Disgraced Las Vegas casino mogul Steve Wynn is heading to the cashiers cage.
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The only tournaments you are given chips that you can cash out are Bounty tournaments where part of your entry fee is a Bounty. For example a $250 + 40 NL Hold’em Bounty tournament may have $200 going to the prize pool $40 to the casino and a $50 cash value Bounty chip.
Wynn Resorts, the company he founded in the early 2000s, announced Wednesday that Wynn will be selling potentially all of his nearly 12 percent stake in the company, valued at about $2.2 billion. Wynn was rocked by sexual misconduct allegations in a Wall Street Journal report back in January. He has denied wrongdoing, but did step down as CEO.
Wynn, 76, was accused by multiple female employees of intimidation, harassment and assault in the workplace. In once instance, he reached a $7.5 million settlement with a former manicurist.
In a separate regulatory filing, the firm said Wynn immediately plans to cut his stake to under eight percent. The process of fully divesting from the company, one of the largest casino developers in the world, would take months. The company said that Wynn “will seek to conduct such sales in an orderly fashion and in cooperation with the company.”
“No assurance can be provided that Mr. Wynn will elect to sell common stock, or the timing or terms of any such sale,” the casino operator added in the regulatory filing.
According to a report from Bloomberg, the move by Wynn could make the firm vulnerable to a takeover, which has been speculated before in the aftermath of the Journal report.
Wynn Resorts said that further legal and regulatory trouble engulfing its founder could impact its casino licenses. Regulatory reviews are ongoing in Nevada, Macau and Massachusetts, where Wynn Resorts is building a $2 billion casino outside Boston.
“A number of lawsuits have been filed against the company and our board of directors arising out of the allegations against Mr. Wynn, and such claims present a number of risks, including distraction of management, assertions that could affect our reputation, and potential legal liabilities,” the company said. “The foregoing investigations, litigation and other disputes…may also lead to additional scrutiny from regulators, which could lead to investigations relating to, and possibly a negative impact on, the company’s gaming licenses and the company’s ability to bid successfully for new gaming market opportunities.”
In other words, the company is facing an existential threat.
Shares of the company fell four percent on news of Wynn’s plan to divest.
Wynn Resorts defended its founder when he announced his departure as CEO and chairman back in February. The company said he “created modern Las Vegas.” Wynn was behind not only his flagship Wynn Las Vegas and the adjacent Encore, but also the Mirage and Bellagio.
“It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn,” said non-executive board chairman Boone Wayson. “Steve Wynn is an industry giant…He played the pivotal role in transforming Las Vegas into the entertainment destination it is today.”
What are online sweepstakes casinos and sweepstakes poker?
Online sweepstakes casinos and sweepstakes poker offer an alternative for people not located near a regulated casino or poker room.
These innovative sites have adapted old sweepstakes laws to provide a legal option for recreational gamblers to play for free with a virtual currency called “Gold Coins.”
Players have the chance to win real prizes with “Sweepstakes Cash.”
Online sweepstakes sites, such as Chumba Casino,Luckyland Slots and Global Poker, are available through their websites. They’re hugely popular and convenient social networking sites. There’s also sports contest sites that use the sweepstakes model, like FendOff Sports.
The classic sweepstakes model was made popular with well-known promotion strategies like Publishers Clearing House and the ever-popular McDonald’s Monopoly game. Today, industries use wide varieties of the sweepstakes model.
Online sweepstakes casinos became popular in the US in early 2005 and have continued to grow steadily in popularity.
Are sweepstakes casinos and sweepstakes poker legal?
Sweepstakes are legal in most states.
To be considered a legitimate casino, there has to be a contest or game where anything of value is distributed by lot or chance.
Each time you play a hand of poker or take a spin at the slot machine, it is considered a contest of skill or chance with real prizes. Because you are not actually playing with real money–you are using Sweeps coins that you can actually acquire for free–it is considered a sweepstakes game and is therefore legal in many states.
How Sweepstakes Cash works at Chumba Casino and Global Poker
When you purchase Gold Coin packages, you will also receive Sweepstakes Cash. You cannot buy Sweepstakes Cash directly.
Players can use either Gold Coins or “Sweeps Coins” at online sweepstakes casino and poker sites to play poker, table games or popular slot machines.
You use the Gold Coins to play for fun as they have no exchangeable value so you cannot redeem them for cash. Only Sweeps Coins is convertible to actual withdrawable US dollars.
In most cases, the exchange rate is 100 Sweeps for one US dollar.
Upon registering with Chumba Casino or Global Poker, you will get free Gold Coins for play. Chumba Casino also offers free Sweepstakes Cash when you sign up.
Unlike offshore gambling sites, you can use your credit card to buy packages of Gold Coins and will receive Sweepstakes Cash in proportion to your package.
Can you play sweepstakes games for free?
Let’s talk about the ways you can get Sweeps Coins to play sweepstakes games for free.
How to get free Sweeps Coins in Chumba Casino
There is more than one way to get Sweeps Coins absolutely free. The simplest sign-up gets you 2 Sweeps Coins to play with right away, and additional methods below can earn you even more Sweeps Coins.
New players receive Sweepstakes Cash free for signing up and verifying their email. Chumba Casino gives you $2 in Sweeps Coins to start playing right away.
Take part in social media contests on Facebook or Twitter to earn extra Sweepstakes Cash. These daily contests require participants to answer an easy question. Each contest usually has 10 winners who are picked at random to receive up to 5,000 Sweepstakes Cash.
As a legal sweepstakes casino, consumers have the opportunity of “no purchase necessary” participation. American and Canadian players can send a letter requesting complimentary Sweeps Coins. Make sure your handwriting is legible, so they can read where to send the free Sweeps Coins.
The amounts may be small, but it’s free cash that you can use to turn into something big with a hot streak.
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Take note: If you are using free cash, you will have to make more wagers, i.e., around 20, before you can cash out.
Depositing at a sweepstakes casino, sports or poker site
You cannot win real cash prizes with Gold Coins. You need to play with Sweepstakes Cash, which you cannot purchase directly. There is a minimum amount to cash your Sweepstakes Cash.
You can currently get Sweeps Coins via two methods:
- Credit Card
For Global Poker, you need a minimum of $50 Sweeps Coins and $100 Sweeps Coins for Chumba Casino. Withdrawals through the Facebook app require a higher limit to cash out.
When you order your first withdrawal of Sweepstakes Cash, you must go through an ID verification. You will have to submit a scan of two documents to confirm your personal information.
- A valid, government-issued ID, such as a passport or driver’s license.
- Proof of residence, such as a utility bill, bank statement or notarized agreement lease form.
Once your identity is confirmed, you can change your Sweepstakes Cash for US dollars to be deposited into your bank account.
Chumba Casino overview
Chumba Casino uses the sweepstakes casino model to allow its players access to slot and table games. In addition to its popular slot games, you will find blackjack and video poker.
You can play all games with virtual Gold Coins or Sweeps Coins.
Signing up to Chumba Casino is super easy. Players sign up through the Facebook account or on the site directly.
There is no ID verification required; just an email confirmation link.
New players receive 2 million Gold Coins for free and 2 free Sweeps Coins to start playing.
There is an option to purchase 900,000 Gold Coins for $5. That’s a 50% discount off regular price, and you get 1,000 Sweeps Coins, equal to $10 in real money.
Players from around the world can play, but only US and Canada residents (excluding Quebec and Washington state) can cash out Sweeps Coins for US dollars.
Although the initial registration is quick and easy, you will be asked for identification to withdraw converted Sweeps Coins. The minimum balance required to withdraw is 10,000 Sweeps Coins or $100.
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For withdrawals through the Facebook app, there is a $400 minimum withdrawal limit.
Chumba’s desktop site is user-friendly with all games in a single place. It does not offer a dedicated mobile casino app, but its mobile website resizes to fit most smartphone screens.
With the number of available games, it doesn’t take long to scroll through and find a particular game as eight are listed at a time.
To the left of the main lobby page, you can see the list of recent winners. You also see the winning amounts of Sweeps Coins in real time. In the highlighted middle section features slot games.
Chumba regularly promotes the casino through competitions on its Facebook page, awarding Sweeps Coins.
Global Poker overview
Available to players in the US and Canada, Global Poker offers a viable option to traditional poker rooms. Players have the chance to play and win prizes that can be cashed out for actual US dollars.
Like Chumba Casino, Global Poker uses a sweepstakes model with every hand or tournament being a mini-sweepstakes. You cannot buy Sweeps Coins directly to play; instead, you receive them as a gift when you purchase Gold Coins.
Global Poker offers a straightforward sign-up process. You get a bonus of 5,000 free Gold Coins once you verify your email address.
You can use Visa or Mastercard to buy coins, and you need a minimum of $50 to redeem Sweeps Coins. To redeem your Sweeps Coins, you have to go through an ID verification process. Cashing out can be processed via local bank transfer.
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The amount of poker variations at Global Poker is low. Options are limited to No-Limit Texas Hold ’em and Pot-Limit Omaha cash games with blinds starting at 1 to 2 cents with a maximum $2 Sweeps Coins buy-in. Stakes can go up to $10 or $20.
Global Poker offers daily multi-table tournaments for no-limit hold ’em, Pot-Limit Omaha and Fixed-Limit Omaha.
On weekends, it hosts recurring Sunday Scrimmage ($50,000 guaranteed) and Sunday Teaser ($20,000 guaranteed) tournaments. It also offers Sit ‘n Go and lottery-style SNG tournaments for hold ’em and Pot-Limit Omaha.
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Global Poker’s functionality
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Global Poker software is browser-based and works with most modern devices and operating systems. It does not offer a dedicated mobile app but can work in any mobile web browser. It’s not as polished as more established poker rooms but is stable.
Once you log into your account, the homepage will show you the seats available for a variety of games. For each game, you can see the blinds, hands player per hour, average pot size and percent flop stats.
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Because of the sweepstakes model, Global Poker does not offer VIP rewards, bonuses or promotions common to other poker rooms. It does, however, showcase leaderboards and awards its more active players with Sweepstakes Cash.
High traffic ensures you can always find a populated table 24/7. There are more players at the lower-stakes tables, so if you are looking for higher-stakes games, table selection may be limited.