The Plainridge Park Casino had a very successful first month, bringing much more than $18 million in revenue.
Massachusetts may still have a methods 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 month that is first of, though specialists cautioned that those numbers may decline a bit in the long run.
Critically, the profits 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 figures suggest that Plainridge Park Casino is on track to produce their targeted selection of $86 million to $120 million annually in contribution to local aid,’ said Massachusetts Gaming Commission spokesperson Elaine Driscoll.
Revenues In Line With Projections
Officials had projected that the Plainridge location would generate about $200 million in revenue annually.
The figures through the month that is first surpass that target by about 9 percent.
‘We are pleased with the July performance, that will be in accordance with expectations,’ Penn National Gaming’s Eric Schippers told the Boston Herald. ‘It typically takes three to half a year from the grand-opening period to begin to know market trends, and now we’ve only now started our marketing efforts in earnest.’
While that is cause for optimism, others have pointed out that there might be reason to think Plainridge’s long-lasting prospects are not quite therefore rosy.
Almost always there is the possibility that the very first casino in the state sometimes appears as a novelty, and additionally, there are questions regarding how Plainridge will do when the larger resort casinos having a wider variance of offerings are opened in a few years.
‘ One would expect Plainridge to prosper into the beginning, but whether that levels off is likely to be the question,’ Boston university video gaming expert Richard McGowan told the Herald. ‘ whatever they need to complete is build some kind up of loyalty to keep people 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 mainly head to city and town governments through the entire state. In addition, about some of the money will support hawaii’s horse rushing industry.
Casino Makes Payments to Town
The casino has already started initially to gain the town 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 fees that will go to the town.
The giant, ceremonial check was made out for $277,000; typically, the monthly re payments is for $225,000, but this first payment covered both the final week in June plus the thirty days of July.
Effect on Local sales Seen that are lottery
Meanwhile, the Massachusetts Lottery continues to bother about the possible impact of the casinos on its sales throughout the state.
According to officials, there has already been a decrease that is slight sales at locations that are within a 15-minute drive of the Plainridge Park Casino.
‘Our company is still seeing strong figures at retail agents such as convenience stores and filling stations that carry our services and products,’ said Massachusetts Lottery Interim Executive Director Michael Sweeney. ‘Where we’re seeing some early decreases in that zone are in 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’s received a permit from the UK Gambling Commission (UKGC) and plans to go live with A dfs that is uk-facing product the fourth quarter of the season.
Last month, the start-up that is boston-based able to raise almost $300 million in funds to aid its planned worldwide expansion, with around $150 million of that coming from Fox Sports, for an 11 % stake in the company.
DraftKings stated so it plans to move into European countries, Asia, and Latin America during 2016, and has employed Jeffrey Haas, previously 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 new London office. ‘Daily Fantasy Sports is a growing category outside North America, and we have a tremendous opportunity to engage activities fans around the world.’
New Concept for Brits
The move into the UK is a fascinating 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 sports players during a given day, earning points on the basis of the performance of their picks. Users with many points at the end of the day money out.
This is a different prospect to regular fantasy activities, which offers games that generally last a season that is whole.
They are already popular into the UK, particularly fantasy EPL soccer, although some of the UK that is major gambling offer them for the money.
DraftKings already offers regular Fantasy Soccer, and will no question hone this product for the UK market, along with introducing more sports that are UK-centric such as rugby and cricket.
‘ We are going to 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 partnerships that are new leagues, teams and news outlets internationally as we did with excellent success in the usa.’
Will the UK Bite?
Whether DFS will have the same kind of huge impact as it has done within the US, in a market where individuals are liberated to bet on real-life sporting results, stays become seen.
For all Americans, DFS is the closest they get 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’ll be just another gambling product, albeit a highly engaging one.
Just What’s clear is that while DFS operators in the US argue that their items are ‘not gambling,’ therefore justifying their exemption from UIGEA, into the UK, and most likely elsewhere, there was no equivocation, and a full gambling permit is required.
Borgata Responds to Ivey Countersuit
The Borgata has filed a reaction to Phil Ivey’s countersuit into the ongoing legal drama over 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 found in his controversial baccarat sessions were damaged 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 club player had intentionally damaged the cards so that you can undermine their defense.
The dispute is finished four sessions that took place at the Borgata over the course of almost a year in 2012.
Ivey and Sun played baccarat in A vip that is private area winning a total of $9.6 million from the casino through 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 cover Ivey after he likewise won millions playing baccarat using them, the Borgata took notice and sued Ivey so as to recover their losses.
In both situations, the dispute is over Ivey’s use of an approach known as edge-sorting, one that is either an advantage play or even a form of cheating, according to who you ask.
Interestingly, the known facts in these cases are hardly in dispute by either part; it is merely a matter of how those things of the casino and Ivey should be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to utilize an extremely certain set of playing cards manufactured by Gemaco. In addition they asked for that the games be played with a automatic shuffler.
The casinos consented to these conditions, and were likewise compliant when Ivey asked dealers to make the cards that are high the shoe 180 degrees, ostensibly for superstitious reasons.
Whatever they did not realize was that the Gemaco cards in question were imperfectly cut, allowing Ivey to recognize which cards had been turned while looking at them face down.
Knowing whether specific cards had been high or low ended up being enough to offer Ivey a significant advantage over the casino. In one session that is particularly successful July 2012, Ivey won $4.8 million from the Borgata within the course of 17 hours.
Countersuit Alleges Deliberate Destruction of Proof
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 legal fees and damages under laws and regulations related 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 happened before there clearly was any dispute throughout the baccarat winnings.
‘Some of the cards utilized within the play at issue in this instance 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 for their ‘fraudulent conduct,’ and say that the statute of limitations has expired regarding the allegations the defendants are making.
Ivey normally taking part in a lawsuit that is similar Crockfords, in which he sued the casino in an attempt 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.