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Tilman Fertitta Bullish on DraftKings, Wynn Heading Into 2024

Tilman Fertitta controls the growing Golden Nugget casino empire, but he’s constructive on a pair of other gaming equities as 2024 looms.

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Tilman Fertitta in a 2020 interview. He’s bullish on shares of DraftKings and Wynn Resorts. (Image: CNBC)

In an interview with CNBC’s Brian Sullivan, Fertitta waxed bullish on DraftKings(NASDAQ: DKNG) and Wynn Resorts (NASDAQ: WYNN) — two stocks in which he’s among the largest individual investors.

I think Wynn is still your premier gaming company in the United States,” said Fertitta in the interview. “If there’s business in Vegas, which there’s always been, Wynn is going to do the most business.”

On Oct. 31, 2022, it was revealed that the Golden Nugget boss and Houston Rockets owner took a 6.1% stake in Wynn, making him the second-largest individual shareholder in the stock behind only Elaine Wynn. That touched off speculation that Fertitta could eventually move to acquire Wynn outright. Such a transaction hasn’t materialized as of yet, but his desire to own a Las Vegas Strip casino resort is well-documented.

Wynn Could Be Winner for Fertitta

A 2022 Schedule 13G filing with the Securities and Exchange Commission (SEC) indicates Fertitta Entertainment, Fertitta himself, and another entity purchased 6.91 million shares of Wynn in October 2022.

Depending on exactly when in October 2022 those purchases were made, Fertitta is likely sitting on a modest though unrealized profit in Wynn shares. The stock closed at $87.21 on Oct. 1, 2022 and at $90.42 today. While that suggests lethargic price action in the name over the past year-plus, Fertitta remains optimistic in his outlook on Wynn.

“I’m very bullish on Wynn,” added Fertitta. “It’s been lingering down there in the 80s for the past few months and I expect for it to make a huge move soon.”

According to SEC filing activity, Fertitta has not added to or reduced his Wynn stake.

Fertitta Constructive on DraftKings, Too

Fertitta told Sullivan he’s the largest individual shareholder of DraftKings equity, though that’s likely in reference to the common stock as co-founder and CEO Jason Robins holds more than 90% of another class of shares that possess super voting rights.

Fertitta’s status as major DraftKings investors came about through the online sportsbook operator acquiring his Golden Nugget Online Gaming (GNOG) — a $1.56 billion all-stock deal that closed in May 2022. That transaction paved the way for DraftKings to become one of the leaders by market share in domestic iGaming industry owing to GNOG’s established internet casino footprint in marquee markets such as New Jersey.

He remains bullish on DraftKings even as new competitors, such as ESPN Bet and Fanatics, enter the arena.

“It’s gonna really be four or five companies that are gonna own the sports betting industry,” Fertitta told Sullivan. “What you have to remember about that industry is it’s only in a few states. It’s not in California. It’s not in Texas. So many people are betting offshore now that when these big states get it, the amount of money that’s going to flow to the bottom line for these companies is extremely, extremely huge.”

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Phoenix Suns Guard Bradley Beal Out for Two More Weeks

Phoenix Suns shooting guard Bradley Beal will be sidelined until early January with a right ankle injury.

Suns Bradley Beal injury
Medical staff from the Phoenix Suns attend to shooting guard Bradley Beal after he went down with an ankle injury against the New York Knicks at Footprint Center in Phoenix. (Image: Getty)

Beal sprained his ankle in the first quarter against the New York Knicks last week. It was a crushing blow considering it was only his sixth game of the season.

X-rays were negative and an MRI revealed no structural damage. The Suns will evaluate Beal in early January.

Beal knocked down a 3-point shot but he landed on Donte DiVincenzo’s foot and rolled his ankle. Officials reviewed the incident and called DiVincenzo for a flagrant 1 foul since he failed to allow Beal space to land after his jump shot.

The Knicks held off the Suns, 139-122, thanks to a 50-point eruption by point guard Jalen Brunson. The Knicks hadn’t defeated a team with Kevin Durant in more than 10 years, but finally got off the schneid with the road victory.

Another Injury, Another Setback for Beal

The Suns acquired Beal in a blockbuster trade with the Washington Wizards in the offseason. They sent future Hall of Fame point guard Chris Paul and multiple draft picks to the Wizards, who then flipped Paul to the Golden State Warriors for shooting guard Jordan Poole.

Mat Ishbia purchased the Suns in the middle of last season for a record price tag of $4 billion. He wanted to put his imprint on the team by assembling a “Big 3” with Durant, Devin Booker, and Beal.

Beal missed most of this season with a back injury and his debut with the Suns was delayed while he recovered from a sprained back. He appeared in three games in November before he aggravated his ailing back, and was sidelined for almost another month.

Beal averaged 16.4 points per game in five full games before he went down with an ankle injury against the Knicks.

Without Beal, the Suns will rely on Devin Booker and Durant to provide additional scoring. The Suns are ranked #15 in the NBA in scoring and average 114.9 points per game. The Suns specifically added Beal to alleviate the scoring burden on their top two stars, but injuries derailed their plan.

There were only two games this season in which neither Booker nor Durant led the Suns in scoring. Guard Grayson Allen led the Suns with 26 points in an overtime victory against the Chicago Bulls in early November. Center Jusuf Nurkic dropped 31 points in a loss against the defending champion Denver Nuggets in early December.

Next Man Up: Grayson Allen, Eric Gordon

With Beal sidelined, the Suns will rely on the veteran tandem of Allen and Eric Gordon to log more minutes.

Head coach Frank Vogel experimented with Booker at point guard, and Allen started 22 games at shooting guard this season. Allen averages 12.2 points, 4.6 rebounds, and 2.7 assists per game.

The Suns acquired Allen, formerly of the Milwaukee Bucks, in a multiteam trade with the Portland Trail Blazers that sent Damian Lillard to the Bucks.

Gordon started 16 games for the Suns this season. He averages 13.8 points and 2.8 assists per game, and emerged as the Suns’ most reliable scorer aside from Durant and Booker.

Second-year guard Jordan Goodwin earned Vogel’s trust and he’s been logging 20 minutes per game off the bench. Goodwin, an undrafted player from St. Louis, averages 6.3 points, 4.0 rebounds, and 2.7 assists per game.

Banged-Up Suns Trying to Stay Above .500

The Suns had an 11-6 record in late November before they lost seven out of their last 10 games. They sunk to 14-13.

The Suns are one of the rare teams that play better on the road (7-5), and who have a losing record (7-8) on their home court.

The Suns are one of the worst betting teams in the NBA this season. They have a 10-16-1 record against the point spread.

Despite their slow start, the Suns are +850 odds to win the 2023-24 NBA Championship. They’re the fourth-highest team on DraftKings’ NBA futures board.

The Suns are +450 odds to win the Western Conference, and trail only the defending champion Denver Nuggets at +225 odds.

The Los Angeles Clippers (17-11) are the betting favorite to win the Pacific Division at +140 odds. They’re ahead of the Sacramento Kings (16-10) at +290 odds, the Suns at +400, the Los Angeles Lakers (15-14) at +600, and the slumping Golden State Warriors (13-14) at +1100.

The Suns are a +3.5 underdog when they visit Sacramento to play the Kings on Friday night. They host the Dallas Mavericks on Christmas evening during the NBA’s yuletide quintuple-header.

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Casino de Montreal Announces Expansion With 200-Room Hotel in Parc Jean-Drapeau

Casino de Montreal is expanding its resort footprint on Notre Dame Island in Jean-Drapeau Park with a new 200-room hotel.

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An aerial view of Casino de Montreal in Quebec. Loto-Quebec announced on Monday its plans to build a 200-room hotel on Notre Dame Island in Parc Jean-Drapeau. (Image: Loto-Quebec)

Loto-Quebec, the government organization that regulates and operates casinos and lottery gaming in the province, announced on Monday its plans to expand Casino de Montreal. The CA$150 million (US$112 million) project is expected to take two to three years to complete.

The hotel will be built adjacent to the current casino, which is located across the St. Lawrence River from St. Helen’s Island. Casino de Montreal doesn’t currently offer on-site lodging.

The Casino de Montreal has been a landmark in this city for 30 years. We’re very proud to announce the construction of this hotel, as it’ll move the casino to the top among the best entertainment destinations. It’ll showcase Montreal beautifully,” said Jean-François Bergeron, president and chief executive officer at Loto-Quebec.

Casino de Montreal replaced the International Universal Exposition, commonly called Expo 67, which was built for the 1967 World’s Fair. The casino has more than 3,200 slot machines and 115 electronic and live dealer table games.

Local Opposition

Loto-Quebec is a crown corporation that owns six resorts and gaming facilities. Along with Casino de Montreal, they are Casino du Lac-Leamy in Gatineau, Casino de Mont-Tremblant, Hotel-Casino de Charlevoix in La Malbaie, Salon de jeux de Quebec, and Salon de jeux de Trois-Rivieres.

Casino de Montreal attracts more than seven million visitors annually. Caroline Prouix, the minister of tourism for the Lanaudiere Region, said an accompanying hotel will enhance the destination’s attractiveness and “further increase Montreal’s visibility on the world stage.”

Not everyone agrees a hotel is what Jean-Drapeau Park is missing.

Parc Jean-Drapeau is a jewel that deserves to be developed further, but not by adding a luxury hotel. I cannot believe the city is going to let a hotel be built in the center of a prestigious park. This is a completely unacceptable commodification of public space,” said Craig Sauve, a city councilor.

Sauve added that the luxury hotel will primarily serve an “affluent clientele.” He opined that those guests will be provided with “beautiful views of the Formula 1 track from balconies and luxurious suites” while Montrealers “lose out as they lose access to an entire sector of Notre Dame.”

Early Planning Stages

Specific details of the Casino de Montreal hotel aren’t yet known, as Loto-Quebec says it’s only in the beginning stages of fielding bids from developers. The lottery and gaming corporation says it supports a “low-height building” with the “highest sustainability standards to minimize the environmental impact.”

Parc Jean-Drapeau is the third-largest park in Montreal at about 520 acres. St. Helen’s Island was named by the French explorer Samuel de Champlain, who discovered it in 1611, after his wife Helene.

St. Helen’s was privately owned until the British government acquired the site in 1818 and used it as a fort until the new Canadian government bought it in 1870 and converted it to a public park. The artificial Notre Dame Island was constructed for the 1967 World’s Fair.

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Entain Seen Adding Sandler to Board, Push for BetMGM Sale Could Be on Table

Entain Plc (OTC: GMVHF) is reportedly considering adding Eminence Capital founder Ricky Sandler to its board of directors — a move that could potentially open the door to a full or partial sale of the operator’s 50% interest in BetMGM.

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Eminence Capital CEO and CIO Ricky Sandler. Entain could add him to the board of directors. (Image: Institutional Investor)

Citing unidentified sources with knowledge of the matter, The Sunday Times reported that Entain could add Sandler to its board before the end of this month. The rumor surfaced less than a week after the Coral owner announced the immediate resignation of CEO Jette Nygaard-Andersen — an executive of whom Sandler was openly critical.

In June, he bashed the $750 million purchase of STS Holding, noting the issuance of new stock to fund the deal signaled Entain’s lack of understanding of basic finance, or naivety among investors. As of the end of the second quarter, Eminence Capital owned 2.1% of Entain’s freely floating shares.

Assuming Entain does appoint Sandler to the board, it could be viewed as a move to appease activist investors Dendur Capital and Sached Heam Capital. Those two hedge funds recently took stakes in the gaming company, noting they wanted Sandler appointed to the board, adding that Entain should include him in the process of filling other board vacancies.

Interesting Timing for Entain to Appoint Sandler to Board

In addition to speculation of Sandler joining Entain’s board on the heels of Jette Nygaard-Andersen’s resignation, the rumor appeared just three days after Keith Meister’s Corvex Management announced it took a 4.4% stake in the gaming company.

That’s potentially noteworthy because Corvex is a major investor in MGM Resorts International (NYSE: MGM) — Entain’s 50/50 partner in BetMGM. Additionally, Meister is a member of the casino operator’s board.

Previously, Sandler has floated the idea of Entain selling all or part of its BetMGM stake to raise capital and renew its focus on markets in which it’s firmly established, including Australia, Europe and the UK. MGM has made no secret of its desire to control all of BetMGM and it would likely be open to negotiating a buyout of Entain, which would be more cost-effective than purchasing the Ladbrokes owner outright.

Entain will not appoint Meister to its board because of his membership on the BetMGM and MGM boards, according to The Sunday Times.

Could Be Good Time for Entain to Mull BetMGM Sale

It remains to be seen if Sandler gains an Entain board seat and what type of change he and his fellow activist investors augur for, but a case can be made that now is an opportune time for the gaming company to consider divesting some or all of its BetMGM position.

The internet casino and online sportsbook operator is increasingly profitable and is targeting $500 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2026.

Conversely, BetMGM is nearing self-funding status, meaning Entain wouldn’t be on the hook for more capital contributions to the online gaming entity. That could make it attractive for Entain to retain its interest in the business unless a potential MGM offer for that stake is highly compelling.

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Evolution Announces Landmark Launch of Crazy Time in the United States

landmark-us-launch-for-crazy-time-evolutions-world-1-online-live-game-show-1Evolution, the world’s top supplier of live dealer games for online casinos, has announced that Crazy Time, one of its most popular live casino titles, has finally been launched in the United States.

Crazy Time was first released in 2020 and back then it was the most expensive live casino game show ever created by Evolution, a game that took more than a year to make.

Now the hugely popular live casino title was first made available to the American public as Evolution began to stream it from its live casino studio located in New Jersey. The release follows two other successful launches in the United States for Evolution as Crazy Coin Flip was unveiled in New Jersey and Super Sic Bo in Pennsylvania earlier this month. Evolution also announced that all three live casino titles will go live in more American states in 2024.

An Ambitious Game

Evolution describes Crazy Time as one of its “most ambitious games,” a title which features several cutting-edge technologies such as multi-camera live game show action, random number generator multipliers, augmented reality and slot-style video gaming elements.

The gameplay is centered on a main game which is complemented by four interactive bonus games. The main game has a two-reel Top Slot at its core, a slot that spins at the same time as a money wheel. Then the bonus games kick in, adding lots of excitement with features such as a shooting gallery in Cash Hunt, a Coin Flip, a Puck drop in Pachinko, and the bonus game.

In these bonus games players can really boost their potential earnings, considering that the maximum multiplier that can be reached is no less than 10,000x. The bonus games in has proven extremely popular and that is why they inspired Evolution to create new titles such as Crazy Coin Flip, Red Door Roulette and Crazy Pachinko.

Landmark Launch

Jacob Claesson, Chief Executive Officer for North America at North America, described the launch of Crazy Time in New Jersey as “a landmark moment” for the company and for the United States online gambling market as a whole.

“Operators and players alike have praised Crazy Time’s incredibly high production values, its commitment to entertainment and depth of engagement,” the Evolution executive underlined, while declaring himself “incredibly excited” to offer U.S. players such a successful live casino title.

The bonus games featured in Crazy Time “have reinvented the way casino games are played,” Jacob Claesson added, pointing out that the game delivers “a true game show experience unlike no other.”

Source: “Landmark Us Launch For Crazy Time, Evolution’s World #1 Online Live Game Show“. Evolution. December 12, 2023.

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