The Plainridge Park Casino had a very successful month that is first bringing in more than $18 million in revenue.
Massachusetts may nevertheless have an approaches to go before it becomes a casino gambling powerhouse, but their very first entry into the industry is down up to a good start.
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 those numbers may decline a bit over time.
Critically, the profits mean that approximately $9 million find yourself being created in revenue for state and local governments. That figure would put annual targets set by officials well club player no deposit bonus code within reach.
‘The commission is pleased that these numbers suggest that Plainridge Park Casino is on track to quickly attain their targeted array of $86 million to $120 million annually in contribution to local help,’ stated Massachusetts Gaming Commission spokesperson Elaine Driscoll.
Revenues In Line With Projections
Officials had projected that the Plainridge location would create about $200 million in revenue annually.
The figures from the month that is first meet or exceed that target by about 9 percent.
‘We are pleased with the July performance, which can be in line with expectations,’ Penn National Gaming’s Eric Schippers told the Boston Herald. ‘It typically takes three to 6 months from the grand-opening period to begin to know market trends, so we’ve only now begun our marketing efforts in earnest.’
While that is cause for optimism, others have actually remarked that there might be reason to think Plainridge’s long-term prospects aren’t quite so rosy.
Almost always there is the chance that the very first casino in the state is observed as a novelty, and there’s also questions about how exactly Plainridge will do once the larger resort casinos with a wider variety of offerings are opened in many years.
‘ One would expect Plainridge to do well in the beginning, but whether that known levels off is likely to be the question,’ Boston university gaming expert Richard McGowan told the Herald. ‘ What they need to do is build up some type 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 was generated in tax revenue will go to city primarily and city governments through the state. In addition, about some of that 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.
The other day, the casino signed over its first check that is monthly 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 month-to-month payments are going to be for $225,000, but this first payment covered both the last week in June as well as the month of July.
Impact on Local Lottery Sales Seen
Meanwhile, the Massachusetts Lottery continues to bother about the prospective impact of this casinos on its sales throughout the state.
According to officials, there has 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 figures at retail agents such as convenience stores and gas stations that carry our services and 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 who has been hired to oversee DraftKing’s worldwide 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 plans to go live with A dfs that is uk-facing product the fourth quarter of the year.
Last month, the Boston-based start-up had been able to raise almost $300 million in funds to aid its planned worldwide expansion, with around $150 million of this coming from Fox Sports, for an 11 percent stake in the business.
DraftKings stated it intends 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 development 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 possibility to engage sports fans around the globe.’
New Concept for Brits
The move 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 within a given day, making points in line with the performance of their picks. Users with the most points at the end of the cash out day.
This is a different possibility to regular fantasy recreations, which offers games that generally last a season that is whole.
They are currently popular within the UK, particularly fantasy EPL soccer, although few of the UK that is major gambling offer them for money.
DraftKings already offers regular Fantasy Soccer, and will no question hone this product for the united kingdom market, also introducing more sports that are UK-centric such as for instance rugby and cricket.
‘ We shall add new sports 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 chance to forge new partnerships with leagues, teams and news outlets internationally even as we did with excellent success in the United States.’
Will the UK Bite?
Whether DFS will have the exact same type of huge effect as it has done within the US, in a market where ındividuals are free to bet on real-life sporting outcomes, continues to be become seen.
For a lot of Americans, DFS may be the closest they get to placing a legal sports bet, while for the British, who are able to place bets from their cell-phones at the touch of a button at any time associated with day or night, it will likely be just another gambling product, albeit a highly 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 was no equivocation, and a full gambling license 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: Las Vegas 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 such a thing suspicious may have happened on those dates.
The response comes after lawyers for Ivey and Cheng Yin Sun filed the countersuit alleging that the Borgata had intentionally destroyed the cards in order to undermine their defense.
The dispute has ended four sessions that took place at the Borgata over the length 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 as to recover their losses.
In both cases, the dispute is over Ivey’s use of a technique referred to as edge-sorting, one that is either an advantage play or even a form of cheating, according to who you ask.
Interestingly, the facts in these situations are hardly in dispute by either side; it is actually a matter of how those things of the casino and Ivey should really be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to utilize a very specific set of playing 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 likewise compliant when Ivey asked dealers to make the high cards in the shoe 180 degrees, fundamentally for superstitious reasons.
Whatever they did not 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 specific cards had been high or low ended up being enough to offer Ivey an advantage that is substantial the casino. In a single specially successful session in July 2012, Ivey won $4.8 million from the Borgata over the course of 17 hours.
Countersuit Alleges Deliberate Destruction of Proof
After the Borgata sued Ivey and Sun, the defendants filed a countersuit, saying that the case must be dismissed simply because that the casino had destroyed the cards found in the games. They also sought fees that are legal damages under laws associated with the filing of frivolous lawsuits.
But inside their response, the Borgata says that the cards were destroyed as a matter of due program, which occurred before there clearly was any dispute within the baccarat winnings.
‘Some of the cards used in the play at issue in cases like this were destroyed in the course that is regular of’s company 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.
Solicitors for the Borgata also say that Ivey and Sun cannot recover damages because of their ‘fraudulent conduct,’ and state 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. While courts initially ruled and only the casino, an appeal is anticipated to be heard later this year.
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