The Plainridge Park Casino had a very successful month that is first bringing in more than $18 million in revenue.
Massachusetts may still have a ways to go before it becomes a casino gambling powerhouse, however their very 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 month that is first of, though experts cautioned that people numbers may decline a bit with time.
Critically, the revenues mean that approximately $9 million find yourself being produced in revenue for state and local governments. That figure would put annual targets set by officials well within reach.
‘The commission is happy that these figures indicate that Plainridge Park Casino is on track to attain their targeted range of $86 million to $120 million annually in contribution to aid that is local’ stated Massachusetts Gaming Commission representative Elaine Driscoll.
Revenues In Line With Projections
Officials had projected that the Plainridge location would create about $200 million in revenue annually.
The figures through the very first month would surpass that target by about 9 percent.
‘We are pleased with the July performance, which can be in accordance with expectations,’ Penn nationwide Gaming’s Eric Schippers told the Boston Herald. ‘It typically takes three to half a year from 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 noticed that there might be reason to think Plainridge’s long-term prospects are not quite therefore rosy.
There’s always the possibility that the casino that is first the state sometimes appears as a novelty, and there are also questions about how Plainridge will do once the larger resort casinos with a wider variety of offerings are opened in many years.
‘ One would expect Plainridge to excel into the start, but whether that levels off is going to be the question,’ Boston College gaming specialist Richard McGowan told the Herald. ‘ What they require to do is build up some kind of loyalty to keep individuals coming back after MGM’s Springfield casino and Wynn Resorts’ Everett casino open with all the bells and whistles.’
The $9 million that has been generated in tax revenue will go to city primarily and city governments through the state. In addition, about some of the money will support hawaii’s horse industry that is racing.
Casino Makes Payments to Town
The casino has already started initially 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 yearly costs that will go to the town.
The giant, ceremonial check was made out for $277,000; typically, the monthly payments are for $225,000, but this first payment covered both the last week in June as well as the month of July.
Impact on Local sales Seen that are lottery
Meanwhile, the Massachusetts Lottery continues to concern yourself with the potential impact regarding the casinos on its sales throughout the state.
According to officials, there has recently been a decrease that is slight sales at areas that are within a 15-minute drive of the Plainridge Park Casino.
‘We are still seeing numbers that are strong retail agents such as convenience stores and gas stations that carry our products,’ 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 that has been hired to oversee DraftKing’s International expansion. (Image: pokerstrategy.com)
Day-to-day fantasy sports (DFS) site DraftKings announced this week it has received a permit from the British Gambling Commission (UKGC) and intends to go live with A uk-facing dfs product in the fourth quarter of the season.
Last month, the Boston-based start-up had been able to raise almost $300 million in funds to aid its planned international expansion, with around $150 million of this originating from Fox Sports, for an 11 per cent stake in the business.
DraftKings stated so it intends to move into Europe, Asia, and Latin America during 2016, and has employed Jeffrey Haas, formerly of PokerStars and bwin.party, to oversee the expansion.
‘DraftKings is well-poised for explosive growth internationally, and we am excited to lead their expansion efforts,’ stated Haas, who will be based in the London that is new workplace. ‘Daily Fantasy Sports is a growing category outside North America, and we have tremendous opportunity to engage sports fans around the globe.’
New Concept for Brits
The move to the UK is an appealing one.
The DFS concept will be a completely new one there while the country has one of the most developed gambling markets in the world.
DFS allows customers to bet on teams or activities players within a given time, making points based on the performance of their picks. Users with the most points at the end of the day cash out.
This is a different prospect to regular fantasy activities, which offers games that generally last a whole period.
These are currently popular within the UK, particularly fantasy EPL soccer, although few of the major UK gambling operators offer them for the money.
DraftKings already offers Daily Fantasy Soccer, and will no doubt hone this product for the united kingdom market, along with introducing more sports that are UK-centric such as rugby and cricket.
‘ We shall add new sports and games to our burgeoning roster of offerings and further connect fans 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 media outlets internationally as we have done with excellent success in the usa.’
Will the UK Bite?
Whether DFS will have the kind that is same of effect as it did within the US, in a market where individuals are absolve to bet on real-life sporting outcomes, stays become seen.
For a lot of Americans, DFS may be the closest they have to placing a sports that are legal, while for the British, who is able to place bets from their cell-phones at the touch of a button whenever you want associated with the time or night, it will likely be simply another gambling product, albeit a very engaging one.
Exactly What’s clear is that while DFS operators within the US argue that their products are ‘not gambling,’ hence justifying their exemption from UIGEA, in the UK, and most likely somewhere else, there is certainly no equivocation, and a full gambling license is required.
Borgata Responds to Ivey Countersuit
The Borgata has filed a response to Phil Ivey’s countersuit into the ongoing drama that is legal his 2012 baccarat wins during the casino. (Image: Las Vegas Review-Journal)
The Borgata Hotel Casino & Spa in Atlantic City has responded to a countersuit filed by professional poker player Phil Ivey, saying that their destruction of cards found in his controversial baccarat sessions were damaged before the casino became aware that such a thing dubious may have happened on those times.
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 finished four sessions that took place at the Borgata over the span of almost a year 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 his winnings without incident.
But when Crockfords, a casino in London, refused to pay for Ivey after he similarly won millions playing baccarat using them, the Borgata took notice and sued Ivey in an attempt to recover their losses.
The dispute is over Ivey’s use of a technique known as edge-sorting, one that is either an advantage play or a form of cheating, depending on who you ask in both cases.
Interestingly, the known facts in these situations are hardly in dispute by either side; it is definitely a matter of how the actions of the casino and Ivey must be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to use an extremely particular set of playing cards manufactured by Gemaco. Additionally they requested that the games be played with a shuffler that is automatic.
The casinos agreed to these conditions, and were similarly compliant when Ivey asked dealers to turn the high cards in the footwear 180 degrees, basically for superstitious reasons.
What they did not realize was that the Gemaco cards under consideration were imperfectly cut, allowing Ivey to determine which cards have been turned while looking at them face down.
Knowing whether specific cards had been high or low was enough to offer Ivey a substantial advantage over the casino. In one single session that is particularly successful July 2012, Ivey won $4.8 million through the Borgata throughout the course of 17 hours.
Countersuit Alleges Deliberate Destruction of Evidence
The defendants filed a countersuit, saying that the case should be dismissed due to the fact that the casino had destroyed the cards used in the games after the Borgata sued Ivey and Sun. They also sought fees that are legal damages under laws and regulations related to the filing of frivolous lawsuits.
But in 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 within the baccarat winnings.
‘Some club player casino no deposit bonuses of the cards used in the play at issue in this situation were damaged in the course that is regular of’s company operations, prior to plaintiff’s becoming mindful of defendants’ scheme and the defect in the playing cards, and pursuant to applicable regulations,’ the response read.
Solicitors for the Borgata also state that Ivey and Sun cannot recover damages because of the ‘fraudulent conduct,’ and say that the statute of limitations has expired in the allegations the defendants are making.
Ivey can also be taking part in a lawsuit that is similar Crockfords, in which he sued the casino in an effort to force them to pay him their winnings. An appeal is expected to be heard later this year while courts initially ruled in favor of the casino.