Cashing Out | August 29, 2026 | Hour 3

**Scott Seidenberg** (0:01)
This is VSiN, the Sports Betting Network.

**SPEAKER_2** (0:11)
This is Cashing Out on VSiN, the Sports Betting Network.

**Scott Seidenberg** (0:19)
Scott Seidenberg, back here with you, Cashing Out on VSiN, the Sports Betting Network. Always on Twitter, at scottsoneric. Hit us all up on the network, at VSiN Live. We're monitoring the second half action at Allegiant Stadium between UNLV and Memphis. We'll get you caught up with everything going on once that second half gets underway. But we're in for a special treat as joining me in studio, Amber and Laurie Pinto from Pinto Capital LLP, as we're gonna talk some business of sports and sports here in Las Vegas. Laurie, Amber, thanks so much for joining us here on VSiN. And we're watching the UNLV game. Very exciting, right? At Allegiant Stadium, first game of the college football season this year.
And Allegiant Stadium has been in the headlines, because Mark Davis and the Raiders want to do a little bit of expansion here as they get ready to host the Super Bowl once again. It was a successful Super Bowl a couple of years ago. Looking to do it once again. What are you hearing about the funding, the project that's going on here and the expansion of Allegiant Stadium, Amber?

**Amber Pinto** (1:19)
Yeah, it's a really interesting project. It looks to be in around the $150 million mark. The vote is taking place end of this week, I believe, about whether it will go ahead. And it's to do with the North Stand and the entrance and about kind of increasing the accessibility.
I believe that it's being quite well received. You know, pros and cons obviously to any stadium development and big amounts of money and hopefully some big changes that will ultimately enhance the fan experience.

**Scott Seidenberg** (1:47)
Yeah, we've seen a boom here certainly in the professional sports here in Las Vegas. We'll talk more about that here in a couple of minutes. But I was curious, as somebody who's very, you know, you guys are involved in obviously the finance aspect of a lot of things involving sports. I know you guys have business in the UK. You're bringing the business now over here to the United States, which is very exciting for Pinto Capital.
What has changed now with NFL ownership? Because I'm now, I know a couple of years ago, they did this whole ruling where investment firms are getting purchased, percentages of NFL teams, and we're seeing more and more of shares being sold. So how has ownership changed over the years?

**Laurie Pinto** (2:27)
Okay, hey Scott, great question. Thanks for having us here.

**Scott Seidenberg** (2:30)
Yes.

**Laurie Pinto** (2:30)
Great to be on the program. And what I'd say is the things that's changing is the valuations have been going up. And as valuations go up, the number of people that can afford to buy at these valuations gets less and less because the air gets thinner the higher you go.
So, the NFL very smartly allowed private equity firms to buy up to 10% of the equity of these teams. And you've seen a whole raft of purchases from firms like Arktos, Aries, and I think there's four other firms that have been given licenses to buy directly into the NFL.
And that has actually made no difference to the performance of the teams whatsoever, because the money just goes to the selling shareholder. So it sounds great. It looks like the valuation is going up, because the private equity guys are all competing amongst themselves. The owners get to cash out a little bit of money on the way up. Everybody's a winner, except the players, the fans. Apart from that, it's great.

**Scott Seidenberg** (3:27)
And we're seeing multi-billion dollar stadiums get built with Obstructed View seats, Cough Cough Buffalo, and other issues. But here in Vegas, we love Allegiant Stadium. It is gorgeous. I do love that. You mentioned valuations going up. We just saw in the news, the Lakers sale, which Jeannie Buss, by the way, is contesting. And that might get tied up with some litigation. But how do valuations work? I'm always curious about that because I'm always curious when they say, oh, the Dallas Cowboys are the most expensive franchise. The New York Yankees, the most expensive franchise. You know what I always say when it comes to player salaries, Laurie? You're only worth what one person will pay you.
And so when everybody says, oh, I can't believe that quarterback got that much money. Well, you know something? That team paid him.
So he's worth that much money. So is that the same when it comes to these valuations of these franchises, that you're only worth what somebody might be willing or what group might be willing to just pay to buy the franchise?