Plainridge Park Casino Collects $18 Million in First Month
The Plainridge Park Casino had a very successful month that is first bringing much more than $18 million in revenue.
Massachusetts may still have a techniques to go before it becomes a casino gambling powerhouse, however their first entry into the field is off up to a start that is good.
The Plainridge Park Casino, which features only electronic games, brought in $18.1 million in revenue during its very first month of operations, though professionals cautioned that those numbers may decline a bit with time.
Critically, the revenues suggest that approximately $9 million find yourself being created in revenue for state and local governments. That figure would put targets that are annual by officials well within reach.
‘The commission is happy that these numbers indicate that Plainridge Park Casino is on track to quickly attain their targeted range of $86 million to $120 million annually in contribution to aid that is local’ said Massachusetts Gaming Commission spokesperson Elaine Driscoll.
Revenues In Line With Projections
Officials had projected that the Plainridge location would produce about $200 million in revenue annually.
The figures through the month that is first meet or exceed that target by about 9 percent.
‘We are pleased with the July performance, which will be in accordance with expectations,’ Penn nationwide Gaming’s Eric Schippers told the Boston Herald. ‘It typically takes three to half a year through the grand-opening period to begin to understand market trends, and we’ve only now begun our marketing efforts in earnest.’
While that is cause for optimism, other people have actually remarked that there might be reason to believe Plainridge’s long-term prospects aren’t quite therefore rosy.
There’s always the opportunity that the very first casino in the state sometimes appears as a novelty, and there are also questions how Plainridge will do after the larger resort casinos with a wider variance of offerings are opened in many years.
‘ One would expect Plainridge to do well into the start, but whether that levels off is likely to be the question,’ Boston university video gaming specialist Richard McGowan told the Herald. ‘ whatever they require to do is build up some kind of loyalty to keep people coming back after MGM’s Springfield casino and Wynn Resorts’ Everett casino open along with the bells and whistles.’
The $9 million that has been generated in tax revenue will go to city primarily and city governments through the entire state. In addition, about some of that money will support the state’s horse racing industry.
Casino Makes Payments to Town
The casino has already began to gain the city of Plainville as well.
The other day, the casino signed over its first monthly check to its host community, part of $2.7 million in annual fees that will go to the town.
The giant, ceremonial check was made out for $277,000; typically, the month-to-month payments are going to be for $225,000, but this first payment covered both the ultimate week in June as well as the month of July.
Effect on Local sales Seen that are lottery
Meanwhile, the Massachusetts Lottery continues to be concerned about the potential impact of the casinos on its sales throughout ready player one book club questions the state.
Based on officials, there has recently been a slight decrease in sales at areas that are within a 15-minute drive of the Plainridge Park Casino.
‘Our company is still seeing numbers that are strong retail agents such as convenience stores and gas stations that carry our items,’ stated Massachusetts Lottery Interim Executive Director Michael Sweeney. ‘Where we are seeing some early decreases in that zone are in a lot more of your restaurant, bar, lounge-type of places.’
DraftKings to Expand into UK
Jeffrey Haas, the industry veteran who has been hired to oversee DraftKing’s International expansion. (Image: pokerstrategy.com)
Daily fantasy sports (DFS) site DraftKings announced this week it has received a license from the British Gambling Commission (UKGC) and intends to go live with A dfs that is uk-facing product the fourth quarter of the year.
Last month, the Boston-based start-up ended up being able to raise almost $300 million in funds to aid its planned international expansion, with around $150 million of the originating from Fox Sports, for an 11 percent stake in the company.
DraftKings stated it plans to move into Europe, Asia, and Latin America during 2016, and has hired Jeffrey Haas, formerly of PokerStars and bwin.party, to oversee the expansion.
‘DraftKings is well-poised for explosive growth internationally, and I am excited to lead their expansion efforts,’ said Haas, who’ll be based in the London that is new workplace. ‘Daily Fantasy Sports is a category that is growing North America, so we have a tremendous chance to engage recreations fans throughout the world.’
New Concept for Brits
The move in to the UK is an appealing one.
While the nation has the most developed gambling markets within the world, the DFS concept will be a completely new one there.
DFS allows customers to bet on teams or sports players throughout a given day, earning points in line with the performance of their picks. Users with the most points at the end of the day cash out.
This is really a various possibility to regular fantasy activities, which offers games that generally last a whole period.
They are already popular in the UK, particularly fantasy EPL soccer, although some of the major UK gambling operators offer them for the money.
DraftKings already offers everyday Fantasy Soccer, and will no doubt hone this product for great britain market, as well as introducing more sports that are UK-centric such as for instance rugby and cricket.
‘ We will add new recreations and games to our burgeoning roster of offerings and connect that is further to their favorite teams and players,’ confirmed DraftKings Chief Executive Officer Jason Robins. ‘We also welcome the ability to forge new partnerships with leagues, teams and news outlets internationally once we have inked with exemplary success in the United States.’
Will the UK Bite?
Whether DFS will have the kind that is same of impact as it has been doing in the US, in a market where Ä±ndividuals are free to bet on real-life sporting outcomes, continues to be become seen.
For many Americans, DFS is the closest they have to placing a sports that are legal, while for the British, who are able to place bets from their cell-phones at the touch of a button whenever you want of this day or night, it is just another gambling product, albeit a very engaging one.
Just What’s clear is that while DFS operators within the US argue that their items are ‘not gambling,’ therefore justifying their exemption from UIGEA, in the UK, and most likely elsewhere, there is certainly no equivocation, and a complete gambling license is required.
Borgata Responds to Ivey Countersuit
The Borgata has filed a response to Phil Ivey’s countersuit in the ongoing drama that is legal his 2012 baccarat wins during the casino. (Image: Nevada Review-Journal)
The Borgata Hotel Casino & Spa in Atlantic City has taken care of immediately a countersuit filed by professional poker player Phil Ivey, saying that their destruction of cards used in his controversial baccarat sessions were destroyed before the casino became aware that anything dubious may have occurred on those dates.
The response comes after lawyers for Ivey and Cheng Yin Sun filed the countersuit alleging that the Borgata had intentionally damaged the cards so that you can undermine his defense.
The dispute is over four sessions that took place at the Borgata over the span of several months in 2012.
Ivey and Sun played baccarat in a private vip area, winning a total of $9.6 million from the casino throughout the visits.
Borgata Becomes Suspicious After Crockfords Incident
The Borgata paid Ivey their winnings without incident.
But when Crockfords, a casino in London, refused to pay Ivey after he likewise won millions playing baccarat using them, the Borgata took notice and sued Ivey so that they can recover their losses.
In both instances, the dispute is over Ivey’s use of an approach referred to as edge-sorting, one that is either an advantage play or perhaps a form of cheating, depending on whom you ask.
Interestingly, the facts in these situations are hardly in dispute by either side; it is definitely a matter of just how those things of the casino and Ivey ought to be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to utilize a very set that is specific of cards manufactured by Gemaco. In addition they asked for that the games be played with a shuffler that is automatic.
The casinos consented to these conditions, and were similarly compliant when Ivey asked dealers to make the high cards in the shoe 180 degrees, ostensibly for superstitious reasons.
Whatever they didn’t realize was that the Gemaco cards in question were imperfectly cut, allowing Ivey to identify which cards have been turned while looking at them face down.
Knowing whether individual cards had been high or low was enough to provide Ivey an advantage that is substantial the casino. In one session that is particularly successful July 2012, Ivey won $4.8 million from the Borgata within the program of 17 hours.
Countersuit Alleges Deliberate Destruction of Proof
After the Borgata sued Ivey and Sun, the defendants filed a countersuit, saying that the instance should really be dismissed due to the fact that the casino had destroyed the cards used in the games. They also sought legal fees and damages under laws and regulations pertaining to the filing of frivolous lawsuits.
But inside their response, the Borgata says that the cards were destroyed as a matter of due program, which took place before there was clearly any dispute throughout the baccarat winnings.
‘Some of the cards utilized in the play at issue in this case were destroyed in the course that is regular of’s business operations, prior to plaintiff’s becoming aware of defendants’ scheme and the defect in the playing cards, and pursuant to applicable regulations,’ the response read.
Lawyers for the Borgata also say that Ivey and Sun cannot recover damages because of the ‘fraudulent conduct,’ and state that the statute of limitations has expired in the allegations the defendants are making.
Ivey can also be tangled up in a similar lawsuit against Crockfords, in which he sued the casino in an effort to force them to pay him his winnings. An appeal is expected to be heard later this year while courts initially ruled in favor of the casino.