- Supply says sum owed by UFC boss to Crimson Rock might be as excessive as $50 million
- White’s playing exploits are well-known in Las Vegas and throughout social media
Final Preventing Championship (UFC) CEO Dana White allegedly owes Crimson Rock Resorts (NASDAQ: RRR) $25.2 million in unpaid betting money owed, an nameless supply informed On line casino.org.
UFC CEO Dana White. A supply says he owes Crimson Rock Resorts $25.2 million. (Picture: MMA Preventing)
The supply added it’s potential, although not confirmed, the UFC boss owes the Las Vegas-based on line casino operator as a lot as $50 million for credit score prolonged to him in order that he may play high-limit baccarat and blackjack on the Crimson Rock On line casino Resort in Summerlin, Nev. A request for remark to Crimson Rock Resorts was prolonged by On line casino.org on Friday, August 29, and wasn’t acknowledged previous to the publication of this text.
White’s wagering exploits are the stuff of legend as he took Fontainebleau for $1.2 million in baccarat winnings in June. He beforehand boasted about raking in an estimated $26–$27 million at Caesars Palace between January and March 2024.
Current social media chatter signifies that in July, White confessed to being down $8 million at an unidentified on line casino, while another post from the identical Instagram account implies White and his crew shortly departed an undisclosed gaming venue following a tough run at a high-limit baccarat desk.
Will Crimson Rock Push White to Pay His Tab?
How ardently Crimson Rock pushes White to make good on the unpaid marker might be a supply of intrigue as a result of the UFC chief has shut relationships with Crimson Rock Chairman and CEO Frank Fertitta III and his brother, Vice Chairman Lorenzo.
Put merely, White’s capacity to show UFC into the most well-liked fight sport within the US and one of many fastest-growing sports activities on this planet amplified the Fertitta brothers’ fortune. The brothers acquired the collection in 2001 for simply $2 million, promoting vital parts of their pursuits 15 years later for $4 billion to Ari Emanuel’s William Morris Endeavor — the predecessor of the corporate often called Endeavor Group Holdings. UFC is now a part of TKO Group Holdings (NYSE: TKO). In August 2017, the Fertittas divested their remaining stakes in UFC at a $5 billion valuation.
Put it this fashion: Frank Fertitta’s internet value has greater than tripled since 2016 to an estimated $3.7 billion in the present day, and his funding in UFC is a significant catalyst behind that improve. In different phrases, White made the Fertittas billions, and his unpaid marker is mere pennies in comparison with what the brothers reaped from their UFC funding.
Plus, there’s basically no danger to Crimson Rock shareholders.
Even when White owes the gaming firm $50 million, that’s lower than 1% of the operator’s market capitalization of $6.29 billion. Extending credit score markers isn’t akin to a conventional financial institution mortgage in that on line casino firms aren’t giving cash on to gamers. Reasonably, the operators are offering a service — there’s no cash coming off their books, and so they don’t incur monetary injury as a financial institution would with a bitter mortgage.
Shares of Crimson Rock are greater by 33.8% 12 months up to now, good for the most effective performances amongst all on line casino shares.
White Has Colourful Betting Status
White, who joined the board of administrators of Fb mum or dad Meta (NASDAQ: META) earlier this 12 months, has an attention-grabbing fame within the playing world. He’s beforehand admitted in interviews that in Las Vegas, he’s basically barred from casinos that aren’t Caesars Palace or Crimson Rock properties.
MGM Resorts Worldwide’s Bellagio and Fontainebleau have taken White’s motion up to now. He’s additionally bragged that he’s amongst a handful of bettors who ever play six figures a hand at any Crimson Rock on line casino.
The aforementioned supply informed On line casino.org that the first cause why casinos throughout the US are reluctant to increase excessive limits and large credit score markers to White isn’t as a result of he’s such a proficient gambler. Reasonably, it’s as a result of he’s often called a “shortstop.” That’s gaming business parlance for a bettor who performs a small variety of arms at massive stakes and is more likely to rise up and go away the desk upon successful three of 4 arms in a row.
