About this app
About Lil Sphinx
The move came shortly after the Senate declined to advance the Digital Asset Market CLARITY Act. The procedural vote on September 15 rejected it with 49-50, not meeting the 60 votes required to move forward.
The CFTC’s move gives the agency a chance to pursue parts of a crypto market framework under its existing authority, rather than waiting for Congress to resolve the broader legislative debate.
CFTC Chairman Michael Selig signaled that possibility back in August. The agency was considering how its existing powers could be used to create a dedicated market structure for digital assets that are standard, he said.
What is Lil Sphinx?
Suffolk Construction, the project’s general contractor, used a crane weighing roughly 650,000 pounds for the lift, with a second crane assisting with the operation.
Durango opened in December 2023 following an impressive $780 million development. The property completed its first $120 million expansion in December 2025, and work on the latest project began in January 2026.
The second expansion is expected to take about 18 months and remains on schedule to open during the second half of 2027, according to Red Rock Resorts president Scott Kreeger.
How to play Lil Sphinx
According to data from Yahoo Finance, the resort and casino sector is -41% over the last five years, and the overall gambling sector, which includes major sportsbooks and online operators, is +7%; the benchmark S&P 500 index, by comparison, is +71% during that span.
Two blockbuster developments in the casino space earlier this year seemed to indicate an increasingly bullish bet on the sector, including Fertitta Entertainment’s acquisition of Caesars Entertainment in May. The other is a subsequent takeover offer of MGM Resorts from its largest shareholder, Barry Diller’s People Inc. But a negative shift in market conditions could affect both deals.
In July, Fertitta’s General Counsel Steven Scheinthal told the Nevada Gaming Control Board that the company had a letter of intent from banks to finance the transaction but was waiting for better borrowing conditions. Fertitta is assuming nearly $12 billion in Caesars’ debt and is committed to a $6.6 billion financing package.
