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World Famous DJ Kaskade Weighs-In on The Palm’s KAOS

World Famous DJ Kaskade Weighs-In on The Palm’s KAOS

Las Vegas may be known best as the casino gambling capital of the world. However, captivating entertainment options and a night life that lingers into daylight is another popular draw. The Palms Casino Resort in the Las Vegas Strip has been in the news lately in the midst of a billion-dollar renovation. A big part of the plan is KAOS as one of the hottest night spots in town.

Indeed, the world famous DJ Kaskade relayed his thoughts on the popular night and day club. Like most of the initial impressions for first-time visitors, he was amazed at the overall size of KAOS even after seeing the building plans ahead of time. His overall impression was quoted as follows:

“I think everyone is blown away. There’s nothing of this magnitude in Vegas or even in our country that I’m aware of. You hear these stories of megaclubs, but I don’t think there’s anything as mega as KAOS.”

When Will DJ Kaskade Perform At The Palm’s KAOS?

The world famous DJ has already made a name for himself in Las Vegas. He has been referred to as a “Vegas club institution” after playing every major entertainment venue that has ever existed on the Strip as well as in the downtown area of the city. The Palms did not hesitate to sign him as one of the first resident artists for KAOS.

Speaking to his relationship with the Palms, the 48-year old DJ and producer added:

“Working with the team at the Palms was the big draw for me, bringing in new, fresh and innovative ideas. These guys are part of the reason clubs are so big in Las Vegas. And they’re really pushing themselves to try new and interesting things in this space. And redefine what a megaclub is and what a live music venue can be in Las Vegas.”

One of his most notably productions is the Sun Soaked Festival as one of the events co-creators. Programming in various genres and different styles of performers at Kaos was another big draw for Kaskade.

Through a phone interview from Bali, he noted that he will be planning even more unique shows at his new home in Las Vegas moving forward. Ahead of performing at KAOS the weekend of May 10-12, he was enjoying a bit of downtime after playing the Marquee in Singapore.

Las Vegas Nightclub Attractions

Going back 10 years, Kaskade was instrumental in creating a new Vegas nightclub attraction at Encore. This led to his initial residency at the Encore Beach Club. This marked the start of his famous run as a premium entertainer at the new “global clubbing capital” featuring the hottest night spots in the world.

Kaskade is set to become a fixture at KAOS this summer along with an impressive lineup of A-List entertainers. He will also focus his energy of the third installment of Sun Soaked. This event takes place in Long Beach, California and it has doubled in size from one year to the next. Last year’s crowd reached an estimated 30,000 people and it is planned this year for July 13 and 14.

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The Cards Could Be Stacked Against the Las Vegas Sands

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The Las Vegas Sands is the largest casino entertainment corporation in the world. While it is based in the casino gambling capital of the world, its business interests span the globe. The company has been under the spotlight lately with poor financial results in certain sectors. According to a recent report by The Motley Fool, this could be just the tip of the iceberg. Highlights of that report were posted on Yahoo Finance the other day.

Over the past three months, Las Vegas Sands’ stock price as lost close to 20 percent of its value. The main concern among investors is slowing growth in Asia. Other factors are escalating trade wars, loss of value in the yuan and civil unrest in Hong Kong.

Does The Las Vegas Sands Corporation Need Help?

Investors are still drawn in with a low price verse earnings (P/E) of 16. There is also an attractive six percent yield on the company’s dividend. However, further financial analysis still raises cause for concern.

The report cites slowed growth in the company’s Macau casino properties. Las Vegas Sands derives 61 percent of its adjusted EBITDA from its five properties and ferry operations in that region.

After enjoying eight months of double-digit growth in 2018, the casino giant is dealing with stalled growth this year. Over the last seven months, four have resulted in negative revenue against the same time frame last year. The best month was June with a 5.9 percent increase. This was followed by a 3.5 percent decline in July. The source for these figures comes from Macao Gaming Inspection and Coordination Bureau.

The general economic slowdown in China is a driving force along with increased trade war concerns. You can add in lower spending from casino VIP’s, reduced junkets and travel disruptions.

This region has been the company’s primary growth engine the past several years. It can ramp up its competitive efforts to increase the overall share of a stagnate market. However, those actions always come at a price that could impact bottom-line profit.

It just so happens that company CEO Sheldon Adelson is one of Donald Trump’s biggest political donors. This could also factor into the escalating trade war with China. The government could use Sands’ Macau properties as leverage against Trump in a retaliatory measure.

The good news is that Las Vegas is heating up again after its own financial woes. Sands’ EBITDA in its own backyard soared to $136 million in the last quarter. The downside is that its Las Vegas business only accounts for 12 percent of its adjusted property EBITDA. These gains are still not enough to offset losses in other regions such as Macau and Singapore.

Revenue From It’s Casinos In Las Vegas

Conversely, MGM Resorts derives most of its company revenue from its casinos in Las Vegas. This has resulted in a 10 percent gain in the stock price over the past three months.

The current unrest in Asian markets is likely to keep the downward pressure on Sands’ stock price in the short term. Moreover, this makes the company a bad bet for anyone looking cash in on the casino gambling industry.

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Eldorado Buys Caesars and Creates a Monster Casino Company

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When the Eldorado Hotel / Casino in Reno opened its doors in 1973 with just a dozen gaming tables, no one would have imagined that from such humble beginnings, it would have eventually developed into the largest gambling operator in the entire United States.

But in point of fact, it has done just that.

In a deal that is sending shockwaves throughout the gaming community, Eldorado Resorts has executed a purchase of Caesars, in a transaction that adds a total of 60 different casino/resorts, spread out over sixteen states. The value of the deal is $17.3 billion, which is inclusive of $8.8 billion of debt.

Why Does Eldorado Buy Caesars To Create a Monster Casino Company?

Eldorado shareholders will have a 51% stake in the newly-merged company, with Caesars Entertainment shareholders owning the rest.

The company will bear Caesars’ name, and why not? Part of the value lies in the well-established Caesars brand, with the flagship Caesars Palace resort on the Las Vegas strip.

There was pressure for a deal, to be sure. Carl Icahn, the legendary activist investor, had put together a large chunk of Caesars stock and was campaigning for changes at the company, with both its board and CEO. He was able to install Tony Rodio as the Chief Executive Officer of Caesars, but still believed that the stock was greatly undervalued. The solution in terms of exploiting the value, in his estimation, was to sell.

Tom Reeg, who had been CEO at Eldorado, will take on the same role with the merged company, which will now have 81 properties and 81,000 employees.

The Carl Icahn Involvment

Interestingly enough, at this time last year, Eldorado had inquired about the same purchase a year ago, but was turned down. The Icahn involvement changed the atmosphere considerably. He’d had some history with Eldorado having sold Tropicana Entertainment to them last year.

Not everybody is overjoyed. There are anticipated cuts in costs – up to $500 million worth in the first year, according to an Eldorado announcement – and the Culinary Workers Union, which constitutes about 30% of the employees at the newly-merged company’s resorts, believes that their people will be on the short end of all of that. It is yet to be determined whether there will be considerable losses of jobs or cuts in wages and benefits.

The company is expected to sell at least one property of theirs along the Las Vegas Strip; they just don’t know at this time which one(s) it will be. Simply put, they don’t need as many assets on the Strip as they have.

When it comes down to it, Eldorado is a family business. And what a family the Caranos are – the patriarch, Don, opened the initial Eldorado Hotel some 46 years ago in Reno. Now his son Gary is the chairman of the board, and grandson Anthony (Gary’s son) is president and chief operating officer.

Gary’s brother Glenn has served as general manager of Eldorado; prior to that he had served on the Nevada State Athletic Commission and played quarterback for the Dallas Cowboys. Another famous member of the clan is Gina Carano, a former world women’s champion in mixed martial arts.

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Las Vegas Nevada Lawmakers Consider Legal Marijuana Lounges

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Nevada has consistently earned its reputation as one of the more progressive states in the country. Within its borders, gambling, prostitution and private use of marijuana is already legal. Las Vegas has grown to become the casino gambling capital of the world. These is a reason that this casino resort town is also referred to as ‘Sin City’.

Why Are Nevada Lawmakers Considering Legal Marijuana Lounges?

As mentioned, recreational use of marijuana in private residences is already legal in the state. More recently, Nevada lawmakers will now have to consider a bill that would legalize its use in commercial marijuana lounges.

According to a post by John Sadler for www.lasvegassun.com, a bill was introduced earlier in May to create a statewide Cannabis Compliance Board. Now there is a proposed amendment that would give individual counties the authority to issue licenses governing its use in public lounges.

Discussions on the original bill began this week as part of the current legislative session that has 20 days to go. The general counsel to Nevada Governor Steve Sisolak is J. Brin Gibson. In the role of chair of the Cannabis Compliance Board Advisory Panel, the concern for a cohesive set of laws was high on the list. Given the complicated subject matter, this panel is looking to avoid a set of patchwork laws on the issue.

Under the proposed bill, the state would set up the regulations that each county would have to adhere to. Cannabis would not be sold in lounges and anyone under 21 would be prohibited. There would also be restrictions in place covering the distance between a lounge and a casino.

Krystal Saab is legal counsel for Nevada Organic Remedies and The Source dispensary. She testified in support of the bill. Her exact quote on the matter was:

Legalize And Control The Sale Of Medicinal And Adult-Use Cannabis

“This bill and resulting regulatory framework will further cement Nevada’s cannabis industry as the gold standard for how to legalize and control the sale of medicinal and adult-use cannabis.”

The city of Las Vegas has already taken the lead on this issue by legalizing consumption lounges. This was the first municipality to take this measure in the state. However, under the proposed legislation, individual municipalities would not have the power to circumvent county laws. This means that if Clark County does not approve lounges, they would be illegal in Las Vegas as well.

According to a spokesman for the city of Las Vegas, Jace Radke, “The city is evaluating and monitoring the bill in question.” According to the information in this post, it was unclear if any lounges were up and operating in Las Vegas.

According to a recent post on the Reno Gazette Journal, the vote to allow legal lounges was in response existing Las Vegas city sales. While any number of shops have been legally selling marijuana for the past two years, it still remained illegal to use it in public places. Existing dispensaries would be able to apply for permits to open consumption lounges. Residents and tourists alike would be able use marijuana products in a venue that could also offer meals and entertainment.

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NetEnt and DraftKings Join Forces in New Jersey Online Casino Industry

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Outside of Nevada, the state of New Jersey would have to be considered the most progressive markets for casino gambling. The Garden State was instrumental in bringing legal sports betting to the state level last year. It won a monumental lawsuit against the federal government and a few of the biggest sports leagues in the country. The case went all the way to the Supreme Court which eventually ruled in favor of state’s rights in the matter.

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See How NetEnt and DraftKings Join Forces in New Jersey Online Casino Industry

From that point moving further, New Jersey has aggressively pursued the expansion of online gambling through a regulated market. Furthermore, this follows the opening of several land-based sportsbooks in Atlantic City casino resorts as well as the state’s racetracks for horse betting. The online market for all forms of real money gambling is thought of as the next frontier.

As two of the bigger players in the gaming industry, NetEnt and DraftKings are ready to make their mark in the Garden State. As reported on the company website, www.netentc.om late last month, NetEnt signed a “landmark” deal with DraftKings.

DraftKings Will Have Access To Net Entertainment’s Porfolio Of Games

The main crux of the deal allows DraftKings to offer NetEnt’s portfolio of slots and other casino games in New Jersey. Over the coming weeks, NetEnt’s casino games will be launched and available to DraftKings players.

Erik Nyman is the Managing Director for NetEnt Americas LLC. He was quoted in the release as follows:

“We are very excited to have landed a deal with DraftKings. As the world leader in fantasy sports, with a large player base they will add a new dimension to the market. And we are confident that their players will enjoy our popular games.

Limited Presence In The United States Of America

While NetEnt’s presence in the US is limited, it is growing at a rapid pace. This gaming software developer is a truly global force with recent expansions into numerous regulated markets around the world. It is a logical step to start building its presence in the US market through regulated states.

While real money online casino gambling sites are already open to US players, individual states are looking to get a piece of the action. DraftKings initially partnered with Resorts Casino in Atlantic City to open a land-based sportsbook. Furthermore, this has led to an online application for casino games and sports betting. The company is also licensed by the UK Gambling Commission and the Malta Gaming Authority for expansion abroad.

NetEnt is considered to be one of the pioneers of online gambling. In business for over 20 years, it has become a leading provider of premium gaming solutions to an ever-growing network of casino operators. The company is also licensed and regulated by the UK Gambling Commission.

At the heart of its business model for online gambling solutions is NetEnt’s award-winning game portfolio. A few of the most popular video slot titles include:

  1. Jumanji
  2. Gonzo’s Quest- The Search for El Dorado
  3. Starburst
  4. Mega Fortune
  5. Planet of the Apes

Ultimately, this is just a short list of a game portfolio that sets NetEnt apart from the competition.

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Jimmy Kimmel Opens a New Comedy Club in Las Vegas

jimmy kimmels comedy club las vegas

Jimmy Kimmel is best known for his late-night talk show on ABC. The show is appropriately called ‘Jimmy Kimmel Live’ and it continues to receive rave reviews. He has established himself as one of the top hosts in the entertainment industry. However, other career credits include comedian, writer and producer. You can now add comedy club owner to the list. Recently, it seems that Jimmy Kimmel is opening a new comedy club in Las Vegas.

When Will Jimmy Kimmel Open a New Comedy Club in Las Vegas?

Kimmel has deep roots in Las Vegas after moving there at the tender age of nine. He recently celebrated the grand opening of Jimmy Kimmel’s Comedy Club at The LINQ Promenade. Details of the opening celebration on Friday, June 14, 2019.

The club is a working partnership with Caesars Entertainment. If first opened for business in early May, but last Friday’s grand opening brought the stars to town. Along with his ex-girlfriend Sara Silverman, Chris Tucker, Pete Holmes and long-time sidekick Guillermo Rodriguez took part in the celebration.

A few of the other celebrities spotted at the club were Las Vegas Raiders’ owner Mark Davis, chef Gordon Ramsay and Bill Simmons, who is the founder of The Ringer. Kimmel also had a long list of friends and family members in the crowd.

Tony Rodio is the CEO and President of Caesars Entertainment. He was quoted as saying:

“It’s a pleasure to celebrate what I am certain will be a long partnership with Jimmy Kimmel at The LINQ Promenade. I can tell you that the venue reflects a true creative collaboration between Jimmy, his team and friends, as well as Caesars, to create a Comedy Club that’s an ideal, intimate setting for the performers and audience.”

Rodio and Caesars Entertainment

One of the gifts presented to Kimmel by Rodio and Caesars Entertainment was an authentic UNLV Running Rebels 1990 NCAA National Championship ring. Kimmel went on to thank the entire Caesars Entertainment team for their support in this project. He also added:

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“The best part of it is when I come to Las Vegas, I have a great place to hang and see some really great comedians. The club already feels like home given the bar area was designed to look like my bar at home. I’m really excited for our guests to try the cocktails and food selections as many were inspired by my friends and family.”

The stated goal of the club is to capture the spirit of classic Vegas. Old-school Las Vegas is a reoccurring theme with many of the new casino, restaurant and entertainment venues opening for business these days. There will be late night shows, surprise guests and high-end casual cuisine. The club will also be decorated with plenty of memorabilia from his career as well as other famous Nevada entertainers.

Jimmy Kimmel’s Comedy Club is duel-level 8,000 square-foot venue. It boasts an expandable showroom that can accommodate up to 300 guests. The club will showcase house-hold named comedians along with up-and-coming talent. All shows will be curated by Kimmel’s staff with input from the late-night star as well. The bar opens at 4 p.m. daily with live performances from Thursday through Sunday starting at 8 p.m.

• Source: Jimmy Kimmel Opens Las Vegas Comedy Club, Surprise Lineup Includes Sarah Silverman From Hollywoodreporter.com On June 15, 2019.

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Las Vegas Advisor’s Top Dog Weighs-in On Pressing Matters

las vegas mgm wynn poker blackjack bitcoin

Casino gambling and legal sports betting continue to expand all across the nation. More and more states are turning to various forms of gambling to fill the growing void in government budgets. Whether it is expansion into land-based casinos or online casino sites, this trend is likely to continue in the coming years.

Las Vegas is still original casino gambling capital of the world. It also still takes center stage when it comes to the hottest trends and biggest news stories in the industry. In a recent interview posted on www.forbes.com, investment insider John Navin sits down with Anthony Curtis for a one-on-one interview.

See How Las Vegas Advisor’s Top Dog Weighs-in On Pressing Matters

The topic was Las Vegas, and in particular, MGM, Wynn, poker, blackjack, and Bitcoin. Curtis moved to Las Vegas in the late 1970s to make a living playing blackjack. Flash forward to recent years and Curtis was named the World’s Greatest Blackjack Player at Max Rubin’s 2017 Blackjack Ball.

Among his many accomplishments, Curtis also publishes Las Vegas Advisor while running Huntington Press. Residing in Las Vegas for the past 40 years, he agreed to provide his insight into a few hot topics concerning this iconic gambling town.

Asked about MGM’s current business struggles, Curtis attributed the recent loss of 700 jobs to much-needed cost-cutting measures. He added, “the company was choking with debt and has to cut costs. They’re are doing what any company would.” The concern comes with the other business practice of added resort fees, paid parking, tighter odds and fewer comps. Competition in town is too tough to try and gouge the customers.

The share price of WYNN has dropped nearly 40 percent from its peak in 2018. Curtis attributed some of the losses to decreased play at a casino that relies heavily on high rollers. He specifically pointed out the loss of play for baccarat as the game of choice.

Bitcoin In Sin City

Curtis was asked about the impact of Bitcoin and other cryptocurrencies on the Las Vegas Nevada casino industry. His response stated:

“It’s been barely a blip. A couple of places installed kiosks, but they’ve made no appreciable impact. I don’t think much of the customer base tries to deal in crypto.”

The 50th anniversary of the World Series of Poker is one of the bigger events in Las Vegas this summer. Going back to his arrival in Las Vegas in 1979, this event was still staged at Benny Binion’s downtown casino, the Horseshoe Club.

When asked about the evolution of this event over the years, Curtis added, “it’s changed immensely.” Even though the boom from the early 2000s at the height of this event has waned, today’s WSOP continues to post some big numbers. His bold prediction was that “the new poker will be sports betting.”

For anyone looking to experience old-school Las Vegas from the 1950s and ’60s, the downtown area is still the place to go. He noted the following three restaurants for that nostalgic feel:

  1. Binion’s Steakhouse in Binion’s
  2. Second Street Grill in Freemont Casino
  3. Hugo’s in Four Queens Casino

• Source: Las Vegas Advisor’s Anthony Curtis On MGM, WYNN, Poker, Blackjack And Bitcoin From Forbes.com On June 10, 2019.

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Bellagio Las Vegas Robbery Attempt Ends in Deadly Gunfire

bellagio las vegas shooting

It is never a bright idea to try and rob a land-based casino. The added security measures, extra security personnel, and advanced alarm systems are a recipe for disaster for would-be thieves. If weapons are also involved in the burglary attempt, things can really go south in a bad way.

As part of a news report on www.abcnews.go.com from last Sunday, a robbery attempt at the Bellagio Las Vegas went about as south as it gets. The robbery attempt took place last Friday night at one of the most high-profile casino and resorts on the Las Vegas Strip. It was reported that an armed man demanded money from a popular poker cage. He entered the casino floor and made his way toward the intended target. After demanding money from the poker cage, he quickly made his escape out of the north entrance.

How Does The Bellagio Las Vegas Robbery Attempt End in Deadly Gunfire?

Most of the details in this report were provided in a press conference later that night by Las Vegas police. The subject in question then tried to carjack a patron at the hotel valet. This was followed by a direct confrontation with uniformed officers present at the scene. The suspect turned and fired his weapon directly at one of those officers, striking him in the chest.

Kevin McMahill is an undersheriff with the Las Vegas Police Department. He told ABC News that the officer was shot “square in the chest.” In a very fortunate twist of fate, the bullet hit the officer’s cell phone before it bounced off into another part of his vest. McMahill added that “he was really lucky” when asked about the officer that was shot. The injured policeman was taken to a nearby medical facility where he was treated and released.

Another Shooting At Casinos On The Las Vegas Strip?

Another officer on the scene returned fire and struck the robbery suspect in his chest. The unidentified man was taken to the hospital for medical treatment before dying a few hours later. This was also according to the official police report.

In another unexpected twist, police were already on the scene at the Bellagio due to a report of a missing girl. The missing 12-year old had come to Las Vegas as part of a family trip. She was apparently lured away by an adult male. McMahill was also quoted in this incident as saying, “He lured her on the internet.”

The police were able to trace the child to the Bellagio where they then arrested the man in connection with this crime. Officers were in the casino’s surveillance room reviewing the CCTV footage pertaining to the missing girl at the same time they were “watching the robbery live” on security cameras according to McMahill’s added comments.
At least two groups of police were deployed to confront the robbery suspect outside the hotel. This is why they were able to intervene as quickly as they did.

An investigation is underway to see if a similar robbery at a Bellagio poker cage in November of 2017 is linked to this latest attempt. The thief from the first crime was never apprehended.

• Source: Alleged robber at Bellagio casino dies after trading gunfire with police on Las Vegas strip From Abcnews.go.com On March 13, 2019.

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William Hill Sportsbook Expands Operations in Las Vegas

William Hill Sportsbook

William Hill has been able to quickly establish itself as one of the premier sportsbooks in the US sports betting industry. Originally based in the UK, the company’s first expansion into the US market was in Nevada. It created a presence in the Bahamas and more recently in New Jersey and West Virginia as its newest sports betting markets. Business has grown rapidly in all these markets with more than 115 locations in Nevada alone. This has made William Hill the sports betting leader in the US.

A recent post on the Las Vegas Sun’s website detailed the company’s latest business venture. Pending regulatory approval, it will take over the sportsbook operations at M Resort this May. Casino owner Penn National Gaming made the announcement earlier this week. Located in Henderson, M Resort is looking to expand its presence in the highly competitive sports betting arena. Partnering with such a high-profile partner as William Hill is a major step towards accomplishing that goal.

When Will William Hill Sportsbook Expand Their Operations To Las Vegas?

This move will replace Las Vegas-based CG Technology as the previous operator of the casino’s sportsbook. This company also runs the books at the Venetian, Palazzo, Cosmopolitan, Tropicana, Hard Rock, Silverton and the Palms. A spokesman for CG Technology pointed out that the company could not agree on a new lease arrangement with Penn National. The current lease expires in April.

Ameet Patel is the senior vice president of regional operations for Penn National. He was quoted as saying: “We have an active sportsbook at M Resorts, and we think our guests will benefit greatly from William Hill’s expertise.”

Indeed, Parikshat Khanna is the CEO of CG Technology. Furthermore, he says. “We want everyone to know that we’re still going to operate the book through April 30. Also, this includes the peak March Madness period. With our lease ending, we mutually agree to not renew it. Moreover, we want to thank M Resort’s management team. Additionally, we thank their employees for their support during our partnership.”

Most of William Hill’s expansion in Nevada has been online through its www.williamhill.us site. The site offers a zip code search to bettors find the nearest sportsbook or betting kiosk. It also offers How to Bet guides for a wide array of sports. At the top of the list is football followed by basketball, baseball, hockey, horse racing, and soccer. It also offers guides for sports betting terminology, lines, odds and anything else related to betting on sports.
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William Hill Sportsbook Offers A Mobile Sports Betting App

One of the company’s most popular innovations is a betting app for LIVE InPlay wagering. This allows sports bettors to wager on all the major sports as the games are taking place. You can continually bet adjusting sides, totals and money lines throughout the course of play. InPlay wagering is available at William Hill locations in Nevada. It is also offered through the William Hill Mobile Sports app to allows bets to be conveniently places at any time.

The company was founded back in 1934. It is registered on the London Stock Exchange and current revenues top $2.1 billion annually. It established William Hill US in 2012.

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Las Vegas Mogul Steve Wynn Fights to Hold Onto His Casino Empire

Las Vegas Casino Mogul Steve Wynn Fights to Hold Onto His Empire

Alleged sex scandals and other inappropriate behavior have rocked any number of industries in recent months from the world of entertainment to politics and sports. One figure caught in the thick of things is Steve Wynn. He has become synonymous with all the glitz and glamour that Las Vegas Casinos and Wynn Resort have come to stand for. However, according to a recent article posted on Bloomberg.com , he could be in for the fight of his life just to maintain this status.

How Does Steve Wynn Plan To Hold Onto His Las Vegas Casino Empire?

The walls appear to be closing in on Wynn amid his sexual misconduct allegations. Earlier this month, he decided to step down from his company. His real issues are just starting to surface as he fights to hold onto his 11.8 percent financial stake in Wynn Resorts. He has stated that he has no intention of selling his stake, but he may have no choice in light of a current court battle dating all the way back to 2012.

Buying Back Some Of Their Debt?

The Bloomberg report states that Wynn Resorts wants to alter the terms of some of its bonds to avoid having to buy back some existing debt. Above all, this is the crux of a complicated three-way lawsuit that also involves Wynn’s ex-wife Elaine Wynn and a former business partner, Kazuo Okada.

Without a legal barrier to the sale of a large block of company shares, Wynn Resorts could be forced to buy back some of its existing debt. The price could be higher than its face value and its current market value. The company has $500 million in notes that do not mature until 2023, and they are trading around 99.9 cents on a dollar. Wynn Resorts could find itself in a situation where the buy-back price of these bonds would be at 101 cents on the dollar.

The Change-Of-Control’ Trigger

To ward off any market action that could hurt the company’s overall financial health, Wynn Resorts is looking to raise the ‘change-of-control’ trigger to 50 percent from its current level. The company has already made a $10 million offer to holders of the 2023 bonds to agree to the change in terms.

According to Bloomberg, ‘At the heart of this legal fight is a 2010 agreement that gave Steve Wynn control over Elaine Wynn’s and Okada’s shares. This month, he agreed to give up the control he had over Elaine’s portion and has also said that the pact no longer binds either party’. Also, this means that she can now sell her 9.4 percent stake in the company.

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Will The Alleged Steve Wynn Sex Scandal Hurt His Las Vegas Casinos Long Term?

Complicating the current lawsuit, Okada has argued that the 2010 agreement is still in effect. He also states that Wynn does not have the legal stature to give up control over his ex-wife’s shares.

Most importantly, this situation bears watching in the coming weeks. The Bloomberg report indicated that the first step towards any resolution should take place later this week. A Nevada state court judge has scheduled a hearing on the matter for March 2.

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