The Embassy of Ukraine in the Republic of Cyprus has strongly refuted allegations that Ukrainian President Volodymyr Zelensky had acquired a casino in Kyrenia. In an official statement, the embassy characterized these reports as “another lie” intended to discredit Ukraine and its leadership and to create diplomatic friction between Kyiv and Nicosia.

Ukraine Blamed Russian Hybrid Warfare

Rumors have been circulating that President Zelensky is the new owner of the Vuni Palace Casino and Hotel, a prominent establishment in Kyrenia, Cyprus. The embassy decisively denied these claims, asserting that “Russian propaganda is spreading a false story” and emphasizing the absence of any credible evidence to support these allegations.

Cyprus President Nikos Christodoulides confirmed the stance of the Ukrainian embassy, remarking that no evidence has surfaced to corroborate the claims regarding Zelensky’s involvement in the casino purchase. These two supporting claims should be enough to refute the accusations, especially considering the initial report regarding the alleged casino purchase did not contain concrete evidence.

This false information is yet another lie aimed at discrediting Ukraine and its leadership in the eyes of the world community.

Embassy of Ukraine

The embassy also underscored that the spread of this false information likely aimed to strain diplomatic relations between Ukraine and Cyprus. While the embassy did not have any direct evidence of Russian involvement, misinformation campaigns against Ukraine have been increasingly common. They urged the public and media professionals to rely on credible sources and remain alert against “manipulation and propaganda.” 

The Original Report Was Based on a Fake Website

The contentious report originated from the Turkish website OdaTV and was then picked up by various pro-Kremlin social media outlets. The article alleged that while Western nations were supplying Ukraine with financial and military support, Zelensky had diverted his focus to the casino industry, neglecting the needs of his country to pursue personal pleasures. 

OdaTV claimed that a company named “Film Heritage Inc.,” registered in Belize and supposedly owned by Zelensky acquired the Vuni Palace Casino Hotel in early May 2024. However, a closer investigation revealed that the property’s supposed website containing this information was fake. The casino hotel’s genuine webpage does not mention this deal, and its owners confirmed they have not sold the property.

While Vuni Palace Casino Hotel has reportedly stopped accepting reservations as of 27 May, according to Booking.com, the mounting evidence against OdaTV’s claims means the rumor is almost certainly false. This case highlights the need for proper media hygiene, especially considering the ongoing media misinformation campaign surrounding the Ukraine crisis.

The post Ukraine Dismisses Claims of Zelensky Casino Purchase as Russian Propaganda appeared first on Keno Wizard.

Gambling industry stakeholders are keenly observing the details surrounding the Dallas Mavericks purchase, as it fueled speculations about the future of legalized gambling and sports betting in Texas. The deal should be completed by the year’s end as the team changes hands to the Adelson family, one of the gambling industry’s most famous billionaire magnates.

The Sale Provided Much-Needed Capital

Even with this new venture, Miriam Adelson will retain the majority shareholder position at Sands. As per the SEC filing, Sands board director Irwin Chafetz, a director of the company since February 2005 and a close friend of the late Sheldon Adelson, the founding chairman of Sands, acts as the trustee for the family’s shares. 

This newest deal, initially announced in an SEC filing on 30 November, provides the financial means for Adelson to secure a majority ownership interest in the NBA franchise. Multiple reports suggest that the team will remain in Dallas, and the current owner, Mark Cuban, will continue overseeing basketball operations for the Mavericks.

The Mavericks Purchase Has Significant Implications

Miriam Adelson’s purchase of the majority stake in the Mavericks should be finalized by the year’s end. The deal requires approval from at least 75% of the NBA Board of Governors, consisting of the 30 team owners. If greenlit, Sands President and Chief COO Patrick Dumont, Miriam Adelson’s son-in-law, will join the Board of Governors as the Mavericks’ representative.

Sands has emphasized that ownership of the Mavericks will go directly to the Adelson family and will not impact the company. However, observers view this transaction as part of Sands’ strategy to persuade Texas legislators to take steps towards revising the state’s constitution, potentially allowing legalized gambling, thus advancing the company’s regional interests.

This Development Can Significantly Benefit Sands

Spearheading the introduction of legalized gambling in Texas would represent a significant victory for Las Vegas Sands as it reevaluates its market position and doubles down on its most promising markets. The company recently increased its stake in Sands China, bolstering its overseas presence. It counts on the region’s continued resurgence and the success of its high-profile Macau properties.

Despite Adelson’s efforts to separate the Dallas Mavericks deal from their primary Las Vegas Sands business, the purchase still has considerable implications on the broader gambling landscape. Many industry insiders believe the Mavericks can become the cornerstone of the Adelsons’ Texas efforts, significantly expanding their reach in the state.

The post Adelson Completes $2 Billion Stock Sale, Paving the Way for the Dallas Mavericks Purchase appeared first on Keno Wizard.

The Pamunkey Indian Tribe has decided to exercise its option to delay the purchase of land adjacent to Harbor Park for their proposed HeadWaters Resort and Casino until January 2025. 

Norfolk Casino Project Receives Extension for Meticulous Planning

City spokesperson Chris Jones confirmed the extension, emphasizing that it does not indicate a definite delay in the project but rather allows additional time for meticulous planning and approval processes, reported The Virginian Pilot. The Pamunkey Tribe, in partnership with Golden Eagle Consulting II, aims to construct the HeadWaters Resort and Casino between the baseball stadium and the Amtrak station near downtown Norfolk, Virginia.

Originally securing a three-year option in January 2020, the tribe utilized its first extension last year, setting the final contracted deadline for land purchase at nearly $10 million. There are specific benchmarks outlined in the contract related to licensing and contracting that the tribe must fulfill before the city approves the sale.

Jay Smith, a spokesperson for HeadWaters, stated that they anticipated offering additional updates in the coming weeks. He mentioned that these updates would highlight the tribe’s steadfast dedication to initiating the project’s construction promptly. The aim is to generate employment opportunities and tax revenue, meeting the expectations of both the City of Norfolk and the Commonwealth of Virginia, from their proposed destination resort and casino.

City Leaders Challenge Two-Phase Plan, Insist on Original Agreements for Norfolk Casino

The casino project has faced hurdles, including disagreements over the construction approach. Initially proposing a temporary casino while the permanent structure was built, developers later opted for a two-phase plan. 

However, city leaders expressed their opposition to this approach, insisting on a single-phase project to align with the original agreements and voter expectations. Accusations have been made by both sides, with the tribe and developers claiming mixed messages from city officials regarding project expectations.

Meanwhile, city leaders have demanded clarity and adherence to the promises made to voters during the 2020 referendum, where Norfolk residents overwhelmingly supported casino development.

The city has been keen on ensuring that the proposed resort and casino meet the standards outlined in the initial agreements, emphasizing the importance of delivering the development as envisioned during the public vote.

Virginia experienced a significant surge in tax revenue from sports betting and casinos, surpassing earlier projections. In fiscal year 2023, Virginia’s casino sector exceeded expectations, with the temporary Hard Rock Casino in Bristol generating $157 million in net gambling revenue, Rivers Casino Portsmouth reporting $120 million, and Caesars casino in Danville recording $31 million in just two months. Virginia’s gambling sector is rapidly expanding, with the casino in Norfolk and an upcoming referendum for a casino venture in Richmond.

The post Norfolk Casino Project Gets Land Purchase Extension until 2025 appeared first on Keno Wizard.

Interest in PointsBet’s US division continues to mount as multiple parties expressed interest in acquiring the gaming entertainment company’s regional assets. DraftKings’ recent proposal is substantially higher than the competing offer by Fanatics, increasing its appeal to shareholders. A successful acquisition would bolster DraftKings’ position in the rapidly expanding US sports betting market.

The New Proposition Represents a Last-Minute Upset

Australian-based sports betting operator PointsBet entered the US market in 2018 and has experienced significant growth and success. However, the company is facing substantial financial pressures. Despite rising revenues, plummeting EBITDA and an unexpected cash outflow hurt the operator’s long-term profitability, motivating the decision to sell its US-facing arm.

Several companies have already expressed interest in acquiring PointsBet USA. In May, global digital sports platform Fanatics offered $150 million. The deal seemed all but certain, as the two companies released a joint statement claiming the agreement would soon become official. However, the most recent updates cast doubts on these assertions as DraftKings leaped in at the last moment with a competing offer.

DraftKings clearly intends to snatch away the desirable US business, offering $195 million for PointsBet USA’s assets. The proposal threatens to end the already-agreed Fanatics deal, significantly impacting the other operator’s plans. PointsBet’s board of directors announced they would evaluate the new offer, noting that timely execution and regulatory approval remained vital factors.

An Additional $45 Million Are Difficult to Refuse

The proposed acquisition holds several strategic benefits for both companies. DraftKings will significantly expand its market presence and enhance its technological capabilities, potentially offering customers a broader range of betting options and improved features. The deal will also give the operator access to PointsBet’s established customer base, giving it an edge over other high-profile players in an increasingly competitive industry.

All other things being equal, PointsBet seems to have little reason not to go with the more lucrative deal. The extra funds will contribute to the company’s cash reserves, allowing it to focus on its core operations and growth strategies in other markets, like Australia. Divesting its US division should also reduce expenses, contributing to a more efficient and streamlined business.

Although DraftKings’ acquisition proposal came out of the blue, it presents PointsBet with a significant dilemma. The company can either abide by its previous agreement with Fanatics and settle for the lower sum or go with DraftKings and risk alienating the other company. Given shareholder returns usually take priority in such matters, gravitating toward the more lucrative offer is a distinct possibility.

The post DraftKings One-Ups Fanatics in a Bid to Purchase PointsBet USA appeared first on Keno Wizard.

Wind Creek Hospitality has overcome one of its biggest hurdles and has initial clearance to add Miami’s Magic City Casino to its expanding roster of gaming venues. The PCI (Poarch Creek Indian) Gaming subsidiary will operate the license through Gretna Racing, LLC.

Magic City is a local fixture grown from a parimutuel racetrack and owned by the Havenick family since the 1930s. Havenick’s West Flagler Associates (WFA) is the legal entity offering the property up for sale.

In early December, the Florida Gaming Control Commission put approval of the transfer of assets and license on the back burner so more information about the deal could be given to the public before making a decision.

Transfer was not without Opposition

Opposition came from a perennial anti-casino organization in Florida. Legal counsel for a major gaming tribe in Florida had also asked commissioners to move forward with caution. However, Magic City representatives noted that 3rd party interventional would not be lawful.

At the time. Commissioners noted there was nothing objectionable in the highly redacted application but that it may not meet the standards of Florida’s sunshine laws.

Stephanie Bryan, Tribal Chair & CEO of the Poarch Band of Creek Indians said: “We are excited to grow our footprint in another major metropolitan area, this time in Miami, Florida.

“Our expansions in Pennsylvania, Illinois, and now Florida provide us the ability to take care of and grow opportunities for our Tribe. We look forward to becoming a valued partner in the Miami community.”

Bryan’s references to Pennsylvania and Illinois included the former Sands Bethlehem in Pennsylvania which the firm purchased for $1.3b in 2019 before rebranding – and Wind Creek Chicago Southland, an under-construction 70,000 sq ft casino featuring 1,350 slot machines, 56 table games, entertainment, dining, and a 250+ room hotel,

Jay Dorris, CEO and President of Wind Creek added: “Southern Florida is a natural connection from our properties in Aruba & Curacao, our properties in Alabama and the Florida Panhandle.

“With close proximity to Miami International Airport, the location is fantastic for players from all Wind Creek properties, and gives Miami locals an easy way to experience the Wind Creek brand everywhere we operate,” Dorris noted.

A New and Vibrant Market

While stating that the purchase added to its footprint in a “new and vibrant market” they also said that no major changes should be expected at the Miami property in the immediate future, but migration to the operator’s rewards and loyalty programs should be completed before the end of the year.

Wind Creek Hospitality manages the Tribe’s gaming facilities. The list includes Wind Creek Aruba, Wind Creek Atmore, Wind Creek Curacao, Wind Creek Montgomery, Wind Creek Wetumpka, Wa She Shu Casino in Nevada, as well as a racetrack in Alabama, a card room in Pensacola, and a barrel racing track with a card room in Gretna.

The company’s virtual casino is called Casinoverse. Developer Hyper Luminal describes it as “an interactable game world which brings the excitement and joy of Wind Creek casinos right to your pocket.”

Source: PCI GAMING AGREES TO ACQUIRE MAGIC CITY CASINO IN MIAMI, Wind Creek, February 8, 2023

The post Florida regulators have approved Wind Creek’s purchase of Miami casino appeared first on Keno Wizard.