Saturday, March 2, 2019
The Hot Clicks of the Week
Wynn Resorts was assessed a $20 million fine by the Nevada Gaming Commission Tuesday to settle a 10-count complaint that detailed years of failure by former company executives to “report and/or investigate” numerous allegations of sexual assault, sexual harassment and sexual misconduct by former CEO Steve Wynn. The fine was the largest handed down in Nevada history, nearly four times larger than the previous penalty, $5.5 million levied in 2014 against Cantor Gaming, now known as CG Technology.
Caesars Entertainment Corp. gave Carl Icahn seats on its board, putting the billionaire in position to influence the choice of a new chief executive officer and push harder for a sale of the gambling giant. Three Icahn-backed candidates, Keith Cozza, Courtney Mather and James Nelson, will replace three existing board members effective immediately, Caesars said in a statement Friday. Icahn has the right to appoint a fourth member if a CEO amenable to the new directors isn’t chosen within 45 days.
One More from Howard Stutz
Howard says: MGM Resorts International, which is in the heated competition for one of the expected three integrated resort licenses in Japan, just got to first base. The Las Vegas-based casino giant has a marketing deal with Major League Baseball. When the league holds its opening series in Japan this month, players for the Oakland A’s will wear patches on their uniforms to promote MGM Resorts. It’s all about optics. The A’s will play the Seattle Mariners March 20-21 at the Tokyo Dome and MGM is seeking any opportunity to raise the company’s Japanese profile. “It will be highly competitive,” MGM Chairman Jim Murren said on last month’s quarterly earnings conference call. “But I think the cards are stacked in the favor of those who are prepared, who have been working hard, who will have the best program, best strategy, (and) the best understanding of the country.” MGM is focused on Osaka for its casino location. The city is believed to want an integrated resort to open by 2025, in time for the World Expo. A couple of Major League Baseball games in Tokyo may not move the needle, but it will help with MGM’s presence. The company will have its marks on the official logo for the series and will play a prominent role in the fan festival surrounding the games.
(Cue Walter Winchell’s sonorous voice). This is a true story about Al Capone and the repeal of Professional and Amateur Sports Protection Act. The names have not been changed to protect the innocent. By pure coincidence, the U.S. Supreme Court’s landmark decision in Murphy versus National Collegiate Athletic Association to overturn PASPA was handed down just seven months shy of the 100 th  anniversary of the ratification of the 18 th  Amendment to the U.S. Constitution.
When it comes to growing the economy and raising revenues, the 30th Legislature needs to learn to work smarter, not harder. Since no one else wants to say it, I will: it’s time for a state lottery system, casinos and legalized, taxable gambling in Hawaii. The official position of most local state and county agencies when it comes to gambling is almost perfectly captured by the Department of Business, Economic Development and Tourism’s recent testimony to the House Judiciary Committee on a bill that merely proposed to study online sports gaming.
International
Grand Lisboa Palace, the HK$36 billion (US$4.6 billion) integrated resort currently being built in Cotai by SJM Holdings, will be opened in stages as the company races the clock to have the property ready before 2020. The project update was delivered by SJM Vice-Chairman, Executive Director and CEO Ambrose So on Thursday following a press conference launching a new seminar program at Macau Millennium College that will see young SJM executives learn about China’s modern history and traditional culture.
Read More: Inside Asian Gaming
This report is edited by Howard Stutz .