The Plainridge Park Casino had a very successful very 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 very first entry into the field is off up to a good start.
The Plainridge Park Casino, which features only electronic games, brought in $18.1 million in revenue during its first month of operations, though specialists cautioned that those numbers may decline a bit in the long run.
Critically, the profits suggest that approximately $9 million will end up being generated 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 suggest that Plainridge Park Casino is on track to attain their targeted array of $86 million to $120 million annually in contribution to aid that is local’ said 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 first month would meet or exceed that target by about 9 percent.
‘We are pleased with the July performance, which is consistent with expectations,’ Penn nationwide Gaming’s Eric Schippers told the Boston Herald. ‘It typically takes three to 6 months through the period that is grand-opening begin to know market trends, and now we’ve only now started our marketing efforts in earnest.’
While that is cause for optimism, other people have actually noticed that there might be reason to believe Plainridge’s long-term prospects are not quite so rosy.
Often there is the opportunity that the very first casino in the state is observed as a novelty, and additionally questions how Plainridge will do when the larger resort casinos having a wider assortment of offerings are opened in a couple of years.
‘ One would expect Plainridge to do well in the beginning, but whether that known levels off is going to be the question,’ Boston College gaming specialist Richard McGowan told the Herald. ‘ What they need to accomplish is build some kind up 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 was generated in tax revenue will go to city primarily and city governments through the state. In addition, about some of this money will support the state’s horse racing industry.
Casino Makes Payments to Town
The casino has currently started to benefit the town of Plainville as well.
Last week, 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 for $225,000, but this first payment covered both the final week in June along with the month of July.
Effect on Local Lottery Sales Seen
Meanwhile, the Massachusetts Lottery continues to be worried about the impact that is potential of casinos on its sales throughout the state.
In accordance with officials, there has already been a decrease that is slight sales at places that are within a 15-minute drive of the Plainridge Park Casino.
‘We are still seeing strong numbers at retail agents such as convenience stores and filling stations that carry our items,’ stated 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)
Daily 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 uk-facing dfs product in 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 international expansion, with around $150 million of that originating from Fox Sports, for an 11 % stake in the business.
DraftKings said that it plans to move into European countries, 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 development internationally, and I am excited to lead their expansion efforts,’ stated Haas, that will be based in the London that is new office. ‘Daily Fantasy Sports is a category that is growing North America, and now we have tremendous chance to engage recreations fans all over the world.’
New Concept for Brits
The move in to the UK is an interesting 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 throughout a given day, earning points on the basis of the performance of their picks. Users with many points at the end of the day cash out.
This is really a different possibility to regular fantasy sports, which offers games that generally last a whole season.
These are already popular within the UK, particularly fantasy EPL soccer, although few of the major UK gambling operators offer them for money.
DraftKings already provides everyday Fantasy Soccer, and will no question hone this product for great britain market, also introducing more UK-centric sports, such as rugby and cricket.
‘ We shall add new recreations and games to our burgeoning roster of offerings and further connect fans to their favorite teams and players,’ confirmed DraftKings leader Officer Jason Robins. ‘We also welcome the opportunity to forge new partnerships with leagues, teams and media outlets internationally once we have inked with exceptional success in the United States.’
Will the UK Bite?
Whether DFS will have the kind that is same of effect as it has been doing within the US, in a market where individuals are free to bet on real-life sporting outcomes, continues to be to be seen.
For many Americans, DFS could be the closest they get to placing a legal sports bet, while for the British, who is able to place bets from their cell-phones at the touch of a button whenever you want of this day or night, it’s going to be just another gambling item, albeit an extremely engaging one.
Exactly What’s clear is that while DFS operators into the US argue that their products are ‘not gambling,’ therefore justifying their exemption from UIGEA, in the UK, and most likely elsewhere, there clearly was no equivocation, and a complete gambling permit is required.
Borgata Responds to Ivey Countersuit
The Borgata has filed a response to Phil Ivey’s countersuit into the ongoing legal drama over his 2012 baccarat wins at the casino. (Image: Las Vegas, Nevada 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 destroyed before the casino became aware that such a thing suspicious 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 in order to undermine their defense.
The dispute is over four sessions that took place at the Borgata over the length of many months in 2012.
Ivey and Sun played baccarat in a private vip area, winning a total of $9.6 million from the casino during 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 likewise won millions playing baccarat with 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 instances are hardly in dispute by either part; it is just a matter of exactly how those things of the casino and Ivey must certanly be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to use a really set that is specific of cards manufactured by Gemaco. Additionally they requested that the games be played with a automatic shuffler.
The casinos consented to these conditions, and were likewise compliant when Ivey asked dealers to turn the cards that are high the footwear 180 levels, ostensibly 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 an advantage that is substantial the casino. In one single particularly successful session in July 2012, Ivey won $4.8 million from the Borgata on the course of 17 hours.
Countersuit Alleges Deliberate Destruction of Evidence
After the Borgata sued Ivey and Sun, the defendants filed a countersuit, saying that the situation should really be dismissed because of the fact that the casino had destroyed the cards used in the games. They also sought fees that are legal damages under laws and regulations regarding the filing of frivolous lawsuits.
But within their response, the Borgata says that the cards were destroyed as a matter of due course, which happened before there was clearly any dispute throughout the baccarat winnings.
‘Some of the cards used into the play at issue in this instance were destroyed 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.
Attorneys for the Borgata also state that Ivey and Sun cannot recover damages because of the ‘fraudulent conduct,’ and state that the statute of limitations has expired on the allegations the defendants are making.
Ivey is also associated with a lawsuit that is similar Crockfords, in which he sued the casino in an effort to force them to pay him their winnings. While courts initially ruled and only the casino, an appeal is expected to be heard later this year.