An unidentified source told Casino.org that Dana White, the CEO of the Ultimate Fighting Championship (UFC), owes Red Rock Resorts (NASDAQ: RRR) $25.2 million in unpaid betting debts.
The insider further stated that the UFC leader may owe the Las Vegas-based casino operator up to $50 million for credit given to him so he may play high-limit blackjack and baccarat at the Red Rock Casino Resort in Summerlin, Nevada. Casino.org sent Red Rock Resorts a request for comment on Friday, August 29, but it wasn't responded to before this piece was published.
White's betting prowess is legendary, as he won $1.2 million in baccarat at Fontainebleau in June. In the past, he claimed to have made between $26 and $27 million at Caesars Palace between January and March of 2024.
According to recent social media rumors, White admitted to losing $8 million in an unnamed casino in July. Another image from the same Instagram account suggests that White and his group swiftly left an anonymous gaming establishment after having a difficult time at a high-limit baccarat table.
Will White Be Pressured by Red Rock to Pay His Tab?
Given the UFC chief's tight ties to Red Rock Chairman and CEO Frank Fertitta III and his brother, Vice Chairman Lorenzo, it may be interesting to see how hard Red Rock presses White to fulfill the unpaid marker.
In other words, White's ability to make UFC the most popular combat sport in the United States and one of the fastest-growing sports globally increased the wealth of the Fertitta brothers. The brothers paid merely $2 million for the series in 2001, then fifteen years later, they sold a sizable piece of their stake to Ari Emanuel's William Morris Endeavor, the forerunner of Endeavor Group Holdings, for $4 billion. TKO Group Holdings (NYSE: TKO) currently includes UFC. The Fertittas sold their remaining UFC shares in August 2017 for $5 billion.
In other words, Frank Fertitta's investment in the UFC has played a significant role in his net worth, which has more than tripled since 2016 to an estimated $3.7 billion today. To put it another way, White earned the Fertittas billions, and his unpaid marker pales in comparison to the profits the brothers made from their UFC investment.
Additionally, Red Rock shareholders face virtually no risk.
Even if White owes the gambling firm $50 million, that is less than 1% of the $6.29 billion market capitalization of the operator. Since casino firms aren't handing players money directly, extending credit markers isn't comparable to a regular bank loan. Instead, the operators are offering a service; no money is removed from their books, and they do not suffer financial harm like a bank would in the event of a bad loan.
Red Rock's stock has increased by 33.8% so far this year, making it one of the best-performing casino stocks.
White's Betting Reputation Is Vibrant
White has an intriguing reputation in the gambling industry after joining the board of directors of Facebook parent company Meta (NASDAQ: META) earlier this year. He has previously acknowledged in interviews that he is effectively prohibited from playing in casinos in Las Vegas that are not owned by Caesars Palace or Red Rock.
White's action has already been taken by Bellagio and Fontainebleau of MGM Resorts International. Additionally, he boasted that he is one of the few gamblers who had ever wagered six figures at a Red Rock casino.
The aforementioned source told Casino.org that White's skill as a gambler is not the main reason why US casinos are hesitant to provide him large credit markers and high limits. Instead, it's because of his reputation as a "shortstop." That is the term used in the gaming business to describe a bettor who plays few hands at high stakes and is probably going to get up and leave the table after winning three consecutive hands.
