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Genting NY Casino Bid Could Be Hindered by Las Vegas Controversy, Says CIMB

Genting Bhd’s effort to procure one of the three downstate casino licenses in New York could be damaged by potential regulatory discipline the operator faces in Nevada, according to CIMB Securities.

Selwyn Balkissoon
Resorts World New York in Queens. Operator Genting’s hopes of converting the venue to a traditional casino could be harmed by Las Vegas controversies, says a research firm. (Image: NYT)

Last week, the Nevada Gaming Control Board (NGCB) said it is examining financial penalties against Resorts World Las Vegas (RWLV) — Genting’s lone Nevada property — over that venue’s role in allowing known illegal bookmakers to wager there. Nevada regulators alleged that Resorts World Las Vegas not only knowingly allowed those bookies to bet there, but also didn’t scrutinize the source of their cash. That could call into question the veracity of the integrated resort’s anti-money laundering protocols.

We think another risk is that a negative review by the commission could jeopardize Resorts World New York City’s bid,” wrote CIMB analysts in a recent report to clients.

Genting-owned Resorts World New York is a slots-only venue in Queens. The venue has been operational for about 13 years and over that time, it’s delivered more than $4 billion in taxes for the state. That couple with its status as one of the highest-grossing regional casinos in the country despite having no table games has led to speculation that Resorts World New York is almost a lock to win one of three downstate permits.

Genting Could Face Hefty Fine in Nevada

CIMB Securities observed that Resorts World Las Vegas could have to answer for as many as 300 separate violations, which could result in fines totaling $75 million.

It’s also possible that if Nevada regulators want to take a hard line against Genting, RWLV’s non-restricted gaming license could be suspended or even revoked, though the research firm acknowledges that both a fine of that size and revocation of the gaming permit would be unusually harsh punishments.

“Some industry experts say that this is rare and the commission is unlikely to go that far, due to the uncertain long-term impact from taking such a drastic measure,” noted the brokerage firm.

Scott Sibella, the former MGM Resorts International and RWLV executive at the heart of the scandal, pleaded guilty in January to violating the federal Bank Secrecy Act and in May was tagged with $9,500 fine and a $100 special levy. In Nevada, he could face loss of his gaming license and up to $750,000 in fines.

Genting NY Casino Bid Could Withstand Controversy

To date, no New York regulators have commented on whether or not the goings on at Resorts World Las Vegas could endanger Genting’s Empire State ambitions. In New York, the current emphasis is on finding some way to expedite the start of the bidding process for the three downstate casino licenses — something that appears unlikely over the near-term.

About a year ago, rumors surfaced that MGM’s Empire City Casino could also be hampered in its efforts to land one of those permits because of Sibella’s ties to that operator. He served as president of MGM Grand on the Las Vegas Strip for a decade.

However, that’s just speculation and no New York regulator has publicly said the Genting and MGM bids there are in jeopardy due to controversies in Nevada. With both operators already established and known to New York policymakers and with both pledging billions of dollars enhancements to their existing venues and the creation of thousands of new jobs should they win traditional casino licenses, it’s possible their New York ambitions can withstand the Sibella-related imbroglio in Las Vegas.

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Las Vegas Sands Billionaire Dr. Miriam Adelson to Spend ‘Whatever It Takes’ for Trump Victory

Dr. Miriam Adelson, the largest shareholder of Las Vegas Sands with a 46% stake in the Macau casino empire, has pledged to spend “whatever it takes” to reelect her friend Donald Trump.

Miriam Adelson Donald Trump campaign
Dr. Miriam Adelson and former President Donald Trump embrace during a campaign rally at his Trump National Golf Club Bedminster in New Jersey on Thursday, Aug. 15, 2024. Adelson, the Las Vegas Sands owner, is ready to spend over $100 million to fund Trump’s 2024 presidential campaign. (Image: AP)

Adelson and her late husband, Sands founder Sheldon Adelson, have been Trump’s biggest supporters since the former casino tycoon announced his 2016 presidential run. The Adelson family poured more than $200 million into Trump’s 2016 run and unsuccessful 2020 reelection bid.

Adelson pledged this week to open up her deep pockets, estimated by Forbes to be north of $28 billion, to bankroll Trump for a third consecutive presidential election cycle. At a campaign event at his Trump National Golf Club in Bedminster, N.J., Adelson reportedly hinted that she has a blank check policy for the former president and will give his campaign whatever it needs to get him back in the White House.

Political odds currently have Trump as a slight underdog. Vice President Kamala Harris’ odds on political wagering exchange Polymarket give her an implied chance of 51% to Trump at 47%.

Overseas bookmakers have Harris at -125, or implied odds of 55.6%. Trump is even money (+100 — 50%).

Las Vegas Sands no longer has domestic casino holdings after selling The Venetian and Palazzo resorts on the Las Vegas Strip in early 2022 for $6.25 billion. The company has several casino resorts in China’s Macau and is lobbying heavily in Texas for the Lone Star State to welcome casino resorts.

Adelson and her son-in-law, Patrick Dumont, Sands’ president and chief operating officer, acquired a controlling stake in the NBA Dallas Mavericks from Mark Cuban last year. Adelson’s fortune tumbled over the last 12 months, as Sands’ stock price crashed almost 25%.

Adelson Super PAC

Adelson will once again primarily fund Trump through her super political action committee (PAC) Preserve America. She gave the PAC $5 million in May to get its Trump campaign up and running, but the committee’s treasure chest will see considerably more money from the Sands owner in the coming weeks.

According to Andy Abboud, the Adelsons’ longtime political aide, family advisor, and spokesperson, Preserve America will spend upwards of $100 million to make sure Harris doesn’t become the 47th president.

We’re going to do whatever it takes for him to win,” Abboud confirmed in an interview with CNBC on Friday. “In her mind, and in the minds of those who run [Preserve America], we are going to do whatever it takes for him to win.”

In addition to her Preserve American, Adelson in May wrote a check for $844,600 to the Trump 47 Committee. She’s also given 38 committees and PACs $10,000 each that are working to put GOP governors and congresspeople into office this November. 

Israel in Focus

Adelson says Jewish voters should vote for Trump, a strong ally of the Israeli state who relocated the U.S. Embassy from Tel Aviv to Jerusalem while president. The embassy’s relocation was of utmost importance to the Adelsons, who attended the embassy’s opening on May 14, 2018, sitting in the front row.

President Trump deserves the full support of the entire Jewish people,” Adelson, who received the Medal of Freedom from Trump in 2018 for her philanthropic work in medical research, Holocaust memorialization, and strengthening the American Jewish community. “Anyone who cares about Israel’s security and prosperity, this must be our pledge to him — this must be our promise to him — that the White House will be his again come January.”

Harris reportedly strongly considered Pennsylvania Gov. Josh Shapiro (D) to be her running mate but was rumored to have been concerned that his Jewish heritage could turn off the Democrats’ Palestinian support.

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Las Vegas Magician David Copperfield Trashed $7.4M Penthouse, Lawsuit Alleges

Las Vegas mainstay David Copperfield, 67, is accused in a New York lawsuit of trashing his penthouse condominium that he’s owned since 1997.

David Copperfield penthouse New York
David Copperfield’s penthouse atop the Galleria Condominium building in Manhattan has fallen into disrepair, a lawsuit alleges. Copperfield allegedly abandoned the residency in 2018. (Image: Casino.org)

The board of the Galleria Condominium building located at 117 E. 57th St. in Manhattan alleges in its lawsuit filed in Manhattan’s Supreme Court that Copperfield has been negligent in his residential unit’s ownership. The board argues that Copperfield abandoned the property in 2018 and allowed it to fall into disrepair.

Two major events, one in 2015 and another last December jeopardized the structural integrity of the 55-story building, the complaint adds. Copperfield’s 54th-floor unit, the condo board says, was “a formerly pristine multilevel penthouse” with views of Central Park and Manhattan’s East Side.

In 2015, Copperfield’s rooftop pool allegedly burst due to shoddy construction causing the destructive water flow some 30 stories below. Last December, the plaintiffs say a faulty plumbing valve in Copperfield’s unit caused another water downpour on floors below.

Architects have warned the Condominium that, among other things, Copperfield’s apartment contains unrepaired water damage that is so severe that it presents risks to the ‘concrete structure of the building,’ facilitated the growth of mold and mildew, and actively endangers other apartments,” the lawsuit read. “Copperfield’s motivation to trash his own apartment and permit it to decay is entirely unclear, especially when he still owns the Unit and is marketing it for sale.”

The condo board is seeking $2.5 million in damages from the illusionist to repair the building outside of the unit and compensate impacted homeowners.

David Copperfield penthouse New York
(Image: New York State Unified Court System)

More Allegations

One of Las Vegas’ most popular acts, David Copperfield’s reputation has taken a severe hit recently. In May, Casino.org reported on additional allegations of sexual misconduct brought by a group of women against the magician.

Copperfield has also been linked to Jeffrey Epstein, the late financier and politically connected operative who was later found guilty of sexually abusing underage girls. He committed suicide in a federal prison while awaiting trial on sex trafficking charges.

Copperfield continues to deny ever acting inappropriately with women despite 16 women raising allegations against him. Most said they were underage at the time of the alleged incidents.

The magician’s lawyers maintain that the allegations are “false and entirely without foundation.” The denial has allowed Copperfield to maintain his longstanding residency at MGM Grand on the Las Vegas Strip where he performs 15 shows a week.

Copperfield has been performing in Las Vegas since 1996. Forbes estimates his net worth to be around $1 billion. 

David Copperfield penthouse New York
(Image: New York State Unified Court System)

Penthouse Problems

Copperfield purchased his Gallery Condominium in 1997 for $7.4 million. Photographs obtained by Casino.org through the condo building’s lawsuit show a crumbling penthouse with peeling paint, exposed steel beams and HVAC ductwork due to water damage, stained carpet, mildew, and other bacterial growth.

Copperfield attorneys told the New York Post the photographs were part of “a simple insurance claim” and “don’t reflect the current state of the apartment.”

After purchasing the 15,000-square-foot unit, Copperfield, according to an expose on the property published in 2016 by Curbed New York, an urban real estate and interior design website, extensively renovated the property to make it fit for an illusionist. Oddities include trapdoors, a flight of stairs that turn into a slide, and an “exploding table.”

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VEGAS MYTHS BUSTED: Airport Weather Station Underreports Summer Temps

The highest temperature to ever scorch Las Vegas, 120°F, was recorded at 3:38 p.m. Sunday by the National Weather Service (NWS) weather station at Harry Reid International Airport. According to many conspiracy theorists, however, the actual temperature here routinely tops that number and goes underreported at the behest of the Las Vegas Convention and Visitors Authority, which doesn’t want tourists knowing how hot Sin City really gets in the summer.

The NWS weather station at the main Las Vegas airport, named Harry Reid International since 2021, has been measuring Sin City’s official temperature since Dec. 18, 1948.  (Image: Shutterstock)

This goal supposedly gets accomplished by keeping the weather station’s temperature sensor in the shade instead of how most of those walking around Las Vegas experience the weather — in the blazing sun.

Some conspiracy theorists, such as one who commented below this recent video on the “Jacobs Life in Vegas” YouTube channel, go as far as insisting that the weather station was secretly relocated to the top of the air traffic control tower, where the air is cooler.

“Lies and misinformation,” insisted YouTube user @taylorlto806. “It’s ridiculous … The weather DOES and HAS exceeded 120 most summers, but it is no longer announced due to tourism.”

Weathering Heights

NWS meteorologist Daniel Berc monitors weather conditions to formulate a forecast in 2019. (Image: Las Vegas Review-Journal)

Yes, the temperature gauges at Harry Reid are kept in the shade. However, that’s true of all NWS weather stations.

“Historically, all temperatures are measured in the shade to be consistent, as the amount of solar radiation a location gets differs in different areas even when the temperature is the same,” NWS meteorologist Daniel Berc told Casino.org.

He added: “All official National Weather Service thermometers are kept in white, vented enclosures to reflect the sunlight. The shade, vents, and reflective paint allow the air to circulate freely so the thermometer can accurately measure the air temperature.”

Berc, who has worked in the agency’s Las Vegas office since 2012, says the air-traffic control tower theory is a new one to him. According to Berc, the official NWS Las Vegas weather station has never sat higher than five feet off the ground.

The first one began taking observations on Jan. 1, 1937, at Nellis Air Force Base. That was back when it was known as the Western Air Express Airfield and the NWS was called the US Weather Bureau.

That station was moved to Las Vegas’ civilian airport, then known as Alamo Field, on Dec. 18, 1948, two days before it was renamed to honor Senator Pat McCarran. The station was installed outside the Weather Bureau’s office at Alamo, with its sensors measuring the air at about five feet off the ground.

On Sept. 1, 1995, the weather service replaced this station with an automated weather station located a bit east of what is now the middle of the airfield — again, about five feet off the ground. Because it was automated, it no longer needed to be manually read. So NWS abandoned its airport office for its current one on Dean Martin Drive.

That weather station needed to be moved due to the construction and expansion of a new taxiway. So, since April 19, 2007, the official NWS Las Vegas weather station has operated, once again, with its sensors about five feet off the ground in the southwest corner of the airport

This weather station, known as an Automatic Surface Observing System (ASOS), is identical to the one operating at Harry Reid Airport. (Image: NOAA/NWS)

Of course, as any Las Vegas resident knows, the eastern side of Las Vegas, around Boulder Highway, tends to get hotter than the rest of the valley because it sits at a lower elevation. And occasional amateur readings of above 120°F may have given this myth some legs.

“While we do not have any official climate sites there, readings of 120°F or above would certainly be plausible, however rare,” Berc said.

Why Always at Airports?

Official weather stations are usually located at airports, Berc explained, because “weather is so important to the aviation community.” (Both North Las Vegas and Henderson, Nev. have airport NWS weather stations recording and reporting their official temperatures, too.)

In fact, from 1948 through 1995, Berc said, pilots would walk into the official weather office at Las Vegas airport and receive flight briefings directly from meteorologists. Then they would know they were getting the most accurate information possible.

This would distinguish those pilots of yesteryear from today’s conspiracy theorists, who get their information from social media, fake news sites, and misinformed friends and family members.

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 corey@casino.org.

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Red Bull in Mix for Las Vegas NBA Franchise

Red Bull GmbH is looking to expand its sports empire and that could reportedly include acquiring a new NBA franchise, potentially in Las Vegas.

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Redbull driver Max Verstappen in a practice session for the Las Vegas Grand Prix. The energy drink maker is interested in owning a Las Vegas NBA team. (Image: Autosport)

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.

The Austrian company said operating profits also increased last year and that it spent north of $1 billion on athletic sponsorships in 2022. Those data points imply Red Bull can likely easily digest the expected $4 billion price tag an NBA expansion team in Las Vegas will carry.

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.

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