Wynn Resorts reaches two deals with Full House Resorts

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Wynn Resorts Ltd. has reached two deals with Full House Resorts, which runs five casinos in four states, in order to offer mobile and online sports betting services in Indiana and Colorado.

Although terms of the deals were not disclosed, Las Vegas-based Full House said the deals are for mobile sports betting with a Wynn entity known as WSI US LLC. WSI is the holding company for Wynn’s sports and interactive gaming business.

This is a second sports betting deal for Wynn Resorts. In April, the luxury casino brand announced a partnership with Scientific Games to develop their digital and online gaming platform, with the goal of launching in New Jersey.

“We’re excited to partner with Wynn Resorts, allowing them to conduct mobile sports wagering throughout Indiana and Colorado,” said Daniel Lee, president and CEO of Full House.

Prior to reaching a deal with Wynn Resorts, Full House said in a U.S Securities and Exchange Commission filing that it has “utilized all of its allowed sports wagering opportunities” in both states.

The company has three skins for sports betting in both Indiana and Colorado. Previously, Full House said it has already partnered with Smarkets and Churchill Downs to offer mobile sports betting.

The deal with Churchill Downs also includes a retail sports book inside of Rising Star in Indiana.

Sports betting was legalized in Indiana on Sept. 1 The Full House-owned Rising Star currently is the only land-based casino in the state that has approval for a retail sports betting license that has not opened a brick-and-mortar sportsbook.

As part of these long-term agreements, Full House said the company already received one-time market access fees totaling $2 million in cash, and will receive another $2 million in cash should voters next legalize sports betting.

The company will receive a share of the net revenues, with Full House expecting an annual windfall of at least $5 million from both states. Both contracts are for 10 years, with an option for an additional 10 years.

Besides Rising Star, Full House owns casinos in Nevada, Colorado and Mississippi.

Lee said that the Colorado launch is subject to the state legalizing sports betting. Colorado voters will decide whether to legalize wagering on sports in a statewide referendum scheduled for Nov. 5.

The referendum, known as Proposition DD, involves both a statewide ballot to authorize and take sports betting, as well as additional local votes in three Colorado cities that are permitted to host casinos.

With a simple majority in November, sports betting could launch in Colorado as early as May 2020.

Steve Wynn’s gaming license

Meanwhile, the Nevada Gaming Commission has yet to set a hearing on a complaint seeking to ban former Wynn Resorts chairman and CEO Steve Wynn from the state’s casino industry.

The Nevada Gaming Control Board filed a complaint saying Wynn was “unsuitable to be associated with a gaming enterprise or the gaming industry,” citing allegations of sexual misconduct that emerged last year.

Currently, state gaming regulators have placed an “administrative hold” on Wynn’s personal gaming license.

“He failed to exercise discretion and sound judgement to prevent incidents, which negatively reflected on the repute of the state of Nevada and acted as a detriment to the development of the gaming industry,” the GCB filing noted.

Wynn resigned as CEO of Wynn Resorts early last year following claims he subjected women co-workers to unwanted advances.

Wynn, 77, has denied the accusations.

Nevada regulators also claimed his conduct brought media attention that “damaged the public’s confidence and trust in an industry that is vitally important to the economy of … Nevada.”

The three-member control board is asking the Nevada Gaming Commission to impose a monetary fine on Wynn for each of the five counts included in the complaint, including his refusal to appear at an evidentiary hearing that was scheduled in September.

According to the GCB’s complaint, Wynn failed to appear for a hearing before regulators, despite knowing that failing to do so constituted grounds for the revocation of his finding of suitability. State law gives both the Gaming Control Board and the Commission the power to issue subpoenas and to compel a witness to testify.

“At a minimum, Mr. Wynn’s findings of suitability should be revoked,” the GCB said in its complaint.

In Nevada, the five-member gaming commission has the “full and absolute power” to revoke any finding that a person is suitable to hold a gaming license in the state.

The GCB undertook its own investigation of Wynn’s conduct after the company failed to monitor and investigate his alleged behavior. Regulators found numerous “potential instances of unwelcome sexual conduct,” ultimately settling a separate complaint brought against the company for $20 million.

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