{"id":1093,"date":"2024-02-20T16:13:22","date_gmt":"2024-02-20T13:13:22","guid":{"rendered":"https:\/\/xxbet-company.com\/draftkings-spent-700k-on-private-jet-travel-for-ceo-robins-in-2023\/"},"modified":"2024-02-20T16:13:22","modified_gmt":"2024-02-20T13:13:22","slug":"draftkings-spent-700k-on-private-jet-travel-for-ceo-robins-in-2023","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/nb\/draftkings-spent-700k-on-private-jet-travel-for-ceo-robins-in-2023\/","title":{"rendered":"DraftKings Spent $700K on Private Jet Travel for CEO Robins in 2023"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Innholdsfortegnelse<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/nb\/draftkings-spent-700k-on-private-jet-travel-for-ceo-robins-in-2023\/#DraftKings_Board_Signed_Off\" title=\"DraftKings Board Signed Off\">DraftKings Board Signed Off<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/nb\/draftkings-spent-700k-on-private-jet-travel-for-ceo-robins-in-2023\/#DraftKings_Compensation_Committee\" title=\"DraftKings\u2019 Compensation Committee\">DraftKings\u2019 Compensation Committee<\/a><\/li><\/ul><\/nav><\/div>\n<p>DraftKings (NASDAQ: DKNG) spent $700K on private air travel last year for cofounder and CEO Jason Robins.<\/p>\n<figure aria-describedby=\"caption-attachment-177122\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" fetchpriority=\"high\" class=\"wp-image-177122\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jr-1-142x97.jpg\" alt=\"DraftKings stock\" width=\"1200\" height=\"819\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jr-1-142x97.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jr-1-1024x699.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jr-1-768x524.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jr-1.jpg 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">DraftKings CEO Jason Robins. The company spent $700K on private air travel for him last year. (Image: Getty Images)<\/figcaption><\/figure>\n<p>That detail was revealed in the company\u2019s annual report, which was published Thursday in conjunction with the operator\u2019s <a href=\"https:\/\/www.casino.org\/news\/draftkings-boosts-2024-guidance-to-buy-jackpocket-for-750m\/\" rel=\"nofollow noopener\" target=\"_blank\">fourth-quarter earnings<\/a> release. In the filing with the Securities and Exchange Commission (SEC), DraftKings noted that starting in 2022, it chartered, \u201cwithout markup,\u201d a private jet owned by the chief executive officer \u201cfor the business and personal travel of Mr. Robins and his family.\u201d<\/p>\n<blockquote class=\"main-blockquote\">\n<p><strong>The Company had no direct or indirect interest in such private plane. During 2023 and 2022, the Company incurred no expenses and $0.7 million of expense, respectively, for use of the aircraft under these chartering services,\u201d<\/strong> according to the regulatory document.<\/p>\n<\/blockquote>\n<p>On March 30, 2022, DraftKings entered into a lease contract with an entity controlled by Robins under which the plane was leased to the gaming company for $600K for one year. Pursuant to its terms, that lease expired and a new arrangement for the same amount was drawn up.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DraftKings_Board_Signed_Off\"><\/span>DraftKings Board Signed Off<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The audit and compensation committees of DraftKings\u2019 board of directors approved the air travel and plane lease arrangement, citing the overall security program the company provides to Robins and his family. Those committees believe the private jet travel \u201cis more efficient and flexible and better ensures safety, confidentiality, and privacy.\u201d<\/p>\n<div class=\"callout\">\n<p>The private jet costs incurred by DraftKings last year are well below what the operator dealt with in 2022. Two years ago, the online sportsbook operator spent <a href=\"https:\/\/www.casino.org\/news\/draftkings-continues-lavish-compensation-for-ceo-robins\/\" rel=\"nofollow noopener\" target=\"_blank\">nearly $969K on security<\/a> for Robins and his family, as well as $131,607 in reimbursements for <strong>\u201c<\/strong>the purchase of game day tickets, special events, travel and accommodations for Mr.\u00a0Robins\u2019 family members during the week\u2019s activities\u201d incurred at the 2022 Super Bowl.<\/p>\n<\/div>\n<p>DraftKings\u2019 2023 annual report doesn\u2019t detail total security expenditures for Robins and his family, nor does it mention Super Bowl-related expenses. But the chief executive officer was in Las Vegas last week, according to his X feed.<\/p>\n<p>It should be noted that DraftKings\u2019 corporate jet expenses are fairly tame when measured against members of the S&#038;P 500. In terms of gaming industry spending on private planes, Las Vegas Sands (NYSE: LVS) was the leader in 2022 <a href=\"https:\/\/www.casino.org\/news\/sands-corporate-jet-expenses-quadrupled-in-2022\/\" rel=\"nofollow noopener\" target=\"_blank\">at $3.2 million<\/a>, trailing only Facebook parent Meta Platforms (NASDAQ: META).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DraftKings_Compensation_Committee\"><\/span>DraftKings\u2019 Compensation Committee<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The DraftKings compensation committee is led by venture capitalist Ryan Moore, with Jocelyn Moore and Steven Moore being the other members. That committee\u2019s charter confirms the group\u2019s duties include making and approving options grants and other issuance of DraftKings equity to Robins and other high-ranking executives.<\/p>\n<div class=\"callout\">\n<p>Some of those executives, including Robins, <a href=\"https:\/\/www.casino.org\/news\/draftkings-insiders-selling-large-amounts-of-stock\/\" rel=\"nofollow noopener\" target=\"_blank\">are frequent sellers<\/a> of DraftKings stock, though all that selling hasn\u2019t prevented the shares from soaring 26.13% year to date, and 167.83% over the past 12 months.<\/p>\n<\/div>\n<p>There\u2019s not much outsiders can do about insider selling or how DraftKings executives are compensated. In the SEC filing, the company explicitly notes Robins controls all of the operator\u2019s Class B stock, shares of which are worth 10 votes. The Class A shares available to the investing public contain just one vote apiece.<\/p>\n<p>\u201cMr. Robins may have interests that differ from yours and may vote in a way with which you disagree, and which may be adverse to your interests. This concentrated control may have the effect of delaying, preventing, or deterring a change in control of DraftKings, could deprive our stockholders of an opportunity to receive a premium for their capital stock as part of a sale of DraftKings, and might ultimately affect the market price of shares of our Class A common stock,\u201d according to the annual report.<\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/draftkings-spent-700k-on-private-jet-travel-for-robins-in-2023\/\" rel=\"nofollow noopener\" target=\"_blank\">DraftKings Spent $700K on Private Jet Travel for CEO Robins in 2023<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\" rel=\"nofollow noopener\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>DraftKings (NASDAQ: DKNG) spent $700K on private air travel last year for cofounder and CEO Jason Robins. DraftKings CEO Jason Robins. The company spent $700K on private air travel for him last year. (Image: Getty Images) That detail was revealed in the company\u2019s annual report, which was published Thursday in conjunction with the operator\u2019s fourth-quarter <a href=\"https:\/\/xxbet-company.com\/nb\/draftkings-spent-700k-on-private-jet-travel-for-ceo-robins-in-2023\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":1094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts\/1093"}],"collection":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/comments?post=1093"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts\/1093\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/media\/1094"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/media?parent=1093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/categories?post=1093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/tags?post=1093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}