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Dana White ‘Clipped’ Caesars for $26M-$27M on Baccarat Earlier this Year

Ultimate Fighting Championship (UFC) CEO Dana White’s betting habits and stories are widely known in Las Vegas and beyond, but that legend appears to be growing as he recently acknowledged taking Caesars Palace for a big chunk of change earlier this year.

Dana White
UFC CEO Dana White. He said he won an estimated $27 million playing baccarat at Caesars Palace earlier this year. (Image: MMA Fighting)

On a recent episode of the “Full Send” podcast, the UFC boss estimated that between January and March, he won $26 million to $27 million playing baccarat at Caesars Palace on the Las Vegas Strip.

Caesars Palace…I clipped these guys for $1 million a night from, like, the first week of January all the way into March,” said White. “I beat these guys for like $26 million, $27 million.”

He added “Caesars is gangster” and is the place to play for high-level gamblers.

Caesars allows White to play $350,000 a hand — a limit extended to him and a small amount of other well-heeled clients. At that level, winning $1 million or more in a night is plausible. It’s also feasible that a bettor could lose substantial sums and White acknowledged there are nights when a bettor can get “wrecked” betting well into six figures per hand.

White Is a Longtime Caesars Fan

White’s methodology, which he reiterated on the “Full Send” podcast, is possibly irksome to some casino operators. If he wins three hands in a row, he takes his winnings and leaves.

That makes for a $1 million+ night for him and a loss of the same amount for the casino that he “victimized.” As a result, many Las Vegas casinos refuse to take White’s action and that’s why he’s long been devoted to Caesars and MGM Resorts International’s Bellagio. On the podcast, he said Caesars will allow him to bet $350,000 per hand while Bellagio will go as high as $400,000.

White, known for his outspoken demeanor, has previously levied criticism against some Las Vegas casinos for refusing to allow him to bet there. In another recent podcast, he called Wynn Las Vegas “a bunch of (slur referencing a female body part)” for not allowing him to wager there at his preferred limits.

Off the Strip, White is known to frequent Red Rock Resort in Summerlin, though he told “Full Send” he plays there at much lower limits because he’s that venue’s only client with the ability to play deep six figures per hand. Red Rock Resorts (NASDAQ:RRR) is controlled by Frank and Lorenzo Fertitta, who were early UFC Investors.

White Still Wants to Play $1 Million a Hand

Despite the fact that his biggest losing night was $8 million, White reiterated his longstanding goal of eventually betting a $1 million per hand.

“That’s my goal. That’s my goal in life before I die,” said White on the podcast.

He said under that dream scenario, he’d want a casino to extend to him $30 million in credit so he can play $1 million a hand, but he acknowledged no gaming venue anywhere in the world is likely to indulge him.

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Pragmatic Play Strengthens Ontario Market Reach with Caesars Digital Launch

PRAGMATIC-PLAY-STRENGTHENS-ONTARIO-OFFERING-WITH-CAESARS-DIGITAL-ROLLOUTPragmatic Play has further extended its influence in the North American iGaming market by launching its captivating slots portfolio with Caesars Digital in Ontario. This strategic partnership will initially feature Pragmatic Play’s extensive range of slots on Caesars Palace Online Casino and Caesars Sportsbook & Casino, with the company’s live casino suite set to be rolled out in the near future.

The agreement also underscores Pragmatic Play’s strategy of expanding its product offering in regulated markets like Ontario. The company’s ability to continuously innovate and develop new content, while ensuring compliance with local regulations, has allowed it to gain traction quickly in Canada’s competitive market.

Lots of Surprises for Ontarian Players

The integration brings top-performing titles like Gates of Olympus and Sugar Rush to Ontario’s players, alongside newer offerings such as Forging Wilds and Mustang Gold Megaways. This collaboration is a testament to Pragmatic Play’s growing presence in Canada and highlights the strong demand for their innovative and engaging content.

Pragmatic Play’s Chief Operating Officer, Irina Cornides, emphasized the significance of the deal, stating:

“Caesars Sportsbook and Casino is a prestigious gaming and entertainment brand. Pragmatic Play’s partnership with them reinforces our commitment to delivering player-favourite content to the world’s leading casino operators.”

Echoing Cornides’ sentiments, Ricardo Cornejo Rivas, Vice President of Online Gaming at Caesars Digital remarked that Pragmatic Play’s award-winning portfolio of gaming titles represents an exciting addition to the company’s fast developing platforms. Having in mind that ten studio’s games have already proven popular with players across Ontario, he’s positive that this deal will result in numerous benefits.

The partnership with Caesars Digital is just the latest in a series of successful collaborations that have helped Pragmatic Play strengthen its position in North America. In recent years, the company has made significant strides in expanding its reach, not only in Canada but also in the U.S. and Latin America.

Firm Position on Global Level

Pragmatic Play has become well-known for its ability to produce high-quality gaming content at a rapid pace. The company currently releases up to eight new slot titles per month, in addition to providing Live Casino and Bingo products. These offerings are available through a single API, making integration smooth for operators.

Looking ahead, Pragmatic Play’s continued expansion in Ontario and other regions is expected to drive further growth for the company. The partnership with Caesars Digital, a leading operator in North America, is a crucial component of this strategy. With both companies committed to providing high-quality gaming experiences, players can look forward to even more exciting developments in the near future.

At the beginning of the current month, the supplier attended GAT Showcase Bogotá in Colombia. Held at the Sheraton Bogota Hotel, this event gathered numerous iGaming professionals.

In second half of September, Pragmatic Play will take part in another GAT event, this time to be hosted in the Renaissance Santo Domingo Jaragua Hotel & Casino in the Dominican Republic. Welcoming more than 300 delegates, this event will be crowded with informative presentations on new regulations and innovations withing online platforms.

Source:

“Pragmatic Play Strengthens Ontario Offering with Caesars Digital Rollout”, pragmaticplay.com, September 10, 2024

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VEGAS RESTAURANT ROUNDUP: Food Network Star Joins Caesars Palace, Mexican Restaurant Standoff

Celebrity chef Esther Choi will open a M?kbar Korean ramen, dumpling and bun house at the Caesars Palace food hall this fall – in the the former Tiger Wok & Ramen space. Choi, a Food Network fave, operates five Korean restaurants in New York City.

Esther Choi, who made Zagat’s “30 Under 30” list in 2015, has appeared on several Food Network shows, including “Bobby’s Triple Threat,” “Throwdown with Michael Symon,” “Chopped,” and “Iron Chef: Quest for an Iron Legend.” (Image: Instagram/Esther Choi)

“M?kbar will offer a diverse menu for both seasoned Korean food enthusiasts and newcomers alike,” according to a Caesars Entertainment press release. “The fast-casual experience will feature classics like Pan-fried Dumplings, Buns, Fried Chicken, Bibimbap and Dumplings in Broth. Guests can choose from an array of rich ramen flavors and multiple rice bowl options.”

Already in the food court are Bobby’s Burgers by Bobby Flay and Guy Fieri’s Chicken Guy, to be joined later this year by Rick Bayless’ Tortazo and Buddy V’s Pizzeria by Buddy Valastro.

The owner of the Lindo Michoacan Las Vegas Mexican chain claims that this restaurant, which opened in 2016, uses its trademarks and branding. Michoacán is a state in Mexico. (Image: Michoacán Mexican Gourmet Mexican Restaurant)

Battle for Michoacan

The company behind Lindo Michoacan restaurants – which opened its fourth Las Vegas location in May at Palace Station — is suing the company behind the Michoacán Mexican restaurant in northwest Las Vegas for using its trademarks and branding without permission.

“Lindo Michoacan restaurants have received numerous awards, accolades, and favorable media attention since opening its doors,” claims the lawsuit filed by Lindo Michoacan Inc. against Divina Brands LLC, which seeks compensation for damages, profits made by Divina Brands, and legal fees.

The suit also seeks a court order forcing the company to change its name.

Dining Ins & Outs

Retro, the ’80s and ’90s-themed restaurant from “Top Chef” stars Michael and Bryan Voltaggio that closed on June 29, is reopening as The Cove, as per Vital Vegas.

Public School 702 is out forever. The restaurant, which was decorated like a schoolhouse with shelves of old textbooks, opened along with the Downtown Summerlin outdoor mall almost 10 years ago. A sister location, Public School 310, will continue operating in Culver City, Calif.

Roma Kitchen will open at 10420 S. Decatur Blvd. in Southern Highlights in September. The restaurant is the creation of executive chef Ricardo Romo and hospitality exec Steven Kennedy, the team behind Chef’s Roma Kitchen in Henderson.

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Caesars Boosts Sports Betting Tech with ZeroFlucs Acquisition

In a move aimed at bolstering its sportsbook technology, Caesars Entertainment (NASDAQ: CZR) said today it is acquiring ZeroFlucs Group Pty Ltd.

Caesars hedge funds
Visitors entering Caesars Palace Las Vegas. The operator is acquiring ZeroFlucs to add to its sports betting tech stack. (Image: David Paul Morris/Bloomberg)

The Australian company is a software provider whose products allow sportsbook operators to efficiently update odds and pricing while maintaining existing data relationships. Financial terms of the transaction were not disclosed.

The ZeroFlucs acquisition follows a successful integration of ZeroFlucs’ technology into the Caesars Sportsbook platform through a commercial arrangement that enabled the recent launch of new products, such as in-play same-game parlays (SGPs) and a vastly improved menu of ‘SGP-eligible’ markets for Major League Baseball,” according to a statement.

Caesars did not say when the transaction will close, but the buyer noted Steve Gray and Carly Christensen will remain at the helm of ZeroFlucs with Christensen joining Caesars Digital as senior vice president of price technology.

Sports Betting Tech Race Heating Up

The Caesars deal for ZeroFlucs is the latest sign of an intensifying race for sports wagering technology.

The transaction was announced less than two weeks after MGM Resorts International (NYSE: MGM) said its LeoVegas unit would purchase the US iGaming and sportsbook operations of Tipico Group for an undisclosed sum — a move market observers believe is largely rooted in technology.

With live betting and SGPs prime avenues through which sportsbook operators can increase hold and profits, shoring up tech stacks becomes an essential objective because many bettors that are enticed by these long odds wagers will make decisions on where to place those bets based on operators’ tech offerings.

Regarding ZeroFlucs, “the acquisition cements a relationship between the companies that has already improved the customer experience and will continue to unlock exciting new product features and benefits for Caesars Sportsbook bettor,” added Caesars in the press release.

How ZeroFlucs Can Help Caesars

As technology further penetrates the world of sports wagering, speed is essential in boosting the menu of live wagers a sportsbook operator can offer bettors.

In nearly all major team sports, in-game odds can shift on a play-by-play basis — a touchdown, a home run, etc. Sluggish technology can force operators to only refresh odds during breaks in the action, but wise bettors know they might not be getting the best odds.

Specific to ZeroFlucs and Caesars, the acquired company’s competencies in baseball SGPs could be enticing because due to the slow-moving nature of that sport, it’s conducive to SGPs and live wagering. That fact isn’t lost on gaming companies and with better technology, it’s possible operators will lure more bets on baseball — a sport that trails football and basketball by handle by wide margins.

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1 Main Capital Bullish on Caesars Entertainment Stock

Shares of Caesars Entertainment (NASDAQ: CZR) are down 24.64% year-to-date while the S&P 500 is higher by 7.57%, but some members of the buy-side community are enthusiastic about the casino operator’s prospects.

Caesars Stock
Flamingo on the Las Vegas Strip. 1 Main Capital is bullish on operator Caesars Entertainment stock. (Image: Vegas Means Business)

In a recent letter to clients, 1 Main Capital founder and portfolio manager Yaron Naymark noted the boutique investment firm established a new position in Caesars in the first quarter and that stock is now among the money manager’s top five holdings. One of the reasons for 1 Main’s enthusiasm for Caesars is the gaming company’s interactive arm, which includes online sports betting.

On the digital side, CZR has invested heavily in marketing and promotions to acquire customers over the last three years,” wrote Naymark. “Cumulative burn in this segment has been more than $1 billion in 2021 and 2022 combined. However, the digital business finally turned marginally profitable in 2023 and management expects that it should grow to $500 million of annual EBITDA within the next couple of years.”

When the Harrah’s operator reported first-quarter results last week, it told investors that some bad luck on the Super Bowl and March Madness hindered its interactive results to start the year, but it remains constructive in its long-term outlook for that business.

1 Main Capital Believes Caesars CapEx Will Pay Dividends

Like many of its competitors, Caesars is in the midst of significant capital spending cycle, including the introduction of new venues and enhancements to established gaming properties.

Caesars Danville in Southern Virginia came online about a year ago and the operator is in the process of transitioning Harrah’s New Orleans to Caesars Palace branding. The gaming company is also spending to spruce up casino hotels in Atlantic City, among other locations. Naymark believes those efforts could pay long-term dividends.

“On the physical side, CZR has deployed well over $1 billion into new and existing growth projects. This includes $650 million spent to build a new property in Danville, VA,” observed the 1 Main founder.  “It also includes $400 million for upgrades to its properties in Atlantic City and an additional $400 million for upgrades to its New Orleans locations. Typically, the company expects at a 15%+ return on such growth projects, though they caveat that Atlantic City will probably come in below that figure.”

On the company’s earnings conference call, Caesars CEO Tom Reeg noted the operator could consider selling some “non-core” gaming venues that aren’t significant generators of free cash flow and such transactions could materialize at some point this year.

Speaking of Free Cash Flow…

Free cash flow (FCF) potential has been central to the Caesars investment thesis for several years and with the stock sporting a FCF yield of 12% and free cash expanding, some analysts believe the shares are undervalued.

1 Main Capital’s Naymark believes Caesars’ long-term FCF trajectory is compelling and could be significantly accretive to the share price.

“In a few years, CZR should be able to generate $2 billion annual free cash flow, or $9 per share. At that point, digital will still be growing nicely. As this happens, I believe that the stock should be substantially higher than its current levels,” concluded the investor.

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