken, Las Vegas police for decades used this law to conduct sting operations entrapping gay men.

First Positive Sign

In 1970, Marge Jacque, an openly lesbian cocktail waitress, quit the Sands to purchase the former Club de Paris.

She transformed it into the first openly gay bar in Las Vegas. Its motto, printed on matchbooks and T-shirts, was “Glitter and Be Gay at Le Café!”

Patrons included Las Vegas performers Liberace, Rip Taylor, and Paul Lynde. And, the bar served as the editorial office for “Gay Notes,” Nevada’s first gay publication.

For a while, at least, it seemed that the tide was beginning to turn.

Until, in August 1978, someone burned Le Café to the ground. The apparent hate crime remains unsolved.

As late as 1992, Jahna Steele, a dancer from the topless show “Crazy Girls” who was voted “Sexiest Showgirl on the Strip” a year earlier, was fired after the tabloid TV show “A Current Affair” outed her as being born John Matheny.

Final Gay Arrest

The last person arrested for breaking the sodomy law, whose name was never publicized, met an undercover agent at a local gym, then invited him into his home.

If you don’t already know, you’re going to cringe when you read when this occurred.

Are you sure you’re ready?…

The year was 1993, and we knew?you weren’t ready.

The jury happened to be deliberating just as the Nevada State Senate repealed the sodomy law on June 16 of that year, so the case was dismissed.

So consider this fact if you ever find yourself wondering why Liberace, Siegfried and Roy, or Sammy Davis Jr. lacked the courage to come out in such a gay-friendly town.

Nope, that last name you read was not a mistake.?In his 2013 memoir, “My Way,” Paul Anka wrote that?Davis frequently “got into bisexuality” with him during their heart-to-hearts.

“He would confide these things to me, how cool it was to be involved with two women, with guys,” Anka wrote.

The only time the Rat Pack icon came close to addressing this publicly was during an interview he granted the men’s porn magazine Genesis for its? February 1977 issue.

“The greatest turn-on I’ve ever experienced was watching a gay film,” Davis told porn star Marilyn Chambers. “I couldn’t deal with it. Maybe it’s my own latent feeling about homosexuality that I can’t deal with. I have this image as a stud, and you can’t be a stud and a homosexual at the same time.”

We bring this up not to out a Las Vegas legend who clearly identified as heterosexual, but to demonstrate the deep fear many people back in the day felt simply about the way they were born, and how much closer that fear hit to where most Americans live than they realize.

In 2002, Las Vegas passed a different kind of gay ordinance — one that prohibited discrimination based on sexual orientation in employment, housing, or public accommodations. It was one of the first cities in the country to do so.

Yet while Las Vegas has come a long way since the days when it mistreated LGBTQ+ people, it shouldn’t be permitted to whitewash the shamefully long period during which it did.

Look for “Vegas Myths Busted” every Monday on?Casino.org.?Click here to read previously busted Vegas myths. Got a suggestion for a Vegas myth that needs busting? Email [email protected].

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Regarding consolidation rumors of which their firms at the center, the typical response by executives at companies in any industry is that they don’t comment on speculation. In response to a question from JPMorgan analyst Joseph Greff, that was the approach taken by Penn CEO Jay Snowden, but he added rumors aren’t always accurate.

What I will say is that as a company and as a board, we’re always and always have, always will evaluate opportunities to enhance value and we’ll continue to take actions that we believe are in the best interest of the Company and our shareholders,” Snowden said. “And, I would say, don’t believe everything you read.”

Takeover chatter pertaining to Penn started in late May when investor the Donerail Group sent a letter to the gaming company’s board of directors encouraging it to sell itself to increase shareholder value. Related speculation ramped up several weeks later amid reports that rival Boyd Gaming (NYSE: BYD) was considering a bid of $9 billion or more for Penn.

ESPN Bet Improvements Could Limit Penn Desire to Sell

In the weeks since the Penn takeover rumor emerged, analysts have widely speculated that Boyd is an unlikely buyer if the target’s interactive unit, including ESPN Bet, is part of the package and that a third party may need to get involved to buy the digital business.

“Management cited improved risk & trading and parlay mix driving NGR growth (likely at high-flow through), with better than guided losses also benefiting from further sequential improvement in promo reinvestment,” noted Stifel analyst Steven Wieczynski in a note to clients.

ESPN Bet monthly active users surged 138% year-over-year with Penn management highlighting benefits from improved efficiencies, risk management, parlay offerings as drivers of improved structural hold.

Penn Casino Sales Face Complexities

Penn runs 43 gaming venues in 20 states, implying it has an extensive menu from which to select for potential asset sales, but Snowden acknowledged there are complexities associated with such transactions.

“With regard to your specific question on assets, just remember that our assets, land-based assets are all part of different leases, and so it’s not as simple and easy as you just sell off an asset,” the chief executive officer told Greff.

Gaming and Leisure Properties (NASDAQ: GLPI) owns the bulk of the land on which Penn casinos reside and would have to approve any sale of individual venues’ operating rights to another company because the buyer would enter into a new lease agreement with the landlord.

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For decades, businessmen are believed to have awoken in ice-filled Las Vegas hotel bathtubs, remembering that drink they were fixed the night before by the illegal sex worker they asked up to their room.

That’s when, the story goes, they notice a note left on a nearby counter. It reads: “Your kidney has been removed. Seek immediate medical attention.”

Renal 911!

While cavorting with an illegal sex worker gets the occasional tipsy tourist “trick-rolled” for his Rolex and other valuables, none of those valuables ever includes a vital organ. Not one case of illegal kidney harvesting has been documented in Las Vegas or elsewhere in the US.

As originally told, the businessman was visiting New York when the kidney-snatchers struck.

The myth went mainstream when newspapers picked up on it. Though the story was only retold by columnists attempting to debunk it, what stuck with most readers was the myth, not the debunking.

“It has a classic structure, dealing with already existing myths about dangerous New York and dovetailing into the much-publicized need for transplant organs,” read a March 31, 1991 column from Wisconsin State-Journal reporter George Hesselberg.

Anatomy of a Myth

Around 1996, the myth picked up its more believability-enhancing details — the ice-filled bathtub and the note on the bathroom counter. Initially, the victim woke up on the plain old floor of his hotel with no note. (Just because you’re a kidney thief doesn’t mean you have to be rude!)

The setting also switched from New York to Las Vegas. We suspect that’s because it dovetails better with Sin City’s roots in organized crime, as well as the known lengths that Strip casino resorts go to prevent information about crimes and deaths on their premises from leaking to the media.

“We get about a dozen inquiries a year about it,” Clark County Coroner Ron Flud told the Las Vegas Sun about the myth back in 1996.

As usual, pop culture didn’t help the cause of truth any. TV portrayed kidney thefts on a 1991 episode of “Law & Order” and a 2006 episode of “Las Vegas,” and the movies included scenes in “The Harvest” (1993) and “Urban Legend” (1998).

By 2001, the myth was so widespread that the National Kidney Foundation asked anyone claiming to have had a kidney stolen in the US to contact them for help in documenting a case.

In 23 years, according to the organization, no one has.

We Kidney You Not

Though no documented cases have occurred in the US, and the scenarios differ markedly, kidney theft is reportedly a thing elsewhere in the world.

According to a 2008 report in Britain’s The Guardian, seven people were arrested in the Indian city of Gurgaon that January for luring 600 laborers to an underground medical clinic over the course of a decade.

The brokers promised the laborers jobs, then either duped or forced them into donating a kidney to wealthy clients who needed one in the US, UK, Canada, Saudi Arabia, and Greece.

Five people were convicted in the black-market ring. According to a March 2013 report in the Hindustan Times, the scheme’s leaders, Dr. Amit Kumar and Dr. Upender Dublesh, both received seven years each of “rigorous” imprisonment.

Art Caplan, co-chairman of the United Nations task force on organ trafficking, estimated that about a quarter of all kidneys transplanted internationally in 2011 appeared to have been trafficked.

Again, though, no documented case of case of kidney theft has ever occurred in the US.

That is, not until the morning you wake up in an ice-filled Las Vegas hotel bathtub with a note on the counter.

Look for “Vegas Myths Busted” every Monday on Casino.org. Visit VegasMythsBusted.com to read previously busted Vegas myths. Got a suggestion for a Vegas myth that needs busting? Email [email protected].

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Reeg made the comments Tuesday evening on his company’s second-quarter earnings conference. In response to a question from Wells Fargo analyst Daniel Politzer, the Caesars chief executive officer noted that while predecessor firm Eldorado Resorts frequently used equity for acquisitions that fueled growth, he’s not inclined to look at the option today because Caesars stock has struggled.

I’m not an issuer of stock at $36 wherever it was today (Tuesday). We’re going to be a significant even more significant free cash flow producer as these as the project spend runs down,” said Reeg.

At this writing, shares of Caesars are up 13% today, but the stock is down 30% over the past year, making it one of the worst-performing gaming names over that period.

Reeg Not Going to Give Away Caesars Stock

Speculation about Penn being a takeover target dates back to late when one of its investors suggest the company should consider a sale. Subsequent rumors to that effect have centered around Boyd Gaming ?(NYSE: BYD) potentially making a move on Penn, but neither regional casino operator has commented to that effect.

“So that will open up a leg of shareholder returns so you should expect us to start buying in some of our stock. If the stock moves to a different neighborhood that can change,” Reeg said.

As more casino operators have initiated and increased quarterly dividends and boosted share repurchase, Caesars has done neither as it’s worked on trimming one of the largest debt burdens in the industry and opening new regional casinos in Nebraska and Virginia.

Lower CapEx, Interest Rates Could Help Caesars

Caesars’ shareholder rewards efforts could be boosted by a reduction in capital expenditures and interest rates, the latter of which could arrive as soon as September.

“A significant portion of CZR’s project capex rolls off this year, Digital earnings before interest, taxes, depreciation, and amortization (EBITDA) should accelerate, and potential non-core asset sales (we believe, the Promenade) come closer to fruition,” wrote B. Riley analyst David Bain in a note to clients today. “Given a more benign interest rate environment — we calculate $60 million of interest savings/new FCF for every 100 basis point drop drop in rates — we believe CZR’s shares can sustain upward momentum from current valuation levels.”

Reeg previously expressed a willingness to sell “non-core” casinos, a view he reiterated on Tuesday’s call.

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Bloomberg broke the news late Thursday, citing unidentified sources with knowledge of the matter. One of the sources told the outlet the gaming company’s isn’t positioning to sell itself. The Atlanta-based DFS operator is privately held.

PrizePicks says it’s the largest DFS company in North America and that assertion could be credible because the operator and some of its rivals found avenues for gaining business from DraftKings and FanDuel — the forefathers of the DFS industry.

PrizePicks differs from its entrenched rivals in notable fashion. A competitor building a lineup on DraftKings or FanDuel is aiming to accumulate as many points as possible. But on PrizePicks, the projected fantasy points for each player are posted on the platform, and gamblers build their lineups and then wager on the over/under of those points estimates.

Potential Targets for PrizePicks

With PrizePicks reportedly not looking to sell itself, attention turns to what type of targets the company could consider. For now, it’s just speculation, but there is an array of assets and gaming operators PrizePicks could evaluate.

Last August, Underdog Sports founder Jeremy Levine accused DraftKings and FanDuel of using political sway to convince lawmakers in various states, including some in which sports betting is not permitted, that the games offered by Underdog, PrizePicks, and comparable firms amount to another form of wagering, not DFS.

It is clear that PrizePicks is in expansion mode. In April, the company announced plans for a new 33,000 square-foot Atlanta headquarters, adding that it intends to boost the size of its workforce by 1,000 over seven years, estimating the economic benefit to Georgia at $25 million.

PrizePicks Has Impressive Investor Roster

PrizePicks sports an impressive list of investors. A 2020 funding round valued at $850,000 led by Parlay Capital Holdings included poker legend Phil Hellmuth. The founders of Poker Central and former NBA No. 1 draft pick Andrew Bogut became PrizePicks investors in January 2021. Former Atlanta Braves star Andruw Jones has been an investor in the DFS firm since 2019.

Another 2021 funding round saw former Atlanta Falcons quarterback Matt Ryan and Olympic gymnast Gabby Douglas join the company’s investor roster.

A Series A funding round valued at $8.67 million was conducted in March with Phoenix Capital Ventures listed as the primary investor, according to CB Insights. AMJ Ventures and Las Vegas-based Australis Capital are also among PrizePicks venture investors, according to Tracxn.

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There was no direct mention of Penn on the call. Speculation that Penn is a takeover target has intensified since late May when investor the Donerail Group wrote a letter to the regional casino operator’s board of directors, excoriating them for allowing costly missteps in online sports betting and not adequately capitalizing on land-based casinos. The shareholder also advocated for a sale.

On June 20, reports surfaced that Boyd was mulling a takeover bid of at least $9 billion for its rival, but since then, neither company has confirmed takeover talks, nor has Penn expressed interest in selling. Boyd CEO Keith Smith acknowledged that the company’s growth has been aided by smart acquisitions.

I think we’ve developed a great expertise at it. We know how to buy properties right, companies right, we know how to extract value out of these companies once they’re part of our portfolio,” Smith said on the call in response to a question from Stifel analyst Steven Wieczynski. “Look, we’ve always been willing, it’s not new news, to take a hard look at opportunities that arise. And so, we’ll continue to do that.”

Wall Street analysts have widely noted that Boyd acquiring Penn is highly unlikely, but the rumor lives on and is a significant part of the reason shares of Penn rallied in June.

How Boyd Could Afford Penn

How Boyd could finance any acquisition, whether it’s for a single venue or an entire company, depends “on the specific facts and circumstances around the transaction,” added Smith. CFO Josh Hirsberg said the operator has specific long-term leverage targets it wants to meet.

“To the extent that we were to leverage up to do some sort of transaction or pursue some sort of opportunity, whether it was a development opportunity or acquisition or anything of that nature, we have set a long-term leverage target of to be below 3 times traditional leverage in the neighborhood of where we are today,” said the Boyd financial boss in response to the Wieczynski question. “And so, we would have the objective of getting back to that level very quickly.”

Although that’s a healthy premium to Penn’s closing market capitalization of $2.71 billion on Thursday, it’s believed the operator would reject such an offer.

Real Estate Could Be a Factor for Boyd

Another reason why Boyd could be reluctant to pursue Penn is that the former owns the bulk of the real estate on which its casinos reside, and it prefers that model when making acquisitions. Conversely, Penn has opted for the operating company (opco) model, and has sold off its gaming real estate.

We talk or think about kind of OpCo/PropCo, we still prefer from an M&A standpoint to buy wholeco assets,” said Smith in response to a query from JPMorgan analyst Joseph Greff. “That is more difficult today because most assets are part of an OpCo/PropCo structure. And so, we’re certainly willing to do that. We did it with the Pinnacle assets that we bought several years back.”

Any prospective buyer of Penn would have to consider the operator’s long-term lease agreements with Gaming and Leisure Properties (NASDAQ: GLPI), which owns most of the land on which the operator’s casinos are situated.

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Citing unidentified sources in the world of private stock transactions, William Cohan reported for the Airmail Newsletter that Rubin has been kicking the tires on potentially selling $250 million worth of his equity in the company that was founded in 1995. That could be part of a broader $1 billion sale of his stake in the company, but Fanatics said such a transaction isn’t in the offing.

That amounted to a pennies-on-the-dollar deal because Fanatics was valued at $31 billion following a $700 million capital raise in December 2022.

Fanatics IPO Appears to Be On Hold

The refuted rumor of Rubin potentially trimming his stake in Fanatics arrived as it appears increasingly unlikely the sports apparel giant will market an initial public (IPO) offering in 2024.

In a report out last December, Fitch Ratings observed that Fanatics’ 2024 and 2025 EBITDA should improve helped by a rebound in e-commerce sales and declining losses in the sports wagering unit. Still, the research firm lowered its rating on Fanatics to “B+” from “BB-“ — both of which are junk grades — due in part to weakening free cash flow (FCF).

“FCF is expected to be negative over the next two or three years, driven by operating underperformance as well as the losses incurred in the buildout of the Gaming subsidiary. FHI’s liquidity remains good across the rating horizon, enabling FHI to absorb negative FCF while maintaining good liquidity,” according to Fitch.

Fanatics IPO Still Possible

Even if Rubin were to sell some of his Fanatics equity it wouldn’t necessarily be alarming as founders frequently look to raise cash and diversify their portfolios. Nor would it be a detriment to IPO efforts. A cash stockpile of $1.7 billion helps matters.

For now, the company appears content to remain private and build out its various segments, including bolstering its sports betting unit and the Topps trading card division.

Fanatics counts the four major US sports leagues — Major League Baseball (MLB), the NBA, NFL, and the NHL, as well as Major League Soccer (MLS) — among its investors. Other investors include Silver Lake, SoftBank, BlackRock, Fidelity, and MSD Partners, an investment vehicle controlled by Dell founder Michael Dell.

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In remarks made earlier Saturday at the National Council of Legislators from Gaming States (NCLGS) in Pittsburgh, Cherokee Nation Gaming Commission Chairman John Sparks said the Tribe isn’t looking to enter Las Vegas “just yet.” However, Sparks did not say the Tribe is permanently opposed to eventually coming to the US casino center.

Currently, Cherokee Nation runs eight casinos in Oklahoma and is widely viewed as the frontrunner to land a gaming license in Pope County, Ark. Just over two years ago, the Tribe paid MGM Resorts International $450 million for the Gold Strike Hotel & Casino in Tunica, Miss.

Cherokee Nation Would Need Likely Acquisition to Get Las Vegas Casino

Cherokee Nation Entertainment is one of the largest Tribal gaming entities in the US and thus likely has the financial resources to eventually make a move into Las Vegas, which almost certainly need to be accomplished via acquisition.

Additionally, some analysts believe that high interest rates are a headwind to casino mergers and acquisitions activity because many prospective buyers don’t want to finance deals at elevated borrowing costs. It’s possible that the Federal Reserve will lower borrowing costs in September, but it could take more than a single cut to galvanize gaming industry deal-making.

Over the past several years, the bulk of the scuttlebutt regarding Strip casino hotels that could change hands has centered around mid- and lower tier properties. It’s not clear if such venues would be to Cherkoee’s liking or if the Tribe would prefer something glitzier.

Assessing Las Vegas Tribal Landscape

With Mohegan Gaming & Entertainment out as the casino operator at the off-Strip Virgin Hotels Las Vegas and with the closure of the Mirage, the lone Sin City gaming venue run by a Native American tribe is the off-Strip Palms, which is owned and operated by the San Manuel Band of Mission Indians of California.

Assuming no acquisitions or new from the ground up developments, the Las Vegas Tribal roster will increase to two in 2027 when Hard Rock International reopens Mirage bearing the operator’s famous brand.

At the NCLGS conference, Cherokee’s Sparks did not reveal a timeline for the Tribe entering the Las Vegas market.

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Vital Vegas broke the news on Thursday and it has not been mentioned elsewhere. In August 2015 while still at the helm of the gaming company bearing his name, Wynn replaced his Gulfstream G650 with a Gulfstream G650ER. The Jet Business lists several Gulfstream G650ER’s for sale and inquiries must be made regarding selling prices. By some estimates, the price of the average used G650 is nearly $42 million. The jets are also expensive to maintain.

Depending on numerous factors, the average price for a pre-owned Gulfstream G650ER is $41,950,000.00. A $20,975,000.00 loan over 120 months including $87,395.83 per month in interest equates to a $1,051,764.41 per-period payment. Based on 450 annual owner-operated hours and $6.00-per-gallon fuel cost, the Gulfstream G650ER has total variable costs of $3,242,700.00, total fixed costs of $1,249,151.00, and an annual budget of $4,491,851.00. This breaks down to $9,981.89 per hour,” according to Aircraft Cost Calculator.

Assuming Wynn is in fact selling his jet, there’s likely to be an enthusiastic audience of potential buyers because only a scant percentage of the total G650 global feet comes up for sale, creating strong demand for used models and that demand supports strong residuals and below-average depreciation.

Wynn Has Been Active Seller of Expensive Assets

In January, Forbes estimated Wynn’s net worth to be $3.4 billion which is to say the former casino boss doesn’t “need” money, but he has recently been active in terms of selling some high-priced assets.

Wynn is 82. Given his age and the fact that he’s no long active in the gaming business, reducing the number of residences and selling the jet could be practical moves. Currently, his primary residence is Palm Beach, Fl.

Selling expensive assets for which there is a limited pool of prospective buyers could also be an estate planning move. Wynn has a wife and two children.

Gulfstream G650 a Pop Culture Icon

Due to its price tag and its credible association with wealth, the Gulfstream G650 is something of a pop culture. The name of the plane was shortened and served as the inspiration for the 2014 hit single “Like a G6” by The Far East Movement.

Indeed, the roster of G650 owners reads like a who’s who of America’s rich and famous. In addition to Wynn, other G650 owners include titans of business and entertainment such as Amazon founder Jeff Bezos, Oracle boss Larry Ellison, Tesla founder Elon Musk, and Kim Kardashian.

Wynn also owns the Aquarius — a superyacht that cost an estimated $200 million.

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According to a pervasive Las Vegas myth, the mouth of the old MGM Grand lion served as the casino hotel’s entrance. Even the Pulitzer Prize-winning Las Vegas Sun described the original MGM Grand entrance in March 2001 as “A huge lion head with its wide-open mouth serving as the doorway.” As you can see from the photo below, this just wasn’t true.

The lion’s mouth myth is more explainable than most this series has busted. That’s because it was actually circulated by the hotel’s corporate owners, then repeated over the ensuing decades by journalists who didn’t bother fact-checking. MGM Grand CEO Terry Lanni, who took over in 1995 when the casino hotel was two years old, frequently cited the lion’s-mouth entrance as a prime example of the failure of corporations to give proper consideration to cultural sensitivities.

It has been widely reported that many Chinese gamblers believe that traveling anywhere through a representation of a lion’s mouth invites bad luck — not nearly as much bad luck as traveling through an actual lion’s mouth, presumably. But enough.

It wasn’t literally true (that they entered through the lion’s mouth),” former MGM Mirage executive spokesperson Alan Feldman told Casino.org. “But many customers believed it to have the same negative vibes, and refused to use that entrance.”

In 2014, Casino.org’s own Scott Roeben published a “Vital Vegas” blog listing eight fascinating Chinese gambling superstitions that Las Vegas casinos heed to try to please their high rollers from China. These superstitions explain why, for instance, both the Rio and Encore casino hotels are entirely missing floors 40-49. The number 4 is considered unlucky because it sounds like the Chinese and Japanese words for death.

Lion in Wait

Lanni replaced the lion with the current one in 1998. It was sculpted by Snellen Maurice Johnson, a convicted con man who changed the course of his life by becoming an artist.

Reportedly the second-largest bronze statue in the world – after a Hong Kong Buddha that stands 90 feet — Johnson’s gold bronze-polished lion stands 45 feet tall, weighs 50 tons, and sits atop a 25-foot pedestal.

Oh, and its name isn’t Leo. Leo was the name of the original MGM Grand lion, after the one who roars at the start of all MGM films. (There were actually 11 different movie Leos, and the original one was named Slats, but let’s stick to busting one lion myth at a time.)

Today’s MGM Grand lion is called, simply, Grand Lion.

In addition to switching lions, Lanni ditched the MGM Grand’s original Wizard of Oz-themed area and amusement park, replaced several restaurants, and built the Mansion, a group of 29 individually designed Mediterranean-themed residences.

Feldman did state another reason the original MGM Grand lion had to go, by the way — one based on a more indisputable fact.

“It was also ugly,” he said.

Look for “Vegas Myths Busted” every Monday on Casino.org. Visit VegasMythsBusted.com to read previously busted Vegas myths. Got a suggestion for a Vegas myth that needs busting? Email [email protected].?

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Those are the takes of Truist Securities analyst Barry Jonas. MGM and Caesars are the two largest Strip operators and while the US casino center is displaying signs of resilience, but the stocks have not displayed much in common of late. Over the past month, shares of MGM are higher by 12.16% while Caesars is up just 1.22%. Year-to-date, the Bellagio operator is sporting a small gain while Caesars is lower by 22%.

Some of the lag in Caesars stock, which analysts are acutely aware of, is the result of state-level performances that trail rival MGM, according to Jonas.

We believe this is largely a function of management’s playbook of efficiently managing promos/margins, as opposed to anything structural/permanent,” observed the analyst.

Jonas added some market participants have thrown in the towel on Caesars stock, but that gloomy outlook ignores the potential for management to materially reduce debt — an effort that could be assisted by asset sales — and growth outlets in the form of new regional casinos in Nebraska and Virginia as well as the refurbishment of the operator’s New Orleans integrated resort.

Boyd Probably Not Moving on Penn Over Near-Term

In his report, Jonas also discussed several regional casino operators, including those with heavy Las Vegas locals exposure. Boyd Gaming (NYSE: BYD) was part of that conversation.

“We think the complexity of a transaction (likely involving multiple parties, requiring multiple divestitures as well as consent from landlord Gaming & Leisure Properties, while PENN is on the verge of releasing new ESPN Bet features … that should meaningfully improve their product, points to any deal as less likely,” wrote the analyst.

ESPN Bet is seen as a likely sticking point for Boyd because the operator would not want to pay up for Penn’s interactive business. That’s stoked speculation about a third party, potentially FanDuel parent Flutter Entertainment (NYSE: FLUT), getting involved, but with ESPN Bet currently commanding scant share in the US sports betting market, it’s allure to suitors could be diminished.

Bally’s Could Accept Takeover Offer

Speaking of casino consolidation chatter, Jonas said that with Bally’s (NYSE: BALY) having procured needed financing for its Chicago integrated resort, the company could be more likely to accept the takeover offer floated by Standard General earlier this year.

The hedge fund controlled by Bally’s Chairman Soo Kim offered $15 a share for the gaming company earlier this year — far below the suitor’s $38 per share acquisition overture made in March 2022. Standard General is the largest Bally’s shareholder.

Jonas speculated that with Chicago financing taken care of, Bally’s is less likely to reject the acquisition offer and could accept it while deploying “a number of value enhancing measures.”

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The number of jobs to be eliminated wasn’t announced, and the news was originally reported Wednesday by Legal Sports Report. News of the headcount reductions at Penn Interactive arrived about nine months after the ESPN Bet mobile application went live.

This week, we are implementing changes at PENN Interactive to help streamline reporting lines, enhance operational efficiencies, and leverage shared resources across PENN,” wrote Penn CEO Jay Snowden in an email to staffers. “Unfortunately, these changes will result in a limited number of team member separations. While it is difficult to see colleagues impacted, we deeply appreciate their contributions and are committed to supporting them through the transition.”

Snowden’s message didn’t mention layoffs specific to ESPN Bet, but the chief executive officer noted the gaming company will continue building “upon the momentum of our partnership with ESPN with upcoming product enhancements and a deeper integration into the ESPN ecosystem.”

ESPN Bet Falling Flat

News of the Penn Interactive layoffs arrived as data confirm ESPN Bet is struggling mightily to gain solid online sports betting market share.

At 3.2%, ESPN Bet has less than half the share commanded by BetMGM, itself a laggard, and less than 10% of the share controlled by DraftKings and FanDuel — the two largest operators in the space.

ESPN Bet’s struggles provide more fodder for investors who have been critical of Penn’s online betting missteps and could call into question the reasoning behind the gaming company agreeing to pay Walt Disney (NYSE: DIS) $1.5 billion over 10 years to use the ESPN brand. That accord can be scrapped after a few years if certain financial metrics aren’t met.

“While we recognize that change is never easy, these evolutions will enable us to better capitalize upon our new phase of growth. Our Interactive business, which is a core pillar of PENN Entertainment, is well-positioned, and we continue to add capabilities and key talent to advance our digital growth strategy,” added Snowden in the email to staffers.

ESPN Bet Struggles Could Weigh on Acquisition Prospects

Soon after Penn investor Donerail Group authored a letter to the gaming company’s board of directors advocating for a sale, rumors surfaced that Boyd Gaming (NYSE: BYD) could make a run at its rival. However, there are doubts surrounding that thesis, many of which stem from the belief that Boyd wouldn’t want to pay as much as $500 million for Penn Interactive.

Flutter hasn’t confirmed an interest in Penn Interactive/ESPN Bet and the speculation is arguably a stretch because FanDuel doesn’t need to pay that much for just 3.2% in sports betting market share.

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In a note to clients, Truist Securities analyst Barry Jonas said the Chicago deal between Bally’s and GLPI could act as a playbook for how the operator moves forward with its operating rights on the shuttered ?Tropicana Las Vegas. GLPI owns the real estate at that site.

If this Gaming and Leisure-owned, Bally’s-operated Chicago structure succeeds, we could see this being a template for developments on the Tropicana Las Vegas site,” opined Jonas.

Tropicana closed in April and is scheduled to be demolished in October. The land previously occupied by the casino hotel is intended to become a $1.5 billion baseball stadium for the Oakland Athletics (A’s), but there are currently more questions than answers regarding the team’s ability to execute the move to Las Vegas.

How Bally’s, GLPI Could Apply Chicago Deal in Las Vegas

As things stand today at the Tropicana, GLPI owns the real estate, Bally’s controls the gaming rights, and the operator is paying $10.5 million in annual rent to the REIT.

For its part, Bally’s said earlier this year it’s not rushing Tropicana redevelopment plans, and that could be a pragmatic approach because financing for Las Vegas plans or any other expansion efforts by Bally’s would likely be expensive. In Chicago, GLPI will “fund construction hard costs of up to $940 million at an 8.5% initial cash yield.”

Some Bally’s shareholders have suggested that the operator sell its operating rights on the Tropicana because there would likely be an extensive list of bidders, particularly if the A’s move is scrapped, and because the seller could use that capital to reduce its hefty debt burden.

GLPI Has Chicago Options if Bally’s Defaults

Bally’s sports junk credit ratings as a result of a debt/earnings before interest, taxes, depreciation, and amortization (EBITDA) above 7.5x. Should the operator default on its Chicago obligations, Jonas believes GLPI could rapidly find a replacement.

“In a downside case where BALY has to exit Chicago, we believe there would be demand from other well-established operators to take over at comparable terms,” added the analyst.

“We recently cited GLPI’s underlevered balance sheet and they should have some funding flexibility for these transactions, benefiting from an improving capital market environment,” concluded Jonas.

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Citing unidentified sources, the Off Shore Gaming Association (OSGA) noted that a deal for the BetRivers owner could be reached as soon as September, but specific suitors were not mentioned. Media reports surfaced in March that the Illinois-based gaming company reached out to multiple rivals about a possible acquisition. DraftKings (NASDAQ: DKNG) was the only member of that group identified by name.

While the US sports betting space is now a de facto duopoly controlled by FanDuel and DraftKings, Rush Street Interactive could be one of the more compelling takeover targets in the space for suitors looking to bolster market share. In the first quarter, not only was the sporsbook operator positive on the basis of earnings before interest, taxes, depreciation, and amortization (EBITDA), but its revenue surged 34% while its net loss plunged to $2.2 million from $24.5 million a year earlier.

Why Rush Street Interactive Could Be Target

The list of possible prospective buyers, excluding or including DraftKings, could be extensive because the rumored target offers an attractive foothold in the iGaming industry.

However, some analysts have expressed doubt that RSI is a takeover target although in May 2023 CEO Richard Schwartz told analysts and investors he’d be open to having mergers and acquisitions discussions.

It is clear that the price tag has likely increased. Shares of RSI are up 98% year-to-date and the company’s market capitalization was $2 billion as of the close of US markets on July 12, indicating a buyer would likely have to offer more than that to get RSI to the bargaining table.

Assessing Potential RSI Suitors Beyond DraftKings

DraftKings making a run at RSI would be sensible because the former has proven acquisitive and has its eyes set on iGaming expansion. However, DraftKings hasn’t confirmed it’s interested in RSI and some analysts believe DraftKings will eschew acquisitions over the near-term.

The OSGA report mentioned “smaller companies who would love to increase their presence” as potential buyers of RSI, but no operators were mentioned by name. The report also suggested that European betting behemoth bet365 could be interested, but that company has not confirmed any discussions with Rush Street Interactive.

HG Vora – a hedge fund with a reputation for pushing for change at gaming companies – is RSI’s largest investor, controlling 8.79% of the shares. Institutional investors own 28.81% of the shares while insiders control 8.08%, according to GuruFocus data.

RSI operates under the BetRivers and PlaySugarHouse brands, and is currently available with mobile or retail businesses in Colorado, Illinois, Indiana, Iowa, Michigan, New Jersey, New York, Pennsylvania, Virginia, and West Virginia. The firm also offers sports wagering in Ontario, Canada.

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Boyd’s purported pursuit of Penn, which has not been publicly confirmed by either side, is several weeks old, but news of Flutter potentially being involved is new and was initially delivered earlier today by TheDeal. Citing unidentified sources, the outlet reportd Flutter, the parent of FanDuel, could partner with Boyd, acting as a buyer of Penn’s digital assets, including ESPN Bet.

That speculation surfaced less than three weeks after reports emerged that Boyd was mulling a bid of at least $9 billion for rival Penn. There is some logic in the possible inclusion of Flutter because Boyd has a long-standing relationship with the Irish gaming company. The Las Vegas-based regional casino operator owns 5% of FanDuel.

How Flutter Could Help Boyd Execute Penn Deal

Rumors regarding Boyd’s potential interest in Penn are close to a month old and over that time, analysts have consistently rejected the notions that Penn is a willing seller and that Boyd could easily execute a $9 billion or larger transaction.

Translation: Boyd might want Penn’s land-based casino assets, but it probably doesn’t want ESPN Bet and related pieces. Flutter could have use for those entities.

ESPN Bet has roughly 6% market share in online sports betting and under the Hollywood Casino brand, Penn has resources to make waves in iGaming. Those could be appealing traits to Flutter.

Flutter Could Help, Not Solve All Issues in Possible Boyd/Penn Deal

Flutter buying Penn’s interactive business would serve the objective of lowering the price for the regional casino operator, thus making a bid more palatable for Boyd, but that’s just one hurdle.

Even with ESPN Bet and Hollywood Casino out of the way, a Boyd acquisition of Penn would likely be slow to reach the finish line because of regulatory complexities. The two companies operate regional casinos in many of the same states. By some estimates, at least 10 states’ gaming regulators and the Federal Trade Commission (FTC) would have to approve the deal.

That implies that before Boyd and Penn could sign on the dotted lines, one or both would likely have to commit to asset sales in certain states — mainly in the Midwest and the South. Asset sales could be difficult to execute over the near-term due to high interest rates and restrained consumer spending in some regional gaming markets.

The post Penn Pops on Rumor of Flutter Joining Boyd in Takeover Bid appeared first on Casino.org.

In a new report to clients, BTIG analyst Clark Lampen initiated coverage of the casino giant with a “buy” rating and a $52 price target, which implies upside of 20.14% from today’s closing price of $43.28. The analyst believes it’s possible the stock could build on recent momentum with the assistance of upward earnings and revenue estimates.

Likewise, MGM remains one of the most dedicated buyers of its own shares of any company in the US. Since 2021, the operator has pared its shares outstanding tally by 36% due to multiple share buyback plans.

Vegas, Digital Opps Could Boost MGM Stock

BTIG’s Lampen sounded a constructive tone on MGM’s digital operations and its Las Vegas Strip footprint. MGM is the largest operator in the US casino center.

With Vegas implied at ~8x ’24 earnings before interest, taxes, depreciation, and amortization (EBITDA) within our sum-of-the-parts (or ~5x when lease liabilities are capitalized at 8x cash rent, rather than full BS liability), the current fundamental story doesn’t seem appropriately discounted, and we’d expect the multiple to expand as Vegas concerns fade and numbers move higher,” observed the analyst.

Lampen also noted MGM’s digital business is an unfolding story that may not be getting the credit it deserves among market participants. Last week, the company said its LeoVegas will acquire the US operations of Tipico Sportsbook in a move aimed at bolstering its tech stack.

The analyst called MGM’s digital operations a marquee driver of “growing delta between BTIG’s estimates” and consensus forecasts stretching out over several years.

Asset Sales Possible

In addition to the possibility of a dividend MGM China dividend and the parent company’s domestic shareholder return efforts, Lampen added it’s possible that the stock could be sparked by the sale(s) of regional casinos.

In March, rumors surfaced that MGM was mulling the sale of MGM Northfield Park, a racino near Cleveland, and its eponymous casino hotel in Springfield, Mass. The operator has yet to publicly confirm it’s considering divesting those or any of its regional casinos nor did Lampen mention specific properties the operator could sell.

While it’s possible MGM is evaluating sales of some of its regional casinos, the current interest rate environment is hard on prospective buyers that need financing, meaning the most desirable suitors are those that can execute transactions with minimal need for additional capital. That diminishes the pool of would-be buyers for regional casinos.

The post MGM Stock Has Makings of a Winner, Says Analyst appeared first on Casino.org.

Eilers & Krejcik Gaming (EKG) noted the online sportsbook operator is close to divesting VSiN and it could be for pennies on the dollar in a transaction some are comparing to Penn Entertainment (NASDAQ: PENN) dumping Barstool Sports last year to founder Dave Portnoy for just $1.

EKG observed that the likely buyer is VSiN founder and veteran broadcaster Brent Musburger. VSiN was founded in 2017 and much of the network’s radio shows are recorded at Circa Sportsbook and The D Hotel in downtown Las Vegas.

VSiN’s content includes 18 hours a day of sports wagering coverage, and the company has a 24/7 stream. It has dedicated channels on iHeartRadio and TuneIn, as well as smaller radio stations across the US. The company’s offerings are also available on several linear television platforms and streaming services, such as fuboTV and Sling TV.

DraftKings VSiN Underscores Difficult in Media Deals

Neither DraftKings nor VSiN has publicly commented on the possibility of a transaction, but should a sale come to light, it would underscore the difficulty gaming companies have found in wringing adequate profits from the media relationships they were previously so bullish on.

The realities have proven much different as highlighted by Penn unloading Barstool for a mere $1 and other ill-fated examples of sports betting/media company relationships prove “that media companies don’t necessarily make good betting companies,” according to EKG.

Interestingly, Barstool signed a marketing deal with DraftKings earlier this year.

How VSiN Could Look as Fresh Standalone Entity

Should DraftKings ultimately sell VSiN, there would likely be changes at the radio network, though more from a marketing relationship. Although the bulk of VSiN shows are broadcast from Las Vegas, on-air talent mostly cite DraftKings odds despite the fact that the operator doesn’t offer betting in the state.

If it’s sold by DraftKings, VSiN would likely find a new odds provider — potentially Circa — because the network has ample brand equity in the betting community and Musburger is well-known to bettors and fans alike.

VSiN, The Sports Betting Network, is the first sports media company dedicated to providing news, analysis and proprietary data to the millions of Americans who wager on sports and make sports betting a multibillion-dollar industry,” according to the media company.

The post DraftKings Rumored to Be Mulling VSiN Sale in Barstool/Penn-Style Deal appeared first on Casino.org.

BlueBet gained access to the Indiana sports betting market via an agreement with Horseshoe Hammond, a casino operated by Caesars Entertainment. The Aussie company terminated that pact effective June 30, but noted that termination was mutual.

In Colorado, Iowa, and Louisiana, BlueBet has exposure to some of the fastest-growing sports betting states in the US without the expenses required to operate in major markets, such as New York or Pennsylvania.

BlueBet Still Sees Opportunity in US

As more states authorize mobile sports betting, market share has increasingly consolidated around just two operators, FanDuel and DraftKings.

That’s made it difficult for smaller players such as BlueBet to gain adequate market share, and that could be one reason why the operator commenced the strategic review. In the statement announcing the Indiana departure, the gaming company didn’t provide details on the strategic review except to say it is ongoing.

BlueBet remains committed to maximising value for shareholders. The Company believes focusing its efforts and capital on its outperforming Australian business, while continuing to scale in the US with its ‘Capital Lite’ market entry strategy, will deliver the best returns on capital,” according to the statement.

Signaling it remains committed to the US market, BlueBet said it inked a B2B deal in Ohio in March. The operator believes such agreements can reduce its sportsbook operating expenses in this country.

BlueBet Not the First Aussie Operator to Find US Difficult

BlueBet isn’t the first Australian bookmaker that’s found it difficult to replicate the success found in its home country in the US. For example, PointsBet sold PointsBet US to Fanatics last year for $225 million after that unit struggled to gain noticeable market share in this country and had become a drag on the parent company’s financials.

Here in the US, BlueBet’s strategic review could be a sign the parent is willing to sell, but rumors regarding potential buyers haven’t surfaced.

The post BlueBet Departing Indiana, US Strategic Review Ongoing appeared first on Casino.org.

In a note to clients on Tuesday, Raymond James RJ Milligan lowered Penn to “market perform” from “outperform” while setting a price target of $20 on the stock. That implies upside of about 8.1% from where the shares trade at this writing.

Given the path to profitability in digital still remains uncertain, and we don’t expect any dramatic shift in strategy (e.g., an outright sale of the company) in the near-term, we are recommending investors take profits and look for better risk-adjusted opportunities in the sector,” wrote Milligan.

The analyst’s commentary arrived just days after reports surfaced indicating that Boyd Gaming (NYSE: BYD) may be considering a takeover bid of more than $9 billion for Penn. Shares of Penn have rallied since late May when the Donerail Group, a major investor in the gaming company, sent a letter to the board of directors pushing for a sail.

Penn Waiting on ESPN Bet Football Uptick

In the wake of the Boyd rumor, the prevailing consensus among sell-side analysts is that it’s not surprising the Orleans operator might be interested in rival Penn, but that getting a deal completed is easier said than done.

Additionally, Penn is viewed as wanting to evaluate the performance of its ESPN Bet mobile sports wagering application over a full football season — an opportunity presenting itself this year. The app debuted last November.

Among others, those moving parts are among the reasons Milligan encouraged clients to take profits in Penn and look for better risk-adjusted opportunities in the gaming space. Caesars Entertainment (NASDAQ: CZR) is Raymond James’ top pick.

ESPN Bet Could Loom Large in Deal for Penn

Penn’s commitment to ESPN Bet, which was heavily criticized by Donerail, could be a significant factor in a large-scale transaction and, potentially, the company’s ultimate decision to sell itself or continue as an independent entity.

Locating an acquirer for ESPN Bet could also be easier said than done due to Penn’s relationship with ESPN parent Walt Disney (NYSE: DIS) and ESPN Bet’s currently modest market share.

The post Penn Downgraded as Analyst Sees Little Hope of Near-Term Sale appeared first on Casino.org.

Posts about the reflective triangular column, which stood 10 feet tall, elicited some fairly predictable comments.

Aliens,” wrote Facebook user Ted Milano. “It marks a portal location to another dimension.”

“Definitely a portal,” Letty Encinas agreed. “I recorded weird objects in the sky … at dusk … I have videos.”

“Alien or other planetary beings navigation device,” added Clint Gammell.

Where to Even Start?

The first misconception about the new monolith — which police removed four days after they were alerted about it, citing “public safety and environmental concerns” — is that it was new.

According to Monolith Tracker. an online community established to map the appearances of unexplained slabs, it was first spotted just before Christmas 2020 — a fact confirmed by this YouTube video.

That places it squarely in the period that future archeologists might rightly refer to as Peak Monolith Frenzy.

A week later, a second pillar appeared in the Romanian city of Piatra Nemat. A week after that, one occupied the top of Pine Mountain in Atascadero, Calif.

Then a fourth turned up smack in the middle of the Fremont Street Experience in downtown Las Vegas. For several reasons, this remains the most suspect of all the as-yet-unsolved monolith “mysteries,” which are all completely suspect to begin with:

1.? It was the first, and still one of only a handful, to appear in an urban setting. (Another famously appeared outside Grandpa Joe’s Candy Shop in Pittsburgh. And even though shop owner Chris Beers fessed up immediately to fabricating that one himself, the story still went viral and made the shop world-famous for a minute and a half.)

2.? The photo run by news outlets of this monolith was snapped and distributed by the Fremont Street Experience’s PR team.

3.? It resembled a mirror column from Old Navy.

Since 2020, 244 metallic or mirrored slabs have been found around the globe, according to Monolith Tracker, all apparently without anyone noticing who put them there.

Though the pace eventually slowed, and the public eventually lost interest, the monoliths never stopped appearing, or, as in the case of the latest one, being discovered.

This March, one was found by construction worker Craig Muir while out for his regular hike in Powys, Wales.

Muir posted a TikTok video documenting his discovery, which he claimed had never been there before. He noted that it stood atop a 2,000-foot bluff with no roads, tire tracks, or footprints surrounding it that could possibly explain any human connection.

A Space Fraud-essy

As it appeared in the beginning of Stanley Kubrick’s 1968 film “2001: A Space Odyssey,” “the monolith” was a teaching device designed by an extremely advanced extraterrestrial civilization.

Its purpose was to guide nascent humankind through the development of tools, weaponry, and the other evolutionary steps leading eventually to space flight.

By the way, monoliths by definition are made of stone, as the movie monolith appeared to be, though prop designers used much lighter Plexiglas to simulate it.

Being metallic, as all of them found since 2020 have been, makes them technically not monoliths at all. (Just saying.)

Bitter Pillar

In December 2020, a since-deleted video was posted to YouTube by a group of four Moab slackliners claiming responsibility for removing the Utah monolith. It showed them dismantling it to see what it was made of. The team eventually turned it over to the federal Bureau of Land Management, which still reportedly possesses it.

It turns out, its materials were disappointingly Earth-based. In fact, all of the monoliths examined so far were constructed of common metals, wood and/or polymethyl methacrylate. That’s the acrylic, branded as Perspex, used to manufacture shatter-proof mirrors.

A majority of scientists do think that intelligent life exists elsewhere in the universe.

And some unexplained something has certainly been effing with the US Navy, which officially released footage of their encounters with seemingly faster-than-possible craft in 2004, 2014, 2015, and 2019.

But whatever the objects in those Navy videos were, it is beyond unlikely that they were constructed by unthinkably advanced beings who also happen to reconstruct icons from classic 1960s science fiction, incorrectly, out of materials for sale at Walmart.

Ringside Deceit

The monolith in Atascadero, Calif. ended up being built by Wade McKenzie and Travis Kenney, local metal artists.

They told the New York Times that they were inspired to create their 400 lb. structure, consisting of a steel frame coated in a stainless steel skin, by reading about the first two.

And when you think about it using the analytical part of your brain — that is, not the part that avoids walking near black cats and under ladders — human artists had to have created every monolith.

They have the materials, the talent, and by far the greatest motive.

Artists sacrifice a lifetime of creature comforts and, frequently, their own mental and physical well-being, to pursue their dreams.

Of the very few artists who will ever achieve worldwide fame, most won’t until after their death renders their life’s work a limited collection.

During Peak Monolith Frenzy, however, almost any plank propped up in a remote locale could have gotten an unknown artist’s work seen by millions via the news.

Hell, it got Wade and Travis in the New York Times!

Lowering Our Bar

This is the 100th Vegas myth we’ve examined for this exclusive Casino.org series.

For each of the previous 99, we presented ironclad proof before declaring it busted. But for this one, since it’s impossible to demonstrate that every single metal column of unknown origin isn’t the work of space aliens, we must shift the burden of proof to the true believers.

It’s on them to prove that extraterrestrials built even one of these not-even-monoliths. It’s not on science to prove that their theory doesn’t apply to every shiny object in the desert.

To quote the aphorism coined by science communicator Carl Sagan in his 1979 book, “Boca’s Brain,” “extraordinary claims require extraordinary evidence.”

Actually, that’s also a myth. That sentence first appeared in a 1975 “Parapsychology Review” article by skeptic Marcello Truzzi as “extraordinary claims require extraordinary proof.”

Look for “Vegas Myths Busted” every Monday at Casino.org. Visit VegasMythsBusted.com to read previously busted Vegas myths. Got a suggestion for a Vegas myth that needs busting? Email [email protected].

The post VEGAS MYTHS BUSTED: The Aliens Are at it Again With the Monoliths appeared first on Casino.org.

That’s the take of Deutsche Bank analyst Carlo Santarelli, who in a recent report, echoed an increasingly familiar refrain among those on the sell-side: Boyd makes for a logical suitor for Penn, but that doesn’t guarantee a transaction, nor is there confirmation that Penn is a willing seller. Santarelli’s note was published after media reports surfaced last week indicating Boyd is in talks with Penn on an acquisition valuing the target at more than $9 billion.

We do not know this to be true, but we believe there is likely merit to the discussions between the parties,” observed Santarelli. “That said, we believe the negotiations, if they are in fact occurring, imply a level of interest beyond what we think most investors deemed possible in recent weeks.”

Santarelli rejected the idea that Boyd is considering an offer of $9 billion or more for Penn. Rather, he thinks that if Boyd has made an offer, it would be for around $25 to $30 a share. Based on Penn’s 151.55 million shares outstanding, a $30 per share offer values the Ameristar operator at $4.54 billion — a bid the gaming company is likely to reject, according to the analyst.

ESPN Bet Likely Sold Elsewhere if Boyd Wins Penn

In the wake of the Boyd/Penn rumor surfacing earlier this month, there’s been much speculation regarding what the buyer would do with ESPN Bet, Penn’s online sports betting arm.

Santarelli proposed several other circumstances in which Boyd could digest. Those include the buyer maintaining the target’s operating losses, the elimination of $75 million to $150 million in redundancies, and the divestiture of overlapping assets to a third party that would pay a price comparable to what Boyd paid. Translation: if Boyd does buy its rival, such a transaction will almost certainly result in sales of various brick-and-mortar casinos.

Likewise, Santarelli doesn’t view it as likely that Boyd would pay significantly for Penn than it is worth itself. The Orleans operator’s market capitalization as of June 21 was $5.1 billion.

“We struggle to see BYD paying a meaningful premium, relative to its own multiple, for PENN, from a free-cash-flow perspective, as the BYD free-cash-flow profile is considerably less volatile than that of PENN, given PENN’s fixed-rent expenses,” added the analyst.

Boyd/Penn Marriage Could Be Complex

Regarding Santarelli’s comment about Penn’s rent expenses, the company owns none of the real estate on which its land-based casinos reside, meaning it has substantial fixed obligations to landlords — namely ?Gaming and Leisure Properties (NASDAQ: GLPI).

Add to that, there could be significant regulatory complexities due to the fact that Boyd and Penn operate in many of the same states. Not only would the Federal Trade Commission (FTC) have to approve the deal, but so would at least 10 states’ gaming regulators, according to Santarelli.

The post Boyd Overture for Penn Not Surprising, but Deal Unlikely Says Analyst appeared first on Casino.org.

Unidentified sources close to the matter told Bloomberg that Red Bull is in early talks about buying an NBA team and that its focus on an expansion franchise that would be located in the US casino hub. Speculation about NBA expansion is long-running and the leadership of Las Vegas and Seattle in that unofficial competition is among the worst-kept secrets in sports.

Last year, Commissioner Adam Silver refuted chatter that the league is eyeing expansion, but noted the issue could be addressed after the association’s new broadcast rights deal was sewn up. That is expected to occur over the near-term with recent reports suggesting several networks could combine to pay the NBA $76 billion over 11 years.

Silver hasn’t outright nixed the idea of expansion and has indicated if that happens, it’d be two teams to take the NBA to 32 franchises from the current roster of 30.

Red Bull Has Resources to Buy NBA Team

Red Bull is privately held so it doesn’t publicly report earnings and sales on a quarterly as do publicly traded companies, but its revenue reached $10.9 billion last year, or more than double the figure posted a decade prior.

It’s possible that Red Bull would seek a partner to finance the acquisition of an NBA team because the company reportedly doesn’t have $4 billion in cash on hand and it prefers to avoid the issuance of debt.

Some of the beverage giant’s financial heft comes from its unique approach to sports. Traditionally, food and beverage companies have opted to sponsor arenas, events, and teams while pursuing endorsement deals with individual athletes. Red Bull actually owns teams, including two Formula One (F1) teams and Major League Soccer’s New York Red Bulls and RB Leipzig in the German Bundesliga. The beverage behemoth also owns a stake in Leeds United of the English Premier League and a controlling interest in a cycling team.

Red Bull Will Face Big Competition for Vegas NBA Team

Should the NBA officially declare that Las Vegas will be home to a new team, the list of bidders is likely to be extensive. Beyond Red Bull, NBA legends LeBron James and Shaquille O’Neal have both said they’d like to be part of ownership groups for a Sin City team.

Additionally, real estate developer LVXP wants to redevelop the previous Wet’n’Wild near the Fontainebleau and Sahara casino hotels with hopes of including an arena fit for the NBA, potentially positioning it and partners for ownership.

Another of the most viable contenders could be Oak View Group, which has said it’s earmarking $10 billion for a casino resort/entertainment district project that would include an arena fit for an NBA team. That project would require no public financing.

The post Red Bull in Mix for Las Vegas NBA Franchise appeared first on Casino.org.

Speculation about such a marriage had been percolating for weeks and intensified Thursday amid a reporter that Boyd is engaged in talks with Penn that value the target at more than $9 billion, including debt. Neither company has commented on the rumor, but analysts have. For example, Bank of America analyst Shaun Kelley moved Penn to the “no rating” category following news of the rumored Boyd overture.

Additionally, Kelley believes a Boyd takeover of Penn would create some regulatory risk and almost result in asset sales.

ESPN Bet a Problem, Too

Another issue that cannot be overlooked if Boyd is really courting Penn is the existence of ESPN Bet — Penn’s online sports betting mobile application.

Boyd owns 5% of FanDuel, and outside of its home state of Nevada, the casino operator has been content to enjoy the spoils of FanDuel’s success. Alone, that could be a deterrent to Boyd wanting to bring the scuffling ESPN Bet into its fold. Kelley speculated that the presence of ESPN Bet in a takeover of Penn would require a “further M&A solution down the road.”

Said another way, any buyer of Penn would likely divest ESPN Bet. Likewise, Barclays analyst Brandt Montour believes Penn is committed to making ESPN Bet work and might be a reluctant seller of the sports betting business. He also thinks there are more cons than pros for Boyd should it opt to advance negotiations with Penn.

We’re not completely surprised by this report, given this idea has been debated in the investor community for the last couple weeks,” wrote Montour. “We believe PENN has more confidence in ESPN BET’s ability to gain ground from here, versus what the market expects, and its current share price implies, and we doubt BYD would be interested in giving an optimistic valuation for PENN Interactive or credit shareholders with PENN’s cumulative investment in Digital to-date.”

He added that Penn probably isn’t a willing seller at the moment and the risk/reward in buying the company leans more into risk than reward. Montour added that Penn’s relationship with Walt Disney (NYSE: DIS) through ESPN Bet and the gaming company’s obligations to landlords could be deterrents to Boyd.

A More Constructive View

Not all analysts are pessimistic on the idea of Penn being acquired. Craig-Hallum analyst Ryan Sigdahl took the opportunity to lift his price target on Penn to $30 from $20 on the reports suggesting Boyd may be readying an offer.

“We think the company’s retail casino assets are worth $30/share with another $15/share potential from either M&A or success with ESPN Bet,” observed Sigdahl.

That combined $45 implies the analyst’s current price target of $30 doesn’t account for ESPN Bet success and that $45 assumption is more than double where Penn trades today. The analyst believes takeover chatter and activist involvement in Penn provide a “compelling risk/reward opportunity.”

The post Penn Brings More Headaches Than Perks to Boyd, Scant ESPN Interest, Say Analysts appeared first on Casino.org.

On volume that was nearly 50% above the daily average, Penn slipped 8.7% on Friday after Truist analyst Barry Jonas wrote in a report that Penn is unlikely to evaluate a sale anytime soon despite a letter to the board by money manager Donerail Group pushing the gaming company to mull such a transaction because Penn could command double its current market capitalization in a sale.

Despite the activist letter, we don’t think any sort of formal strategic review at PENN is likely in the near-term,” wrote Jonas.

While Jonas may have rained on the Penn buyout parade, he boosted his price target on the stock to $25 from $23, implying upside of 43.6% from the June 14 close.

Familiar Refrain on Penn Entertainment Strategic Review

The Donerail letter, which was sent to Penn’s board of directors on May 31, stoked upside in the long-lagging stock and some short covering, but since the missive was revealed, analysts have almost universally said an outright sale of Penn is unlikely over the near term.

Likewise, elevated interest rates indicate that prospective buyers who need financing to execute transactions might be reluctant to strike deals because they’d be subject to higher financing costs and interest expenses.

“We also note PENN is one of the most efficient land-based operators in our coverage, which limits any low-hanging operational synergies,” Jonas added.

Penn Focused on Bolstering ESPN Bet

A significant part of Donerail’s excoriation of Penn management and the push for a sale centered on the gaming company’s well-documented missteps in the online sports wagering space. Still, the operator is committed to ESPN Bet, its new sports-wagering mobile application that debuted last November.

Low hold rates, fierce competition, and the specter of increasing taxes are among the issues confounding some internet sportsbook operators, but Penn has the potential to leverage the ESPN brand and technological improvements to bring more bettors into ESPN Bet during the 2024 football season.

The post Penn Entertainment Strategic Review Unlikely, Says Analyst appeared first on Casino.org.

Late Monday, Boyd said it added Michael Hartmeier to its board of directors. Hartmeier previously served as the former group head of lodging, gaming, and leisure investment banking for Barclays. Before that, he served in similar capacities at Lehman Brothers and Credit Suisse First Boston.

During his 25-year career in investment banking, Hartmeier completed more than $125 billion in financing and advisory assignments, including work for numerous gaming companies,” according to a statement issued by Las Vegas-based Boyd.

Hartmeier has gaming industry director experience as he was previously a member of the board at Full House Resorts (NASDAQ: FLL), also a regional casino operator.

Birth of Boyd/Penn Rumor

In late May, Penn investor the Donerail Group authored a scathing letter to the board, saying the company has frittered away billions of dollars on online sports betting with nothing to show for it while encouraging the operator to mull a sale.

In a note to clients on Tuesday, Gordon Haskett analyst Don Bilson said Boyd could be evaluating all or parts of Penn. Neither company has commented to that effect. It’s possible that Penn has some pieces that could be attractive to Boyd, but on a regional basis, namely in the Midwest and the South, where there is significant overlap between the two operators.

In sports wagering, Boyd runs its own mobile application and retail sportsbooks in Nevada, and controls 5% of FanDuel, partnering with that company in other states. That could be a sign that even if Boyd wants to move on Penn, the potential suitor might not be interested in ESPN Bet.

Boyd/Penn Connections

Regarding Boyd potentially courting Penn, there is an interesting connection. Penn CFO Felicia Hendrix was a managing director at Barclays for 12.5 years and her time there overlapped with that of Hartmeier. Before that, she spent 10.5 years at Lehman Brothers and some of her time there intersected with Hartmeier’s tenure at the investment bank.

That may be no more than an interesting footnote or it could prove to be a relationship that could be useful in takeover talks, should those discussions emerge.

As for financial heft, Boyd has a market capitalization of $4.97 billion at this writing compared to $2.58 billion for Penn, indicating the former could possess the firepower needed to make a move on the latter. Still, when factoring a premium for a target, Boyd might need to issue debt or equity should it decide to make an offer for Penn in its entirety.

The post Boyd Board Appointment Stokes Penn Takeover Chatter appeared first on Casino.org.

Turkish news site OdaTV reported earlier this month that Zelensky had acquired the Vuni Palace Hotel and its accompanying Viva! Casino. The resort is on Cyprus’ northern shore in the Mersin resort corridor.

The report was quickly discredited by Turkish, Cyprus, and Ukrainian officials. OdaTV later deleted the article from its website. But the damage was done, says the rightful owner of the Vuni Palace Hotel and Viva! Casino.

Legal Action Forthcoming

Vuni Palace Hotel and Viva! Casino is owned by Oscar Limited. Company owners say the website cited by OdaTV was fake, in English instead of Turkish, and was nonfunctional.

The website … where the name of the company with the title Film Heritage Inc. is mentioned in the news article is a fake website that has nothing to do with the official website of our hotel and where images whose copyright belongs to our company are used unauthorized and illegally,” the statement read. “ “Further legal action will be taken in this regard.”

Oscar Ltd. said Vuni Palace Hotel’s correct online presence is vunipalacehotel.com. The website offers text in Turkish, English, and German.

Company reps added that any sale of the resort would require approval from the Cyprus government and local officials. It would be dealt with in an open, transparent manner, they claim, not one in secrecy and not one involving the sale to a controversial figure.

“As it is known, the Booking.com website cannot be booked through Turkey due to the restrictions by the authorities in Turkey. It is well-known by everyone,” the Oscar statement explained.

As Casino.org reported on June 5, the Viva! Casino is a small gaming venue with 270 slot machines and 15 live dealer table games. The Vuni Palace Hotel has 170 rooms and six suites, three restaurants, a full-service spa, two outdoor pools, and other amenities.

Zelensky Falsehoods

Since Russia invaded Ukraine in February 2022 and the United States began directing tens of billions of dollars to help Ukraine defend itself, there have been numerous reports about Zelensky using the war money to enrich himself. Some of the more publicized rumors include Zelensky reportedly buying a $20 million mansion in Florida, two yachts for $123 million, and a $5.5 million pad in France’s Alpes-Maritimes.

The rumblings, political experts believe, are the work of propagandists in Russia seeking to discredit the Ukrainian government and its leader.

Forbes estimates Zelensky’s net worth to be around $20 million. Before entering politics, Zelensky worked in the entertainment industry.

The post Cyprus Casino Resort Suing Turkish Media Firm for False Zelensky Report appeared first on Casino.org.

The “world’s tallest thermometer” in Baker, Calif., is a liar.

It’s not that there’s a taller thermometer somewhere in the world robbed of its rightful title. It’s that the spectacle that towers over the Mad Greek Café, a dozen gas stations, and everything else in the Mojave Desert town two-thirds of the drive up Interstate 15 from LA to Vegas isn’t a working thermometer.

It’s just a three-sided digital sign that displays the temperature measured by a thermometer that is real — but much, much smaller — located somewhere inside of it.

And, as far as freestanding digital signs go, the “world’s tallest thermometer” doesn’t even make the Top 10. The current record holder, located 94 miles north of Baker in Las Vegas, is nearly three times its size. And before the MSG Sphere’s 366-foot tall LED outer skin was switched on, the record holder was the Aria sign — also in Las Vegas — at twice the size of Baker’s digital sign.

Bun Warmer

In 1956, Willis Herron became a co-owner of the Bun Boy on Baker Boulevard. According to its roadside sign, this restaurant was the “home of the best fresh strawberry pie & butter thin pancakes.”

A kitchen blaze burned the Bun Boy down in 1990. While Herron rebuilt it with insurance money, he sought to add something more memorable for the public to associate it with than offensive jokes about its name.

At the time, Baker was known to the outside world for only two things — being a rest stop and being hot as blazes. So Herron threw in with the latter and paid YESCO $700K to do its thing.

The Salt Lake City-based Young Electric Sign Co. built Vegas Vic and owns and operates the Welcome to Fabulous Las Vegas sign.

After it was built, but before it was switched on, Herron’s sign was snapped in two by 70 mph winds that also trashed a gift shop below it. It was rebuilt and 125 cubic yards of concrete were poured into its steel core as reinforcement. Opening day was Oct. 9, 1992.

Under the Weather

Eight years later, an ailing Herron sold his thermometer — along with his Bun Boy and an associated motel — to a Burger King franchisee. Five years after that, the franchisee sold them to a local businessman named Matt Pike. Pike turned the Bun Boy into a Bob’s Big Boy and, in 2012, switched off the fake giant thermometer to save on its very real giant electric bill: $8K a month.

Yet saddened tourists still stopped to take photos of the darkened sign. So Herron’s widow vowed to buy it back.

After Barbara died in 2022, ownership of the sign passed to her children.

Bonus Tall Tale

Because the temperature in Death Valley was never expected to top 134 degrees Fahrenheit, that’s supposedly the highest temperature the sign is capable of displaying.

Nope. This is also a myth because the sign can go up to 139 degrees.

“The digital readout is set up to go up by 10-degree increments between the balls,” LaRae Harguess, one of the Herron children, told Casino.org. “The highest ball is 130, so 139 is the highest it will go, since there isn’t a 140 ball.”

Could a new computer program be written to accommodate even higher temperatures caused by global warming?

“Not without changing everything,” Harguess said.

Look for “Vegas Myths Busted” every Monday at Casino.org. Visit VegasMythsBusted.com to read previously busted Vegas myths. Got a suggestion for a Vegas myth that needs busting? Email [email protected].

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Rumors surfaced recently that an offshore entity called Film Heritage Inc., registered in Belize earlier this month, acquired the Vuni Palace Hotel and its accompanying Viva! Casino. The property is located on Cyprus’ northern shore in the Mersin resort corridor. ?

The Embassy of Ukraine in Cyprus denied the reports suggesting Zelensky bought Vuni Palace and Viva! Casino.

This false information is yet another lie aimed at discrediting Ukraine and its leadership in the eyes of the world community,” an embassy statement read. “We urge readers and media professionals to trust only reliable sources and be cautious of manipulations and Russian propaganda.”

Vuni Palace and its casino opened in 2006. The resort features 170 guestrooms and six suites, three restaurants plus a lobby bar and pool bar, a full-service spa, two outdoor pools, a karaoke, billiards, chess, and ping pong room, a yoga studio, and six meeting halls. ?

The Viva! Casino is a small gaming venue featuring 270 slot machines and 15 live dealer table games. The casino is open 24/7.

Ukraine at War

OdaTV, a Turkish online news site, was among the first news outlets to spread the gossip that an entity controlled by Zelensky assumed control of Vuni Palace. The website said it wasn’t known how much Film Heritage paid for Vuni and Viva! Casino, but a commercial real estate listing for the property came with an asking price of 150 million pounds (US$191.9 million). ?

Fact-checkers, including Snopes.com, have dismissed the Zelensky casino takeover talks. Cyprus President Nikos Christodoulides has also made public statements saying the casino hotel reports have no merit.

According to the United States Congressional Budget Office, the US has sent about $175 billion to Ukraine since its defense of Russia began in February 2022.?

Cyprus’ Gaming Industry

Cyprus is an island country in the eastern Mediterranean Sea. Though it’s geographically located in West Asia, its cultural and geopolitical ties are aligned with Southeast Europe.

Cyprus legalized gambling in 2012. The law authorized small casinos like Viva! and betting shops where slots and sports betting are allowed. The country also has legal forms of online gaming.

In 2015, Cyprus expanded its gaming market to include a single integrated casino resort and four smaller “satellite” casinos. Hong Kong-based Melco Resorts, one of the six casino operators in China’s Macau that additionally has an integrated resort casino in the Philippines, won the development license in Cyprus.

City of Dreams features 500 guestrooms in a 14-story pyramid structure, plus an amusement and water park, luxury retail shopping, convention facilities, outdoor and indoor pools, and numerous restaurants and bars. The complex is located along Lady’s Mile Big Beach in Limassol on the island’s southern side.

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Various media reports mentioning the still yet-to-be-confirmed agreement didn’t mention financial terms. In November 2020, Bally’s reached an agreement with Sinclair Broadcast Group to apply its name to 21 RSNs owned by the media entity. At that time it was reported that the regional casino operator agreed to pay $85 million over 10 years to put its branding on the RSNs. Sinclair also gained a 15% equity interest in the gaming company with an option to increase that stake assuming certain financial objectives were met.

Bally’s agreement with Diamond expires at the end of the current baseball season. With the media group dealing with bankruptcy and investors pressuring the gaming company to find avenues to conserve cash, the time could be appropriate for the two sides to part ways.

FanDuel Deal Likely Hinges on Diamond Bankruptcy Proceedings

With the deep financial resources of parent Flutter Entertainment (NYSE: FLUT) behind it, FanDuel could make for the ideal partner for scuffling Diamond Sports.

Sinclair acquired the 21 RSNs from Walt Disney for $10.6 billion in 2020 as part of the latter’s efforts to divest some assets to gain regulatory approval for its acquisition of 21^st Century Fox. At the time, the networks, which previously bore the Fox Sports name, were reportedly valued at least $16 billion.

That value has been significantly written down over the past several years as consumers shifted to streaming platforms and as creditors became concerned about Diamond’s financial health or lack thereof.

Diamond Sports Could Be Valuable to FanDuel

FanDuel, the largest US online sportsbook operator, already has a solid cable television footprint with its FanDuel TV network. Previously, that was a horse racing-specific network, but it was rebranded into a broader sports offering in 2022.

With Diamond Sports, there are sources of allure for FanDuel. The betting company would potentially be applying its name to RSNs that broadcast games of 38 Major League Baseball (MLB), NBA, and NHL teams.

Additionally, while FanDuel already enjoys some of the best brand recognition in the gaming business, an agreement with Diamond could position the gaming company for success in states that currently don’t allow sports betting. For example, Diamond’s RSNs cover teams in Atlanta, Dallas, and Los Angeles — three of the largest media markets in the country, each of which are located in states that currently don’t permit sports wagering.

The post FanDuel Close to Naming Rights Deal for 18 Diamond Sports Regional Networks appeared first on Casino.org.

In the letter to Penn Chairman David Handler Donerail Managing Partner Will Wyatt excoriated the regional casino operator for costly missteps in the online sports betting space and overpaying CEO Jay Snowden while noting the company should consider a sale because it could command double its current market value in such a deal owing to its regional gaming assets. JPMorgan analyst Joseph Greff isn’t a believer in Penn selling itself anytime soon.

We think a buyer for PENN is highly difficult and don’t see agitation resulting in anything that sustains shareholder-value creation,” wrote the analyst.

Greff noted he understood from where Donerail is coming due to Penn’s lengthy stretch of share declines, but he added “meaningful interactive losses generating poor investor sentiment for the overall enterprise.”

Some Talk of Penn Suitors Emerges

While Greff and other sell-side analysts aren’t convinced a buyer will soon come calling for Penn, reports out Monday suggest otherwise.

CNBC’s David Faber reported that he’s heard there’s interest in Penn, but he didn’t identify sources or specific suitors. He did, however, question whether or not Boyd Gaming (NYSE: BYD) or other gaming companies could make a run at Penn, which is widely viewed as a deep-value name.

Add to that, Boyd owns 5% of FanDuel, which implies Penn’s struggling ESPN Bet business wouldn’t be a selling point in a possible deal. Las Vegas-based Boyd hasn’t signaled any plans for large-scale acquisitions over the near term, and those are likely among the reasons why shares of Penn slipped almost 1% on Monday.

With Penn, Something’s Got to Give

In addition to highlighting the benefits of a potential sale, the Donerail letter to Penn addresses an important, long-running concern of Penn shareholders: the company’s costly, numerous mistakes in the online sports betting industry.

“Irrespective of the outcome of the current process, revisiting the current path of investment and returns is warranted, given the current competitive landscape in digital and the uncertainties around the investment required to capture the stated share goals,” he wrote in a report. “Something has to change” in view of shareholders’ limited tolerance for the costs of interactive expansion.”

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Ed Craven and Bijan Tehrani, the Australian billionaire entrepreneurs behind Stake.com, told the Australia Securties Exchange (ASX) last Friday that they recently boosted their PointsBet position to 16 million shares, or more than 5% of the bookmaker’s shares outstanding. That’s up from 4.2% at the end of December.

The duo have been amassing their PointsBet position through Easygo Gaming — a Melbourne-based gaming software company.

Easygo was established in 2016 by young entrepreneurs Ed Craven and Bijan Tehrani and has quickly become one of Australia’s fastest growing companies. Our brands attract over 200 million visits per month! More than the population of Australia, Mexico, and Italy combined!,” according to the company’s website.

Stake.com is what’s known as a gray-market operator. That label implies that while it’s not officially licensed and regulated on par with a white-market equivalent, it is safer for consumers than a black-market counterpart.

Not Clear if Stake.com Founders to Acquire PointsBet

In initiating the PointsBet stake, Craven and Tehrani signaled an intent to better capitalize on more traditional forms of wagering – something the sports wagering company certainly delivers. However, it’s not clear if the duo want to acquire PointsBet outright.

Executives acknowledged that despite the fact that DraftKings (NASDAQ: DKGN) and privately held Fanatics engaged in a small bidding war for PointsBet US, that business was sold at a loss.

However, the gaming company makes money in its home market and it retained its Canadian operations, which are also viewed as a potentially valuable asset. Still, it’s not clear if Craven and Tehrani want to eventually gain majority control of PointsBet or if they’ll become activist investors.

Some Synergies Between Stake.com, PointsBet

While Stake.com is widely viewed as a cryptocurrency casino, it does have a sportsbook, indicating that Craven and Tehrani are knowledgeable of that business and there are potential synergies between their company and PointsBet.

Again, the Stake.com founders haven’t overtly said that they want to acquire PointsBet, but their company has been the subject of takeover rumors of its own.

Nearly a year ago, reports surfaced that the internet casino operator was kicking the tires on Chicago-based Rush Street Interactive (NYSE: RSI) — another gaming name often tied to takeover speculation — but a deal didn’t materialize.

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