What's with Caesar's and the Celtics?
Quote: ThatDonGuyThe Caesar's futures sheet for next year's NBA says that they won't take bets on the Celtics, and if the Celtics win the title, they will pay off on the team they beat in the finals. What's the connection between Caesar's and the Celtics, and why isn't the "ban" on all NBA games, in the same way that you can't make any NHL bets at Silverton?
It has been that way for years as their parent company also owns part of the Celtics, therefore they cannot take bets on them.
A private equity firm named TPG Capital owns a significant portion of Caesars Entertainment, along with another PE firm named Apollo, following the leveraged buy-out they jointly engineered of what used to be Harrah's Entertainment about 7 or 8 years ago. TPG also owns a significant share of the Celtics, hence they can't book bets on the green guys who bounce orange balls in their underwear. (I did a fair bit of research into this company's financials several years ago.) I've also informally heard some locals say that Gary Loveman (CEO of Caesars) personally owns a piece of them (he lives in Boston) but I'm not sure if that's also true or just the product of some folks' confusion over the complicated ownership structure of this company.
You also can't bet them at the Palms for the same reason. The Maloof brothers, who built & owned Palms, got into financial trouble & TPG snapped up much of the defaulted bonds to become majority owner of it.
Or, just go with the short version of all that: what he said.
You'll get a better price (less "vig" built into the line) at LVH & Wynn than you ever would've from CZR properties anyways. Currently I see they are on the board at 65/1 for the 2015 NBA championship at Wynn, and your ticket would probably pay a little better than that from LVH. If Caesars could hang a line on them I think it would likely be closer to a 50/1 payout with the larger juice for the house in their futures.
EDIT: I just now doublechecked what I wrote above, and TPG does NOT have a "majority" ownership interest in Palms. They have 49%.
Quote: DrawingDead^That's right.
A private equity firm named TPG Capital owns a significant portion of Caesars Entertainment, along with another PE firm named Apollo, following the leveraged buy-out they jointly engineered of what used to be Harrah's Entertainment about 7 or 8 years ago. TPG also owns a significant share of the Celtics, hence they can't book bets on the green guys who bounce orange balls in their underwear. (I did a fair bit of research into this company's financials several years ago.) I've also informally heard some locals say that Gary Loveman (CEO of Caesars) personally owns a piece of them (he lives in Boston) but I'm not sure if that's also true or just the product of some folks' confusion over the complicated ownership structure of this company.
You also can't bet them at the Palms for the same reason. The Maloof brothers, who built & owned Palms, got into financial trouble & TPG snapped up much of the defaulted bonds to become majority owner of it.
Or, just go with the short version of all that: what he said.
You'll get a better price (less "vig" built into the line) at LVH & Wynn than you ever would've from CZR properties anyways. Currently I see they are on the board at 65/1 for the 2015 NBA championship at Wynn, and your ticket would probably pay a little better than that from LVH. If Caesars could hang a line on them I think it would likely be closer to a 50/1 payout with the larger juice for the house in their futures.
Did the Palms have this same issue when the Maloofs owned the Sacramento Kings?
Yes.Quote: Lemieux66Did the Palms have this same issue when the Maloofs owned the Sacramento Kings?
Any NHL or NBA? On any team at all? Their website seems to indicate they've brought in Cantor ("Book in a Box" - "WalBook" - "Booker King" - "McBook" - "Taco Book") instead of running their own. But I dunno, Silverton is one of the few I've never been in; I know people who like it and I keep meaning to stop in, but never have. In case you're not familiar with them, Cantor runs multiple books at multiple LV area properties, basically contracting for the space, as well as having a mobile wagering app - but I don't know how their gaming license meshes with the host site's gaming license & any property-specific restrictions that may exist. Maybe farming it out to Cantor is new for them?Quote: teddysFWIW, Ed Roski owns the Silverton (AHigh's favorite casino) and a piece of the Kings and the Lakers as well, so they don't take NHL or NBA bets I believe.
Come to think of it, Palms is a Cantor book now, and I've never asked whether that has now got them out of the restrictions that came with TPG's ownership interest. I have an account there, but I never do anything with NBA wagers.
Quote: ThatDonGuyThe Caesar's futures sheet for next year's NBA says that they won't take bets on the Celtics, and if the Celtics win the title, they will pay off on the team they beat in the finals. What's the connection between Caesar's and the Celtics, and why isn't the "ban" on all NBA games, in the same way that you can't make any NHL bets at Silverton?
Caesars Entertainment's CEO Gary Loveman owns a minority stake of the Boston Celtics. Since Loveman is involved with the day-to-day operations of CZR, all Celtics bets are off at Caesars properties. Curiously, Josh Harris, founder of Apollo Management and co-owner of Caesars with TPG Capital, is principle owner of the Philadelphia 76ers. Also, Cleveland Cavaliers owner Dan Gilbert is a Caesars major investor. Since Harris and Gilbert are not involved with Caesars day-to-day as Loveman is, their teams can be wagered at sports books within the Empire.
This makes more sense to me than what I thought I understood about it.Quote: JSTATCaesars Entertainment's CEO Gary Loveman owns a minority stake of the Boston Celtics. Since Loveman is involved with the day-to-day operations of CZR, all Celtics bets are off at Caesars properties. Curiously, Josh Harris, founder of Apollo Management and co-owner of Caesars with TPG Capital, is principle owner of the Philadelphia 76ers. Also, Cleveland Cavaliers owner Dan Gilbert is a Caesars major investor. Since Harris and Gilbert are not involved with Caesars day-to-day as Loveman is, their teams can be wagered at sports books within the Empire.
Quote: DrawingDeadAny NHL or NBA? On any team at all?
When I was there last year, the policy was, no NHL bets whatsoever, but I don't remember seeing anything similar concerning the NBA. (You would think it would be the other way around, at least back then, considering David Stern's anti-gambling stand; remember, he used this "veto power" as NBA commissioner to prevent any Nevada casinos from taking bets on the NBA All-Star Game the year it was held in Vegas (and not only that, but he prevented bets on things like the 3-point shooting contest as well).)
