The Los Angeles Clippers are slated to open a new $1.2 billion Inglewood arena in 2024 — and the building now has a name.

Called the Intuit Dome, TurboTax’s parent secured naming rights to the venue in a 23-year deal worth more than $500 million.

Steve Ballmer, who purchased the Clippers for $2 billion in 2014, says the team is establishing its own identity by moving from its current shared space with the Los Angeles Lakers and Los Angeles Kings at Staples Center.

• With 18,000 seats, the arena will feature a double-sided Halo video board.
• The team believes Intuit Dome will generate around $260 million in annual economic activity in the area, adding over 7,000 full-time and part-time jobs.
• Additionally, the Clippers committed $100 million for a community benefits package for after-school programs, senior services, libraries, and housing.

Ballmer paid $66.2 million for the land and an additional $400 million to purchase The Forum from MSG last year — reportedly freeing Ballmer from legal battles with the company. MSG had purchased The Forum for $23.5 million in 2012.

The groundbreaking for Intuit Dome is Friday. The Clippers are currently valued at $2.75 billion.

Cristiano Ronaldo’s old and new teams both experienced a brutal year financially. 

Juventus and Manchester United posted nine-digit losses for the fiscal year ending June 30, with Juventus losing $246.6 million in Ronaldo’s final year there, and Man U losing $126.8 million due to a rough fourth quarter.

• Juventus, which did not provide quarter-specific results, saw revenue decline 16% year-over-year from $674.1 million to $565.1 million. 
• The team’s total assets dropped by $315.7 million to $1.07 billion, due primarily to a drop of $143.3 million in expected transfer money.

Man U was in the black over the first three quarters of the fiscal year but took a $148.2 million hit in Q4, compared to a $50.2 million loss in the same period last year. 

• Man U’s revenue rose to $129.3 million, up 15.3% year-over-year on the strength of a 140.4% jump in broadcast revenue to $54.9 million. The team played 10 more games in fiscal Q4 than the same period in 2020.
• An increase in the United Kingdom’s corporate tax rate from 19% to 25% weighed on United’s balance sheet. 
• This triggered both one-time and ongoing expenses that amounted to a $90.2 million tax expense in the quarter, compared to a $13.8 million credit in the prior year quarter.

The financial woes haven’t scared off investors. Last week, Ariel Investments increased its stake in Manchester United to 13.8% from 5%. In August, Juventus’ board of directors voted to raise up to $470.2 million by issuing shares.

Wynn Resorts has entered an agreement with the Bank of China to obtain a $1.5 billion line of credit.

Recent reports have suggested that Wynn plans to spend $100 million to market its sports betting app WynnBet during this year’s football season. Wynn also previously announced its online gaming division, Wynn Interactive, would go public via a SPAC merger with Austerlitz Acquisition Corporation in May. 

But across the globe, Wynn is among the list of casino stocks currently under pressure due to increased government oversight in Macau — a special administrative region of China and the world’s largest gambling hub. 

• Shares of casino operators in Macau — the only place in China where gambling is legal — lost around $18.4 billion on Wednesday, according to Reuters.
• Officials in the region announced a 45-day public consultation period would start on Sept. 15, where the number of licenses, the length of license terms, and the level of government supervision will be discussed.
• Macau more than doubled the number of inspectors earlier this year.

Wynn will also be able to borrow an additional $1 billion if it meets certain criteria, according to a filing. Its stock fell as much as 34% to a record low on Wednesday following the announcement of the consultation period. 

Shares of Sands China, Peers MGM China, Galaxy Entertainment, SJM, and Melco Entertainment also fell Wednesday. U.S. casino companies dropped too, losing as much as $4 billion in market capitalization.