Resorts World, a leading hotel and casino complex in Las Vegas, has come under fire from investigators who are looking into alleged money laundering activities by three heavy-spending gamblers. The Nevada Gaming Control Board is examining several gambling establishments including Resorts World in light of information that came to their attention about huge losses incurred at these facilities.

Trio’s $24M Loss Ignites Concerns of Criminal Activity at Resorts World

Those close to the matter who spoke on condition of anonymity said the trio currently being investigated by federal authorities for their involvement with illegal sports betting rings lost a combined $24 million over three years while gambling at Resorts World, reported the Nevada Current. This announcement has prompted fears about possible criminal behavior within said premises.

There have been no official charges made against the gamblers but if found guilty in any way connected with this investigation it could be disastrous for Resorts World as well. The seriousness attached to these allegations can be seen through the active participation of California-based FBI agents among others.

According to reports, Damien LeForbes is among those mentioned as having lost an enormous sum – $12.3 million during his many visits to Resorts World. In addition, it has also emerged that he gave them a worthless $2.5 million cheque which however did not result in legal actions being taken against him up to now.

Ryan Boyajian visited the casino 21 times and lost 3.7 million dollars during the visits. He is a reality TV star known for starring in “Real Housewives of Orange County”. 

Additionally, a California bookie by the name of Matt Bowyer went to Resorts World 32 times between 2022 and 2023 where he lost 7.9 million dollars.

Alleged Illegal Activities Connections Prompt Las Vegas Casino Probe

No formal charges have been made against any of the three gamblers notwithstanding their colossal financial downfalls. Nonetheless, their involvement with illegal gambling operations which include stealing money from well-known sports personalities’ accounts has led to more questions being asked about their honesty in their gambling activities.

In addition to Resorts World, several gaming facilities in Las Vegas are being investigated. The Nevada Gaming Control Board and federal authorities are both looking into potential cases of money laundering and other illegal activities at casinos in the area. Scott Sibella, a former president at Resorts World, is another example of someone who has gotten in trouble for supposedly helping with unlawful gambling while working for MGM Grand.

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JetBlue Airways faces stringent scrutiny after a Jewish passenger, who was traveling to Las Vegas, was allegedly discriminated against by crew members. Paul Faust, a 54-year-old telecom entrepreneur from Parkland, Florida, got involved in the controversial exchange as he voiced his objections against a flight attendant’s display of a “Free Palestine” pin during the flight.

Paul Faust’s JetBlue Encounter Goes From Discomfort to Confrontation

According to Paul Faust, the incident began as mere discomfort but gradually escalated to outright confrontation, reported Daily Mail. It all started with Faust observing that the flight attendant is wearing several pins on her uniform, including one with the Palestine flag and the slogan “Free Palestine,” alongside a Black Lives Matter badge. 

Initially, Faust did not make any comments about it but after the flight attendant moved the “Free Palestine” pin prominently and deliberately to her apron when serving coffee and drinks Faust decided to speak up. However, all Faust did was mention the situation with the pin to the flight supervisor.

To his surprise, the situation escalated after the plane landed as an official from JetBlue made accusations that Faust has caused a disturbance during the flight. Eventually, even Las Vegas law enforcement was involved.

Faust insisted that he had not engaged in any disruptive behavior on the plane, however, his statement remained unheard. In the end, Faust’s return flight was canceled by JetBlue and the airline even banned him from any future travel on its flights. The company cited his non-compliance with crew instructions as the reason for the ban.

Following the JetBlue incident Faust has referred to it as an act of “blatant antisemitism”. His fellow passenger Rachelle Almagor also commented on the incident confirming Faust’s version of the sequence of events that took place. She also mentioned that she felt discomfort in connection with the flight attendant’s “Free Palestine” pin and its prominent display.

As a result of the allegations, JetBlue has ordered an internal investigation. The airline extended its apologies to Faust and referred to the incident as a breach of company policies. Additionally, the airline has initiated a revision of its pin policy, aiming to facilitate a respectful environment for all passengers and crew members. Social media is afire with criticism toward JetBlue Airways following the incident. The majority of posts are in support of Paul Faust and are calling for a boycott of JetBlue.

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Caesars Entertainment has become a focal point for stock analysts as differing opinions on the company’s future trajectory emerge. 

JMP Securities Bullish on Caesars with a $65.00 Price Target

JMP Securities initiated coverage on January 9, offering an “outperform” rating and setting a $65.00 price target on the stock, reported financial news media outlet Marketbeat. This upbeat assessment suggests a potential upside of 40.54% from the current price. In contrast, JPMorgan Chase & Co. lowered their price target to $54.00, implying a more conservative 19.87% upside.

Analysts closely watched the company’s quarterly earnings data released on October 31, 2023, where Caesars beat consensus estimates with $0.34 earnings per share, higher than the expected $0.27. The company reported revenue of $2.99 billion, exceeding analysts’ expectations of $2.94 billion.

Noteworthy insider activity has occurred, with Director Michael E. Pegram purchasing 15,000 shares at an average price of $41.90, totalling $628,500. This move reflects confidence in the company, as Pegram now holds 136,697 shares valued at approximately $5,727,604.30.

Large institutional investors have also made adjustments to their positions in Caesars. Soros Capital Management increased its stake by 0.4%, while Czech National Bank and Creative Planning raised their positions by 0.8% and 2.6%, respectively. These moves indicate a mix of confidence and caution among institutional players.

Caesars Faces Price Target Cuts from JPMorgan and Morgan Stanley

JPMorgan Chase & Co. was not the only one to lower its price target for Caesars. Morgan Stanley also reduced it from $48 to $45, indicating a modest downside. 

Of the 16 analysts covering Caesars, 12 rated it as a “strong buy” or “buy,” while four rated it as “hold.” The consensus price target of $61.94 implied a potential upside of 36.55%, but some analysts highlighted the possibility of downward revisions. 

At the same time back in December, Barclays analyst Brandt Montour favored Penn National Gaming (PENN) and Caesars Entertainment as top gaming picks for 2024, citing Penn’s success with ESPN Bet and Caesars’ underappreciated deleveraging and robust free cash flow. 

However, analysts have also made other projections. According to analyst Shaun Kelley from Bank of America, Caesars Entertainment may divest two of its Indiana properties, Horseshoe Indianapolis and Harrah’s Hoosier Park, to reduce financial liabilities. The potential sale, estimated to raise nearly $2 billion in net proceeds, could involve VICI Properties as the buyer, with the analyst suggesting this move would align with Caesars’ focus on reducing leverage and achieving targeted financial ratios.

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Blandino, a well-recognized figure in NFL officiating, recently offered intriguing revelations about the league’s stringent measures to protect the integrity of games. While sanctions against players guilty of gambling violations have helped reduce such cases, NFL officials face even stricter checks. Blandino revealed that some referees had received offers to influence games. However, he remained confident in the league’s integrity safeguards.

Referees Undergo Frequent and Comprehensive Checks

Speaking on the “Awful Announcing” podcast, Dean Blandino delved into how the rising prominence of legalized sports betting has necessitated enhanced vetting processes for current and prospective NFL referees. He was adamant that the league had delegated massive resources to prevent match-fixing, adding that evolving policies helped the NFL keep up with new developments.

Blandino shed light on the vigilance exercised during the season, emphasizing the strict monitoring of officials’ bank accounts for suspicious spikes in funds coinciding with game days. He stressed the significance of closely tracking betting lines to analyze the correlation between calls made by individual officials and their potential impact on those lines.

If a game official has $10 in their bank account on Friday, and then they work a game, and now there’s $100,000, that’s a red flag, right?

Dean Blandino

The former NFL VP of Officiating highlighted the meticulous protocols employed in examining referees’ business associations, potential conflicts of interest, and even their financial transactions. Blandino underscored how the NFL has faced instances where individuals approached referees with offers to influence games. The league has implemented stringent guidelines, including restrictions on officials wearing NFL-branded gear to avoid compromising situations.

Frequent Policy Updates Set an Example for Other Leagues

The NFL’s growing association with sportsbooks and official partnerships with leading betting platforms has prompted a steadfast commitment to stringent gambling regulations. In September, the league reinforced its gambling policy, imposing harsher penalties against players betting on their teams. This proactive approach is paying substantial dividends, significantly reducing the frequency of high-profile scandals.

Despite the league’s ongoing efforts and genuine commitment to integrity, some athletes still test existing safeguards by engaging in illegal wagering. June saw the NFL issue indefinite suspensions to three offending players, hoping the harsh penalties would deter new offenses. The strategy, combined with evolving policies and education efforts, appears successful, as fewer such cases have made the news.

Blandino’s insight was instrumental in highlighting the NFL’s incredible 2023 progress toward mitigating the downsides of its close relationship with sports betting. Nevada congresswoman Dina Titus recently praised the league for its consistent and efficient approach, noting it would provide fans with confidence in the fairness of the games they wager on.

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The UK minister for sport, gambling, and civil society, Stuart Andrew, defended the decision, citing “little evidence” to suggest that advertising directly led to harm among users.

Expert Challenges Government’s Stance on Gambling Advertisements and Harm

Minister Andrew stated that they had heavily relied on the available evidence and pointed out that there was limited proof suggesting that exposure to advertising alone led individuals to be affected by gambling harm. He also mentioned that if further research provided additional evidence indicating that advertising was causing harm, it would be considered for action, reported The Guardian.

However, this assessment has been fiercely disputed by gambling harm expert Dr. Matt Gaskell, who runs the NHS’s northern gambling service. Dr. Gaskell argued that the evidence clearly indicated that gambling advertising stimulated consumption, resulting in an increase in harm. 

Gaskell expressed concern that children, young people, and individuals already experiencing harm or in recovery were continuously subjected to pervasive gambling advertising, and he criticized the government for choosing to expose them to such harm.

A comprehensive review of research into gambling advertising, published in the journal Public Health in February, recommended advertising restrictions. While researchers acknowledged limitations in the evidence base, they found “substantial and consistent evidence” supporting the need for restrictions to reduce exposure to gambling advertising.

Additionally, a study conducted by the University of Sheffield has found that exposure to gambling advertisements is linked to increased participation in gambling and a higher risk of developing gambling-related harm, particularly among vulnerable individuals. 

Stuart Andrew Envisions Evolving Regulations and Enhancing Research

The UK government’s decision appears to have been influenced by the interests of broadcasters that generate substantial revenues from gambling advertising. Stuart Andrew acknowledged that this was a challenging debate, but he pointed to plans to limit direct marketing to gambling customers and the voluntary ban on front-of-shirt sponsorship by the Premier League as signs of progress.

One significant factor impacting the quality of research in this area is a lack of funding, particularly outside of industry-funded sources like Gamble Aware. The government intends to change this funding model with the proposed statutory levy on bookmakers, which would ringfence revenues for government-authorized research.

Stuart Andrew affirmed that a new regulatory framework would be in place by the previously proposed date of summer 2024. He emphasized the significance of conducting improved research to gain a better understanding of gambling-related harms, expressing the desire to obtain more comprehensive research and evidence. He further mentioned that if research indicated a necessity for additional work in a specific area, they would be willing to undertake such efforts.

As the UK Gambling Commission and DCMS conduct consultations on the Gambling Act review White Paper’s proposals, the need for balanced and proportionate regulation that considers both customer experience and industry health remains a top priority.

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The shortcomings of the Swedish Gambling Authority have been laid bare by a report conducted by the National Auditor’s Office.

This comprehensive audit revealed a lack of vital resources and expertise within the organisation, which resulted in a struggle implementing staunch gambling regulations.

Quoted in the report, National Auditor Helena Lindberg stated, “The Swedish Gambling Authority has been given a comprehensive and difficult task, but it has been poorly equipped several times over to enforce it.”

This quote underscored the key findings in the audit, which underlined the regulation’s struggle to curb illegal gambling and accomplish enforcement goals.

According to the report, the authority failed to develop preemptive measures, contributing to the rise of unlicensed gambling operations.

READ: Top online casinos in Sweden

In addition, the lack of concrete outcomes to enforce regulations was deemed to be a significant deficit in the authority’s efficiency.

The report pointed out that the failings are primarily due to the lack of knowledge and resources to handle the comprehensive task at hand.

The National Auditor stated, “The authority lacks the expertise to take on its comprehensive responsibilities, and there is a risk that it will not achieve its overriding objectives.”

It further highlighted that the authority was ineffective in supporting those with gambling addiction, mainly because it didn’t contribute enough to research and treatment.

The duty to support these addicts is seen as a shared responsibility between the state, municipal governments, and counties, with the auditor cautioning that the system could collapse without sufficient resources and expertise.

Interestingly, Sweden’s gaming market is one of the largest in the European Union. According to data from H2 Gambling Capital, the country generated around EUR 1.418 billion in gross gaming revenue in 2020.

However, it is also one of the most regulated markets, with the national regulator enforcing strict rules to protect consumers from gambling-related harm.

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In half a decade, the sports betting market in North America has seen exponential growth. In the US the repeal of PASPA contributed toward the statewide expansion of the activity that is now available to millions of Americans within more than 30 different states. Similarly, in neighboring Canada, Ontario introduced legal online sports betting last year in April. The market was immediately identified as one of the most lucrative jurisdictions for North America. But while wagering attracts more bettors, fears about gambling harm continue to rise.

Recently, the Canadian Mental Health Association’s Ontario division called for the implementation of tough rules for online gambling advertising in an effort to protect consumers from excessive gambling. The proposal came after earlier this year, the province’s regulator, the Alcohol and Gaming Commission of Ontario (AGCO), proposed changes in the regulations. Those call for the prohibition of celebrities or athletes from participating in advertisements of gambling products. Yet, the proposal wouldn’t completely restrict gambling ads.

Now, Luke Clark, the director of the University of British Columbia’s center for gambling research, who was recently interviewed by the VancouverSun, warned that the popularity of sports betting can capture the attention of young adults or even children, resulting in harm and addiction. Speaking about the correlation between gambling behavior and gambling advertising, the director urged for “very close scrutiny” of gambling ads.

Betting Can Be as Addictive as Other Forms of Gambling

According to Clark, it is paramount for proper data to be delivered and analyzed to determine the “uptake of sports betting products in particular and their impact on the rates of gambling problems.” He acknowledged that sports wagering has seen exponential growth recently.

At the same time, Clark warned that people can get addicted to wagering the same way they get addicted to other forms of gambling. The expert also spoke about other problems people addicted to gambling can face such as depression, bankruptcy or even suicide.

“Sports betting can become addictive in the same way that many forms of gambling can become addictive.“

Luke Clark, director of the center for gambling research with the University of British Columbia

The warning comes at a time when the British Columbia Lottery Corporation (BCLC) is actively trying to engage with new audiences, primarily from a younger demographic. In that line of thought, the CEO of Crown Corporation BCLC, Pat Davis, explained that the BCLC isn’t trying to reach anyone under the legal age.

Instead, he pointed out that the Corporation is trying to tap into audiences that are “sort of in their 30s” as opposed to the usual demographic which is aged 50 and above. Still, Davis admitted that there is currently a “flood” of gambling advertising and that some of those do not adhere to the established regulatory framework.

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