BETZ extended its year-to-date lead over the S&P 500 Index, which lost momentum and closed slightly lower last week amid fears of escalating trade tensions.

This Week’s Biggest Gains:

Esports Entertainment Surges Despite Financial Struggles

Esports Entertainment Group was the top gainer among the gaming stocks in our coverage universe, gaining 21.6% over the past week. 

The stock has been highly volatile over the past few weeks. Two weeks ago, it was down 16.2%, but following last week’s gains, the stock is up over 56% for the year. Still, it trades approximately 30% below its 52-week high.

The company, which voluntarily delisted from Nasdaq last year and now trades OTC, has stopped publicly reporting earnings. The stock’s low trading volumes and high volatility make it prone to manipulation and speculation. 

Despite last week’s rally, the company remains in severe financial distress, with ongoing losses, mounting debt, and negative shareholder equity.

DraftKings Rebounds on Valuation Optimism

DraftKings was among the other major gainers with the stock rising 5.4% last week. 

It was among the biggest losers in the preceding week on fears that the provisions of the One Big Beautiful Big Act (OBBBA) would dampen gambling activity.

For context, the Act mandates a 90% deduction for losses (versus the previous regime of 100% deduction), which could result in gamblers paying taxes even if they don’t make a profit.

Investor sentiment improved after analysts argued the sell-off was overdone. 

Morgan Stanley raised its target price to $52 while maintaining the “overweight” rating, while Citi maintained its “buy” rating and $58 target price on DraftKings. 

The brokerage sees DraftKings shares as undervalued in light of Flutter’s acquisition of Boyd Gaming’s 5% equity stake in FanDuel, which values FanDuel at $31 billion. 

According to Citi, DraftKings trades at a 7% discount to the implied valuation of 17.4x 2026 EV-EBITDA for FanDuel.

Mizuho also echoed similar views and said that while FanDuel and DraftKings have similar market share, the former’s implied market capitalization of $40 billion in the transaction is roughly twice DraftKings’ market capitalization.

Wynn Resorts Extends Gains

While it didn’t repeat the 14% growth from last week, Wynn Resorts’ stock rose over 5.2% last week, which extended its year-to-date gains to 29%. 

On Monday, Wynn Resorts stock rose nearly 3% after Goldman Sachs reinitiated coverage with a Buy rating and $122 price target.

Goldman Sachs joined JPMorgan, which also initiated coverage of gaming stocks last month. Apart from Wynn, Goldman Sachs put a “buy” rating for Caesars Entertainment and a “neutral” rating for Las Vegas Sands. The brokerage, however, rated MGM Resorts as a “sell.”

Golden Entertainment Turns Positive for the Year

Golden Entertainment stock gained nearly 5% last week, even as there wasn’t any company-specific news. The company did pay a 25-cent dividend the previous week, but its record date was June 25. Nonetheless, after last week’s rise, the stock has turned positive for the year.

Golden Entertainment is focused on deleveraging its balance sheet through the sale of non-core assets, allowing the company to focus on its operations in Nevada primarily.

The Week’s Biggest Losers

Skillz Sinks on Broader Market Weakness

Skillz was the worst-performing stock in our coverage universe and lost over 7% last week. While there was no company-specific news last week, the stock traded on a weak note amid broader market weakness. 

Moreover, as a loss-making enterprise, Skillz was particularly under pressure last week. It has a 5-year beta of 2.7x, which means that it is 2.7x as volatile as broader markets.

The company’s paying monthly active users have fallen by over 41% over the last two years. It has been cutting marketing and operating expenses to reduce cash burn, but it has yet to show evidence of a turnaround.

Gambling.com Declines Amid Tariff Fears

Gambling.com Group Ltd was another major loser, falling nearly 5% last week. The stock was roughly flat for the week but fell over 4% on Friday amid US-EU tariff escalation rumours, which led to a market sell-off.

Playtika Slides Further

Playtika Holdings is back on the list of the biggest losers as the stock lost 4.8% last week, despite no major company-specific news. 

The stock is now down 32% for the year amid concerns that the company’s user base is shrinking due to its reliance on older mobile game titles and questions about long-term growth prospects. 

Penn Entertainment Falls on Regional Revenue Drop

Penn Entertainment rounded up the top losers, shedding 3.5% for the week. The stock was in the green until Thursday but fell 7.6% on Friday after Indiana and Iowa reported a year-over-year decline in gaming revenue for June.

Additional tariff-related worries further pressured the stock, which underperformed compared to rivals such as Sands Las Vegas, DraftKings, and MGM Resorts. 

Other Major Industry Developments Last Week

On Wednesday, Blackstone-backed gaming company Cirsa went public in Barcelona. 

While the IPO was oversubscribed multiple times, it closed at the IPO price of €15 on its first trading day and has remained flat since then, closing at the same level last week. 

While the IPO saw strong interest from investors, concerns over the company’s high debt pile, heavy reliance on Latin American markets and online gaming, and rich valuations dampened sentiments.

In another development, Senate Republicans blocked attempts to roll back the gambling tax provisions in the OBBBA. The new rules, which will take effect next year, are expected to generate $1.1 billion in tax revenue over the next eight years.

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GVC Holdings

Global gaming and sports betting organisation GVC Holdings has announced the appointment of two new directors to its board.

David Satz will join as an independent non-executive director on October 22, 2020, and Robert Hoskin will be promoted to the board as an executive director on January 1, 2021 in the role of chief governance officer.

Barry Gibson, Chairman of GVC, said: “I am delighted to be welcoming two such high calibre individuals to our board. David has unrivalled regulatory and legislative expertise in the all-important US gaming market.

“His knowledge and insight will be hugely additive in helping us to achieve our ambition of being the leading operator in the US through BetMGM, our fast-growing joint venture with MGM Resorts.

“Robert has made an outstanding contribution to GVC in his 15 years at the group, and his promotion is richly deserved. The fact that regulation, legal and governance are now represented at board level will give us even greater oversight of these critically important areas, all of which are central to our long-term growth plans.”

Buzz Bingo

Buzz Bingo has confirmed the appointment of Harry Lang as its new marketing director, leading the brand development and customer acquisition campaigns of the UK’s biggest bingo operator.

A 15-year industry executive, Lang has led the marketing strategy and delivery for numerous igaming brands including WMS Interactive, bwin.party, Mecca Bingo, Foxy Bingo and Pinnacle Sports.

Lang joins Buzz Bingo’s senior management team from Brand Architects, his personal marketing agency which saw him advise igaming and esports clients such as Genting Bet, PandaScore, Leon House/ AnonyMind, Rightlander and Puntt.gg.

Jamie Queen, CCO of Buzz Bingo, stated: “Buzz Bingo is at an exciting stage in its evolution, so we’re delighted to welcome someone of Harry’s calibre and enthusiasm to the business. He brings with him a wealth of marketing leadership experience and is highly capable of steering the Buzz Bingo brand through the next stage of our growth.”

Wynn Resorts 

Wynn Resorts has confirmed the appointment of Darnell Strom as a member of the company’s board of directors. He takes up the role as an independent director and class I member of the board in a move that became effective on October 14.

Strom is currently a partner and head of the culture and leadership division at global talent and entertainment company United Talent Agency, where he leads efforts to expand the cultural and business influence across platforms for its top clients in media, sports, entertainment, music, fashion, the arts, branding and thought leadership.

His decades of experience in entertainment, media and sports, along with the relationships he has established will, said Wynn, be a significant benefit to the company.

Triggy 

Triggy has strengthened its senior leadership team after confirming that Martina Åkerlund will lead the company as its new CEO.

Confirming Åkerlund’s appointment, Triggy lauded her wealth of experience in leadership positions, having amassed more than 20 years of leadership experience from predominantly the banking and finance industries.

“We are more than excited that Martina chose to join us at Triggy.” noted Björn Nilsson, co-founder of Triggy. “She will lead the company’s endeavors to grow rapidly geographically as well as product-wise.

“Her experience from successful leadership within another highly regulated industry (banking) along with dedication and an entrepreneurial mindset made the decision to offer Martina the top position in the company easy.”

Ontario Lottery and Gaming Corporation

The Ontario Lottery and Gaming Corporation has announced the appointment of Duncan Hannay as president and chief executive officer effective October 26, 2020.

Hannay will take over from outgoing president and CEO Stephen Rigby, who had agreed to stay on at OLG until a successor was identified and to assist with a seamless transition of the business.

“Following an extensive recruitment effort, we are pleased to welcome OLG’s new president and CEO, Duncan Hannay,” said Peter Deeb, chair of OLG. “Duncan is a seasoned executive leader and CEO with global expertise transforming and growing organizations through a disciplined strategic approach, a deep understanding of digital innovation and a progressive leadership style.

“The board of directors and I are delighted to have Duncan join our very capable team at OLG. He has the skills and experience to lead the organisation through the next phase of growth and community contributions across Ontario.”

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The company partnered with Related Companies and Oxford Properties to build a casino resort in the Hudson Yards neighborhood. Wynn cited local opposition and the rezoning process as reasons for the exit.

In 2022, the New York legislature authorized the start of the process to award three downstate casino licenses. The prospect of a New York City casino has gained a lot of interest, even with a much-delayed licensing process and staggering minimum bidding of $1 billion: $500 million for the license and a minimum $500 million capital investment.

The Wynn project was among almost a dozen license hopefuls and among the highest-valued, with a touted $12 billion investment.

License applications are due June 27; the final decision is set for December 1. The licensing process should conclude by the end of the year.

Zoning and Local New York Resistance Cause Wynn to Exit

The Wynn Resorts-Related Companies partnership announced its plans to drop out of the race through a statement on Monday:

“After careful consideration, we have decided not to lodge an application for a gaming license in New York City,” the statement said.

It continued: “The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers.”

When it unveiled its plan, the partnership announced that the project would create 5,000 permanent and 35,000 union construction jobs. 

Wynn’s plans included an 80-story, 1,700-room hotel tower, a casino, 1,500 apartments (including affordable units), a K-8 school, and various other spaces. It also included a 5.6-acre public green space.

However, the Hudson Yard casino resort faced opposition from local organizations, such as Friends of the High Line and Community Board 4. Some lawmakers also opposed the project. New York City Council Member Erik Bottcher publicly said he wouldn’t support it.

After the Wynn withdrawal, Related Companies and Oxford Properties plan to build 4,000 housing units on the site and expand the green space.

Wynn is The Fourth Casino Hopeful to Drop Out

Wynn Resorts is not the first potential applicant to withdraw its bid. Last month, Sands Las Vegas (SLV) gave up on its bid to build a $4 billion casino project at the Nassau Veterans Memorial Coliseum site in Long Island.

Some experts were surprised by the SLV’s move, given that the project had strong political support. However, it faced opposition and legal challenges from community organizations and Hofstra University, which sits next to the site.

SLV’s withdrawal was based on its desire to focus elsewhere and broader concerns about the potential legalization of online casinos in New York. Some experts point out the US-China trade war as another factor, as most of SLV’s business is in China.

In April, Retailer Saks Fifth Avenue announced that it would no longer pursue opening a casino above its flagship store.

Meanwhile, developer Vornado Realty Trust abandoned its casino idea near Madison Square Garden and Penn Station last fall.

Who’s Left?

While the list of hopeful applicants has shrunk, there’s still plenty of interest. Several prominent casino operators, such as Caesars Entertainment, MGM Resorts International, Bally’s Corp., and Hard Rock International, are still fully committed to opening a casino in New York City.

There is a broad consensus that two projects are ahead of the rest: MGM Resorts International’s Empire City Casino in Yonkers and Genting’s Resorts World New York in Queens. Both locations are existing racinos contributing to the local economy and would require fewer resources to convert to full-scale casino operations.

That means several applicants will likely compete for the remaining license:

• Caesars Entertainment and SL Green Realty plan for a Times Square casino, a project backed by rapper Jay-Z.
• Bally’s Corp. casino in Bronx, next to the golf course at Ferry Point, formerly Trump Golf Links.
• A $8 billion casino project near Citi Field in Queens, backed by Mets owner Steve Cohen and Hard Rock International.
• A Coney Island casino by developer Thor Equities and many partners.
• Soloviev Group and Mohegan Gaming and Entertainment’s Freedom Plaza project, located next to the United Nations headquarters.

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Deputy Finance Minister Julapun Amornvivat said on May 19 that Wynn and MGM have already held talks with senior government officials.

The Bangkok Post quoted Julapun as stating that the government held talks with MGM on May 19 following a previous meeting with Wynn.

Wynn, MGM: Thai Casino Plans?

The Deputy Finance Minister added that two other unnamed “major foreign investment firms have also scheduled meetings to discuss potential investments. “

Julapun said: “Both Wynn and MGM Resorts share the same view as us. They are interested in investing in Thailand and believe our legal framework is quite solid, especially regarding money laundering and gambling regulation.”

The government official added that potential investors know they are participating in an open consultation phase.

He said that Bangkok intends to hold a “fair and transparent bidding process” before issuing concessions.

Prime Minister Paetongtarn Shinawatra and her ruling Pheu Thai Party want to legalize casinos as part of new entertainment complexes.

However, she will need lawmakers to approve her proposal to legalize the gambling sector. Many MPs and senators, including Deputy Prime Minister Anutin Charnvirakul, bitterly oppose the bill.

Anutin and leading senators have called on Paetongtarn to hold a referendum on the proposal, claiming it violates the Thai constitution.

Demonstrators expressed displeasure at the proposal outside the parliament building in early April.

Despite Paetongtarn’s efforts to fast-track the bill through parliament, senators want to hold a review. Experts claim this could hold up the bill until the last few months of the year.

But Paetongtarn’s government appears undeterred. Julapun said: “We are now clearly signalling that we are open to discussions with investors. Especially as we move forward with drafting legislation and seek to attract over 100 billion baht [$3 billion] in investment.”

We Only Want to Work With Major Companies, Says Thai Government

Julapun added that the government will not work with small or unprepared investors due to worries about their capacity to adhere to regulations and fight gambling addiction and money laundering.

The Deputy Minister says the government must listen to industry stakeholders to ensure that new regulations comply with global standards and align with investors’ expectations.

Earlier this month, the former abbot of one of Thailand’s most famous temples was publicly disrobed over allegations he stole money from temple funds to spend on illegal online gambling platforms.

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On May 15, the Nevada Gaming Control Board (NGCB) announced that Wynn had agreed to pay a $5.5 million fine after the regulator had filed a complaint on the same day. The agreement is pending approval from the Nevada Gaming Commission on May 22.

Wynn Las Vegas Fine Related To a Federal Probe of AML Failures

The proposed Stipulation for Settlement between the regulator and Wynn comes after NGCB filed a complaint for disciplinary action on May 15. 

The complaint alleges that the operator used improper business practices, including “unregistered money transmitting businesses, facilitating international monetary transactions, allowing proxy betting, and other prohibited monetary transactions.”

According to NGCB, former Wynn employees allowed international patrons to move money for gambling and place wagers on behalf of others, violating the company’s AML protocols.

The Nevada regulator’s complaint concerns Wynn’s September 2024 Non-Prosecution Agreement with the US Attorney’s Office for the Southern District of California. In that agreement, the company agreed to forfeit $130 million to settle a federal investigation into AML violations.

After resolving the federal case, NGCB opened a separate investigation, to which Wynn fully cooperated. In addition to the $5.5 million fine, Wynn will implement enhancements to its AML procedures and provide additional employee training.

MGM and RWLV Also Fined Over Similar Lapses

Wynn’s fine marks Nevada’s third high-profile AML enforcement case this year.

In March, RWLV agreed to pay a $10.5 million fine, the second-largest in Nevada gaming history. The Nevada regulator imposed a substantial penalty for regulatory violations related to engaging with illicit bookmakers, including Damien LeForbes and Mathew Bowyer.

Bowyer ran an illegal operation with over 700 clients and had ties to MLB star Shohei Ohtani’s disgraced former interpreter. Bowyer used the illicit funds from his operations to gamble at RWLV. He lost over $8 million, including $1.2 million in two months.

NGCB accused the company’s former President, Scott Sibella, and other executives of negligence and failing to report Bowyer’s suspicious activities as part of AML protocols.

Bowyer was also connected to another fine imposed by the NGCB. In April, MGM Resorts International agreed to pay an $8.5 million fine for similar AML protocol failures. 

Like in the RWLV case, Bowyer used proceeds from his illegal operations to gamble at MGM properties on at least 300 occasions. Meanwhile, another illegal bookie, Wayne Nix, lost nearly $5 million at MGM properties.

The connection in both cases is Sibella. Before he became RWLV President, he was the President of MGM Grand Casino. In 2024, the former executive pleaded guilty to violating the Bank Secrecy Act. 

He received a one-year probation and a $9,500 fine. Later, Sibella agreed with Nevada regulators to surrender his gaming license, ending his casino industry career in the state.

The post Wynn Accepts $5.5M Fine, Becomes the Third Las Vegas Operator Fined This Year appeared first on CasinoBeats.

It was a mixed bag for Wynn in Q3 as the casino giant navigated challenging climates in Las Vegas, reporting operating revenue reductions of  $11.8m to $607.2m.

Overall operating revenues for the firm stood at $1.69bn, a  $21.4m rise from the same period last year. However, challenges remained as Wynn Resorts still reported a net loss of  $32.1m.

Craig Billings, CEO of Wynn Resorts, Limited, commented: “Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.”

The group underpinned key ambitions in the UAE, with $18.2m being injected into the constructing the Wynn Al Marjan Island development in the region as progress continues with the regulatory framework. 

Recently, Wynn Resorts shone a light on the significant potential of the market, which anticipates to open in the first quarter of 2027, revealing that according to financial forecasts for its upcoming Wynn Al Marjan Island resort in Ras Al Khaimah (RAK) it projects gross gaming revenue of up to $1.66bn.

Wynn Resorts recently also confirmed the landmark moment of being awarded a commercial gaming operator licence in the United Arab Emirates.

The Las Vegas-based casino operator has confirmed that it has been issued a Commercial Gaming Facility Operator licence from the General Commercial Gaming Regulatory Authority (GCGRA), the country’s gambling regulator that was established last year. 

Billings added: “Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a ‘must see’ tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases. 

“To that end, we are pleased to announce that the Board has increased our share repurchase authorisation to $1bn. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders.”

There was also adjusted Property EBITDAR of $527.7m for the firm, representing a decrease of $2.7m compared to Adjusted Property EBITDAR of $530.4m for the third quarter of 2023. 

For the third quarter of 2024, Adjusted Property EBITDAR increased $22.7m and $2.5m at Wynn Macau and Encore Boston Harbor, respectively, and decreased $17m and $14.8m at our Las Vegas Operations and Wynn Palace, respectively, from the third quarter of 2023.

The group did however report positive results in its Macau performance, with landing US$871.7m revenue a rise of 6.3% year-on-year.

Looking at the current state of play for the group’s balance sheet, it revealed that current and long-term debt outstanding at September 30, 2024 was $11.79bn, made up of $6.41bnof Macau related debt, $1.46bn of Wynn Las Vegas debt.

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The Las Vegas-based casino operator also shared expectations for its operating revenue and adjusted property EBITDA at an analyst and investor update meeting this week about the resort based in the United Arab Emirates (UAE).

CEO Craig Billings and other members of the Wynn Resorts global leadership team were in attendance at the invitation-only event to deliver presentations.

The investor update followed Wynn Resorts’ announcement earlier this week that it had been issued a Commercial Gaming Facility Operator licence from the General Commercial Gaming Regulatory Authority (GCGRA) for its UAE resort.

Wynn Resorts has been developing and constructing a resort at Wynn Al Marjan Island in RAK over the past year as part of a joint venture between affiliates of Wynn Resorts, Marjan and RAK Hospitality Holding.

At the meeting, the operator revealed that it expects Wynn Al Marjan Island to generate “strong gaming and non-gaming revenue”.

This is based on assumptions that the UAE market size is approximately $3bn to $5bn, in addition to two competitive integrated resorts operating in the country with Wynn GGR market share at 33% and a “Wynn Premium” of 1.2x GGR fair share based on 11K positions in the market.

From a regulatory perspective, the operator noted that UAE will have a blended tax rate of 10% to 12%, with the number of licences being a maximum of one land-based licence per Emirate, a licence which is valid for 15 years and is renewable.

Wynn Resorts is expecting “significant demand” for its product offering, driving “strong non-gaming revenues, including from nearby resorts”. In total, the operator is forecasting GGR to be between $1bn and $1.66bn with a base of $1.33bn, split between international VVIP (37%), international tourism (29%) and domestic (34%).

For operating revenue, Wynn Resorts is expecting between $1.375bn and $1.875bn with a base of $1.625bn, while adjusted property EBITDAM is predicted to be between $500m and $800m with a base of $625m. The EBITDA margin for Wynn Al Marjan Island is expected to be between 36% and 43%, with a base of 38%.

The adjusted property EBITDA is predicted to be between $390m and $570m with a base of $465m, while free cash flow is forecast to be between $170m and $350m with a base of $245m.

The total estimated project budget is $5.1bn, which includes land, fees and capitalised interest. 

Wynn’s equity contribution is expected to be $1.1bn with approximately $900m left to spend, with the operator adding that a target debt raise of $2.4bn “progressing well” and oversubscribed with demand from local and international lenders and an aim to close the debt raise by year’s end. 

The operator added that the project is pacing towards opening in the first quarter of 2027.

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The Las Vegas-based casino operator has confirmed that it has been issued a Commercial Gaming Facility Operator licence from the General Commercial Gaming Regulatory Authority (GCGRA), the country’s gambling regulator that was established last year. 

Wynn Resorts has been developing and constructing a resort at Wynn Al Marjan Island in Ras Al Khaimah (RAK) over the past year as part of a joint venture between affiliates of Wynn Resorts, Marjan and RAK Hospitality Holding.

The operator said in a statement: “Wynn Resorts thanks the GCGRA for the confidence and trust the licence grant signifies and is proud to be the recipient of the first commercial gaming facility licence in the UAE.

“We are underway with the construction of our resort in Ras Al Khaimah and look forward to being a key partner in the development of its tourism economy.”

Later this week on 8 October at Wynn Las Vegas, the casino operator will be hosting an analyst and investor update meeting to discuss Wynn Al Marjan Island.

CEO Craig Billings and other members of the Wynn Resorts global leadership team will be in attendance at the invitation-only event to deliver presentations, including on the resort’s expected financial performance.

CasinoBeats has contacted the GCGRA for confirmation that the licence has been issued.

Billings made comments about the recent developments at Wynn Al Marjan Island back in August, stating to investors that construction was “rapidly progressing” and that the UAE was “the most exciting new market for our industry in decades”.

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Betting and Gaming Council

Betting and Gaming Council has announced that Grainne Hurst has officially begun her new role as CEO of the organisation.

Back in April, Hurst was confirmed by the BGC for the CEO role as part of a wider restructuring of the organisation’s senior leadership, with former CEO Michael Dugher becoming Chair after Brigid Simmonds stepped down from the position during the same month.

Hurst joins the BGC from Entain where she has been Group Corporate Affairs Director since March 2018.

“I’m absolutely delighted to get started as CEO of the Betting and Gaming Council, the industry champion for so many iconic brands, at home in the UK and around the world,” Hurst commented.

“This is a crucial time for the BGC’s diverse and growing membership, which supports 110,000 jobs and caters to millions of customers who enjoy a bet each month in the UK. There is a huge amount of work ahead of us, not least delivering and implementing the outstanding proposals outlined in last year’s White Paper, many of which our members called for.

“That includes a statutory levy to address problem gambling and related harms, an Ombudsman for improved consumer redress, online financial risk checks carefully targeted on those at risk, new stake limits for online slots, a Sports Sponsorship Code, plus mission-critical modernisation proposals for the land-based casino sector.

“While achieving regulatory certainty after a period of so much change is top of my priority list, it is important for our industry to focus on stability, growth and diversity across the sector. That work must be underpinned by strong data and guided throughout by the voice of the everyday consumer.”

Dugher added: “On behalf of the entire BGC membership, I’d like to warmly welcome Grainne as she officially starts as CEO. She brings years of experience and knowledge in the regulated industry, together with a bold vision and strategy to refresh and reset the organisation going forward.

“I look forward to working with Grainne in my new role as Chair, and the rest of the outstanding BGC team, as we continue to represent thousands of workers and millions of customers, as well as delivering on our mission to raise standards in safer gambling.”

Betfred

Betfred has named Nick Cockerill as its new Chief Product Officer.

Cockerill brings over 10 years of sports betting and igaming experience to Betfred, having previously worked in senior product and technology roles at Stats Perform, Sky Betting and Gaming, Pokerstars International and Flutter Entertainment.

At Betfred, Cockerill will be tasked with elevating the brand’s online business, enhancing Betfred’s retail offering and accelerating the transition of the operator into a technology-first organisation.

“I’m delighted to join Betfred at such an important and exciting time in their history,” commented Cockerill.

“Betfred is one of the UK’s strongest brands in the sector and I’m looking forward to working with the excellent team here to elevate Betfred to where it should be as one of the top online bookmakers in the UK and advancing our leadership in retail.”

Joanne Whittaker, CEO of Betfred, added: “Nick joins with a wealth of experience and has an excellent track record in the sector. His appointment is key to our huge ambitions for Betfred.”

The Star Entertainment Group

The Star Entertainment Group has appointed Mark Mackay as CEO of The Star Gold Coast.

Mackay brings over 18 years of integrated resorts and gaming experience to The Star, with his most recent role being the Chief Operating Officer for Crown Resorts Melbourne, managing the location’s operation and strategic direction.  

Before Crown Resorts in 2017, Mackay was Chief Operating Officer of The Star Gold Coast (then Jupiters Hotel and Casino), but also served in various roles at Jupiters Casino between 2006 and 2017. 

Chair of The Star, Anne Ward, said: “It gives me great pleasure to welcome Mark to The Star as Chief Executive Officer of The Star Gold Coast. 

“Mark has a deep understanding of what it takes to run a leading integrated resort development and brings a lot of capability to this role. Mark’s appointment and relevant experience further strengthens our leadership team as we focus on implementing the necessary reforms at The Star. 

“This appointment completes the new leadership team structure of decentralised management across our three integrated resort developments in Brisbane, Gold Coast and Sydney. 

“I want to take this opportunity to thank Ian Brown, General Manager Gaming at The Star Gold Coast, for his leadership, support and significant contribution leading the Gold Coast team through the past four months.”

Optimove

Optimove has expanded its partnerships team with the appointment of Adi Dagan as Senior Director of Partnerships. 

With over two decades of experience scaling online businesses and building partnerships,

Dagan’s previous industry roles include being the Co-Founder and CEO of Beehive and the Co-Founder of Everybuddy Games.

In his new role, Dagan will be tasked with expanding Optimove’s strategic partnerships and fostering growth across key markets, expanding the company’s partner ecosystem and recognising new business opportunities, including engaging with key partners and clients at industry events. 

“I am extremely excited to join Optimove. It is the clear leader in CRM Marketing for iGaming and Sports Betting,” commented Dagan. 

“Optimove’s cutting-edge platform and proven ability to enhance customer engagement through AI-orchestrated, data-driven marketing create a market advantage. Optimove is a clear market differentiator for any partner. I am looking forward to help Optimove continue to build valuable partnerships that drive measurable success for marketers.” 

Pini Yakuel, CEO of Optimove, stated: “We are thrilled to welcome Adi to the team. His expertise will be instrumental in expanding our partner ecosystem and delivering even more value to our clients. 

“Under his leadership, we are poised to expand and deepen partnerships that deliver next-level personalised engagement solutions to leading brands across the globe.”

Wynn Resorts

Wynn Resorts has added three executives to its team at Wynn Al Marjan Island, its UAE property scheduled to open in 2027.

Reporting to Wynn Al Marjan Island President Max Tappeiner, the three new appointments are Tom J Roelens as COO, David Patent as Executive Vice President of Casino Operations and Sherri DeSalvio as Vice President of Pre-Opening Planning and Strategic Initiatives.

Overseeing the integrated resort’s non-gaming operations, Roelens brings over 25 years of experience managing ultra-luxury hotel operations to Wynn, including 20 years with Four Seasons Hotels and Resorts. Most recently, he opened Dubai’s Atlantis The Royal and managed Atlantis The Palm and Aquaventure World’s operations. 

Responsible for gaming operations, Patent was previously CEO of VizExplorer, an analytics and business intelligence solutions provider. He has also held senior management roles at Caesars Entertainment properties in Las Vegas and the Midwest. 

In charge of developing and executing key strategic initiatives, DeSalvio began​​ her career with Wynn in 2008, has held hotel sales and convention operations roles and has managed various high-impact special projects.

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According to a US Attorney’s Office statement, WLV forfeited $130,131,645 to “settle criminal allegations that it conspired with unlicensed money transmitting businesses worldwide to transfer funds for the financial benefit of the casino”.

It is also believed to be the largest forfeiture by a casino based on admissions of criminal wrongdoing.

US Attorney Tara McGrath commented: “Casinos, like all businesses, will be held to account when they allow customers to evade US laws for the sake of profit. 

“Federal oversight seeks to prevent illegal funds from tainting legitimate businesses, ensuring that casinos offer a clean, thriving, and safe entertainment option.”

Through the non-prosecution agreement, which allows a company or individual to avoid criminal prosecution in exchange for meeting certain criteria, WLV “admitted that it illegally used unregistered money transmitting businesses to circumvent the conventional financial system”.

Wynn Resorts noted within an SEC filing that the agreement with DOJ and Attorney’s Office resolves “previously-disclosed investigation into various transactions at Wynn Las Vegas relating to certain patrons who reside or operate in foreign jurisdictions which were facilitated by former employees, agents and other third parties that were unlicensed money transmitting businesses, in violation of 18 U.S.C. § 1960”.

In addition to the $130m forfeited, Wynn Resorts agreed to “continue to make certain enhancements to its compliance program”. Subject to WLVs’ fulfilment of its agreement obligations, the DOJ will not bring “any criminal charges against Wynn Las Vegas concerning the subject matter of its investigation, subject to standard reservations of rights and certain reserved claims”.

According to the US Attorney’s Office, WLV “regularly contracted with third-party independent agents acting as unlicensed money transmitting businesses to recruit foreign gamblers” to the casino.

To make sure gamblers repaid their debts to WLV or had funds available to gamble, the independent agents “transferred the gamblers’ funds through companies, bank accounts, and other third-party nominees in Latin America and elsewhere, and ultimately into a WLV-controlled bank account in the Southern District of California”. These funds would then be transferred into a WLV cage account. 

“WLV employees, with the knowledge of their supervisors, and working with the independent agents, eventually credited the WLV account of each individual patron,” noted the US Attorney’s Office.

“The convoluted transactions enabled foreign gamblers at WLV to evade foreign and US laws governing monetary transfer and reporting.”

In reaching the agreement resolution, Wynn Resorts’ SEC filing noted that the DOJ accounted for “the historical nature of the transactions at issue; Wynn Las Vegas’s cooperation with the DOJ’s multi-year investigation; that Wynn Las Vegas no longer employs or is affiliated with any of the individuals implicated in the transactions at issue; and Wynn Las Vegas’s extensive remedial measures, many of which were undertaken prior to the parties entering into the NPA”.

In addition, the SEC filing stated that “all prior US federal regulatory inquiries commenced in or about 2014 regarding compliance by Wynn Las Vegas with 18 U.S.C. § 1960 and the Bank Secrecy Act” have been resolved through the agreement.

Christopher Davis, acting special agent in charge for HSI San Diego, said: “Of the many unique authorities HSI is able to enforce, understanding and investigating complex financial crimes that lead to holding criminals accountable for their actions, is one that HSI does best. 

“The success of this investigation is in part due to our partner agencies’ cooperation and dedication to seeing these long-term investigations through to bring justice to these companies and protect American financial institutions.”

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