The Plainridge Park Casino had a very successful month that is first bringing in more than $18 million in revenue.
Massachusetts may still have an approaches to go before it turns into a casino gambling powerhouse, however their first entry into the industry is off up to a good begin.
The Plainridge Park Casino, which features only electronic games, brought in $18.1 million in revenue during its month that is first of, though professionals cautioned that people numbers may decline a bit in the long run.
Critically, the revenues suggest that approximately $9 million will end up being created in revenue for state and governments that are local. 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 accomplish their targeted selection 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 generate about $200 million in revenue annually.
The figures through the very first month would go beyond that target by about 9 percent.
‚We are pleased with the July performance, which is consistent with expectations,‘ Penn National 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, others have noticed that there might be reason to think Plainridge’s long-term prospects are not quite so rosy.
Often there is the possibility that the very first casino in the state is seen as a novelty, and there’s also questions how Plainridge will do after the larger resort casinos having a wider variety 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 university video gaming expert Richard McGowan told the Herald. ‚ What they need to do 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 which was generated in tax revenue will mainly visit city and town governments throughout the state. In addition, about some of that money will support their state’s horse rushing industry.
Casino Makes Payments to Town
The casino has currently began to gain the city of Plainville as well.
A week ago, the casino signed over its first monthly check to its host community, part of $2.7 million in annual costs that will go to the town.
The giant, ceremonial check was made out for $277,000; typically, the monthly re payments will be for $225,000, but this first payment covered both the ultimate week in June plus the thirty days of July.
Effect on Local Lottery Sales Seen
Meanwhile, the Massachusetts Lottery continues to be worried about the potential impact associated with the casinos on its sales throughout the state.
In accordance with officials, there has recently 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 gasoline 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 British Gambling Commission (UKGC) and plans to go live with A uk-facing dfs product in the fourth quarter of the year.
Last month, the Boston-based start-up was able to raise almost $300 million in funds to aid its planned international expansion, with around $150 million of this coming from Fox Sports, for an 11 percent stake in the company.
DraftKings stated so it intends 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 we am excited to lead their expansion efforts,‘ stated Haas, that will be based in the new London office. ‚Daily Fantasy Sports is a growing category outside North America, and we have tremendous opportunity to engage recreations fans around the globe.‘
New Concept for Brits
The move to 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 recreations players throughout a given day, making points in line with the performance of their picks. Users with probably the most points at the end of the cash out day.
This is really a various possibility to regular fantasy sports, which offers games that generally last a season that is whole.
These 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 provides everyday Fantasy Soccer, and will no question hone this product for great britain market, also introducing more sports that are UK-centric such as rugby and cricket.
‚ We are going to add new activities and games to our burgeoning roster of offerings and connect that is further to their favorite teams and players,‘ confirmed DraftKings leader Officer Jason Robins. ‚We also welcome the chance to forge new partnerships with leagues, teams and media outlets internationally as we have inked with exemplary success in the us.‘
Will the UK Bite?
Whether DFS will have the kind that is same of impact as it has been doing within the US, in a market where Ä±ndividuals are liberated to bet on real-life sporting results, remains to be seen.
For many 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 of the day or night, it’ll be simply another gambling product, albeit a highly engaging one.
Exactly What’s clear is that while DFS operators within the US argue that their items are ’not gambling,‘ thus justifying their exemption from UIGEA, into the UK, and most likely somewhere else, there is no equivocation, and a full gambling license is required.
Borgata Responds to Ivey Countersuit
The Borgata has filed a chelsea football club player reaction to Phil Ivey’s countersuit into the ongoing legal drama over his 2012 baccarat wins at the casino. (Image: 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 utilized 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 destroyed the cards in order to undermine their defense.
The dispute is finished 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 his winnings without incident.
But when Crockfords, a casino in London, refused to pay Ivey after he similarly won millions playing baccarat using them, the Borgata took notice and sued Ivey in an attempt to recover their losses.
In both situations, 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, dependent on who you ask.
Interestingly, the known facts in these situations are hardly in dispute by either part; it is in fact a matter of how those things of the casino and Ivey is 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 automatic shuffler.
The casinos agreed to these conditions, and were similarly 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 under consideration were imperfectly cut, allowing Ivey to recognize which cards have been turned while looking at them face down.
Knowing whether specific cards had been high or low was enough to give Ivey a significant advantage over the casino. In one single particularly successful session in July 2012, Ivey won $4.8 million from the Borgata within the program 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 legal fees and damages under laws 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 happened before there clearly was any dispute over the baccarat winnings.
‚Some of the cards used in the play at issue in this instance were destroyed in the regular span of plaintiff’s business 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 say that Ivey and Sun cannot recover damages because of the ‚fraudulent conduct,‘ and say that the statute of limitations has expired on the allegations the defendants are making.
Ivey can be involved in a lawsuit that is similar Crockfords, in which he sued the casino in an attempt to force them to pay him his winnings. While courts initially ruled in support of the casino, an appeal is expected to be heard later this year.