Wynn Resorts CEO predicts huge potential in the UAE
Wynn Resorts CEO Craig Billings shares his optimistic opinion on the company’s future in the United Arab Emirates (UAE), seeing huge potential in the region.In his recent...
New $3.8 million lawsuit against Wynn Resorts
James Bay Resources Ltd., together with its CEO, filed a lawsuit against Wynn Resorts Ltd., accusing the company of enriching itself without a proper investigation from a gambler.
James Bay Resources Ltd. is a Canadian mining company. With its CEO Stephen Shefsky, in April, in the Ontario Court of Justice, the company filed a lawsuit against Wynn Resorts, an American publicly traded corporation based in Paradise, Nevada.
The lawsuit claims that Wynn Resorts failed to conduct thorough research to analyze where the gambling money comes from. The problem is that California businessman David Bunevacz had a criminal background. In 2022, he was sentenced to 17 1/2 years in prison for defrauding investors of over $45 million.
From January 2018 to June 2019, Bunevacz used $3.8 million at Wynn Resorts. Wynn Resorts not only ignored Bunevacz’s criminal background and probation period but also did not follow the regulation to report suspicious activities with transactions of more than $10,000.
Part of the money that Bunevacz used to gamble comes from personal loans, while another part comes from Shefsky and James Bay Resources. And now both the company and its CEO are seeking compensation.
The trial will take place in Toronto.
Wynn Resorts has not published any public announcement for this case.
Wynn in the center of legal actions
Recently, within another legal framework, Wynn Resorts had to pay $70 million to settle an investor lawsuit. Previously, investors had accused the company of covering up sexual misconduct allegations, leading to misleading financial information between 2016 and 2018.
Wynn Resorts secures $2.4B loan for UAE casino project
A developer and operator of high-end hotels and casinos, Wynn Resorts secured a $2.4 billion loan to promote the first casino project in the Middle East, Wynn Al Marjan...
