Following an eventful first day at the 47th Annual Gaming Conference, executives from Penn Entertainment, MGM Resorts International, Wynn Resorts and the Nevada Gaming Control Board (NGCB) each covered various industry topics on May 20.
Global Gaming Insider previously covered discussions surrounding crypto currency, AI and the latest updates from gaming suppliers and manufacturers. Beginning with a fireside chat featuring Penn Entertainment EVP & CFO Felicia Hendrix, day two of the 47th Annual Gaming Conference offered plenty of excitement.
How did Hendrix become a ‘steward’ of Penn Entertainment's balance sheet?
Speaking on her late career change away from Wall Street, Hendrix stated she "knew her skills weren't being best utilized" at Barclays, and found herself "wondering if she was in the right place." Having to pause her search for a new role due to the Covid-19 pandemic, though, Hendrix still attempted to "stay visible," but found herself "burnt out" by November 2020. "Just a few weeks later," however, a call from Penn Entertainment came which led to her appointment as CFO in March 2021.
Hendrix said "a lot has been written" about how the CFO position has changed, from "traditionally" being seen as head of finance to "more of a strategic role." Describing her own position as "wearing three hats," Hendrix confirmed the first hat relates to investor relations, the second being her CFO responsibilities and the third requiring a "new" strategic mindset.
On her role as Penn Entertainment CFO, Hendrix stated: “To me the most important job is to be a steward of our balance sheet. What keeps me up at night is concern or fear that our balance sheet is not going to be in a healthy position. In 2024, we were in covenant relief, which was not a comfortable place, even if it was short-term pain for a long-term goal.
“The biggest focus I have is making sure our balance sheet is strong, and then deciding what to do from there because it can be a luxurious place when your balance sheet is strong. You're always looking at those decisions not in a vacuum, but what will bring the greatest return as a publicly traded company.”
Hendrix went on to share how she "loves" when people "throw their hat in the ring" for executive roles "even if they are not ready." Referencing how she was "pushed to the background" during her start at Lehman Brothers, Hendrix realized "no one knew" who she was and had to request to lead morning calls and presentations.
The Penn Entertainment executive concluded: “After a while, people got to know me, trust my decisions and eventually I moved up. If you want to get noticed, I would say to try and swim outside of your comfort zone.”
Establishing a ‘level playing field’ with AML measures in gaming
Following numerous AML violations in Nevada, conference attendees had the opportunity to hear from Wynn Resorts VP - BSA/AML Officer Eric Akiyama and MGM Resorts SVP & Chief Compliance Officer Stephen Martino, as both operators were handed multi-million-dollar fines in 2025.
We're going to have to come from behind here again, we can't be first movers, but we've shown that once there is clarity, we can compete pretty well
Martino directly spoke on the AML fines paid by MGM Resorts, stating "he'll never know" why a former MGM Grand President chose to wager with illegal bookies such as Wayne Nix and Mathew Bowyer rather than "just going down the street to Caesars." Claiming “you can't pay millions in fines and say there's nothing to improve,” Martino said "things are sharper" at MGM, while the operator has looked to build "the right culture of compliance" over the last 12 months.
When asked whether heightened AML measures introduced by the Nevada Gaming Commission and Nevada Gaming Control Board (NGCB) would alter MGM’s strategy, Martino seemed to believe they wouldn’t have much effect on the operator’s compliance culture.
“I don't think it's going to change the culture of compliance. I feel very strongly about the culture of compliance at MGM. I've had a handful of people ask 'how do I sleep at night?' I sleep just fine. I never felt that we had a culture of running yellow lights,” Martino said.
“The risk has been there and has been the same, but we've had to embrace technology to make sure we're more efficient and thorough. Nevada is the tip of the spear going forward, but we're able to ensure the same standards across regional operations as well.”
Speaking on Wynn's AML violations, Akiyama said the operator now has "monthly meetings" to discuss recent news and regulatory changes. Akiyama shared that Las Vegas Strip properties collaborated to find a "level playing field" with AML issues following the amount of fines handed down in 2025. The Wynn executive said discussions centered around the "risk" of business payments, which should "not be used" to settle personal debt.
Martino shared that the NGCB was "very concerned" about people who were terminated at one property "finding their way" to another operator. Akiyama agreed by saying operators have been known to hire people with "checkered pasts," but believes the NGCB has “made it clear they are here for us as a resource.”
Will Caesars be able to ‘come from behind’ with prediction markets?
During a fireside chat to conclude the 47th Annual Gaming Conference, Caesars Digital President Eric Hession spoke on the current threats in digital gaming, such as sweepstakes, daily fantasy sports-plus (DFS+) and prediction markets.
“You have competitors who come in and seemingly make products overnight. Sweepstakes, DFS+, now prediction markets. The idea that an 18-leg NBA parlay on rebounds is an economic event is a bit stretched. What we need in our business is just clarity,” Hession said.
“What's happening now with prediction markets is we're not allowed to participate, they're just getting a head start. I'm not as concerned we're going to get wiped out by prediction markets, so I look at it as an opportunity as well. We're going to have to come from behind here again, we can't be first movers, but we've shown that once there is clarity, we can compete pretty well.”
Hession also spoke on how “so much has changed” in Las Vegas since he first moved to the city, claiming the “amazing thing about the city is how it continuously reinvents itself,” even during downswings in visitation.
The Caesars Digital President explained: “There's a lot of negativity right now about Vegas and how the demand isn't there. I don't know what will be next, but something will come up. The city will reinvent itself so it keeps entertaining and attracting people.”
On opportunities in iGaming, Hession noted Alberta's upcoming regulated launch, as well as Caesars' recent expansion into Maine. He also stated the operator "gets a lot of calls" about launching operations internationally, but described the potential move as a "big distraction" as much as an "opportunity" for Caesars. Hession believes Caesars' "best interests" remain in the US and Canada, where the “opportunities are better.”
With the Caesars Digital President appearing open to the possibility of one day offering prediction markets, just how many operators will provide event contract trading once regulations are enforced in the US? As far as Hession is concerned, “clarity” is all Caesars needs to become the next driver in the prediction markets race.
The Nevada Gaming Commission unanimously approved the NGCB’s recommendation to include Wayne Nix in its Black Book, which prohibits individuals from entering commercial gaming establishments
