The Plainridge Park Casino had a very successful very first month, bringing in more than $18 million in revenue.
Massachusetts may still have a how to go before it turns into a casino gambling powerhouse, but 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 professionals cautioned that people numbers may decline a bit over time.
Critically, the profits mean that approximately $9 million find yourself being produced in income 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 suggest that Plainridge Park Casino is on track to attain their targeted selection of $86 million to $120 million annually in contribution to aid that is local’ said Massachusetts Gaming Commission spokesperson Elaine Driscoll.
Revenues In Line With Projections
Officials had projected that the Plainridge location would produce 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, which can be consistent 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 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 believe Plainridge’s long-term prospects aren’t quite so rosy.
Often there is the opportunity that the casino that is first the state sometimes appears as a novelty, and there are also questions about how precisely Plainridge will do after the larger resort casinos with a wider assortment of offerings are opened in a few 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 video gaming expert Richard McGowan told the Herald. ‘ whatever they require doing is build up some kind of loyalty to help 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 primarily go to city and town governments throughout the state. In addition, about some of that money will support their state’s horse racing industry.
Casino Makes Payments to Town
The casino has already started initially to benefit 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 ultimate week in June as well as the month of July.
Effect on Local Lottery Sales Seen
Meanwhile, the Massachusetts Lottery continues to concern yourself with the possible impact regarding the casinos on its sales throughout the state.
In accordance with officials, there has been a decrease that is slight sales at locations that are within a 15-minute drive of the Plainridge Park Casino.
‘we have been still seeing strong figures at retail agents such as convenience stores and filling stations that carry our products,’ said Massachusetts Lottery Interim Executive Director Michael Sweeney. ‘Where we’re 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 worldwide expansion. (Image: pokerstrategy.com)
Daily fantasy sports (DFS) site DraftKings announced this week this has received a permit from the UK Gambling Commission (UKGC) and intends to go live with A dfs that is uk-facing product 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 worldwide expansion, with around $150 million of the originating 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, formerly 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 can be based in the new London workplace. ‘Daily Fantasy Sports is a growing category outside North America, and now we have tremendous opportunity to engage activities fans throughout the world.’
New Concept for Brits
The move in 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 sports players throughout a given day, making points in line with the performance of their picks. Users with many points at the end of the day money out.
This is just a various possibility to regular fantasy recreations, which offers games that generally last a whole period.
These are currently popular into the UK, particularly fantasy EPL soccer, although several major UK gambling operators offer them for the money.
DraftKings already offers Daily Fantasy Soccer, and will no doubt hone this product for the UK market, along with introducing more sports that are UK-centric such as for instance rugby and cricket.
‘ We are going to add new sports 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 chance to forge new partnerships with leagues, teams and media outlets internationally even as we did with exceptional success in the us.’
Will the UK Bite?
Whether DFS will have the same sort of huge impact as it has been doing into the US, in a market where Ä±ndividuals are liberated to bet on real-life sporting results, continues to be to be seen.
For many Americans, DFS is the closest they have to placing a sports that are legal, while for the British, who are able to place bets from their cell-phones at the touch of a button whenever you want associated with the day or night, it’ll be just another gambling item, albeit an extremely engaging one.
Exactly What’s clear is that while DFS operators within the US argue that their services and products are ‘not gambling,’ hence justifying their exemption from UIGEA, into the UK, and most likely elsewhere, there clearly was no equivocation, and a full gambling permit 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, 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 used in his controversial baccarat sessions were damaged before the casino became aware that any such thing suspicious 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 so that you can undermine his defense.
The dispute is finished four sessions that took place at the Borgata over the span 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 their winnings without incident.
But when Crockfords, a casino in London, refused to pay for Ivey after he similarly won millions playing baccarat with them, the Borgata took notice and sued Ivey so as 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 my football club player registration 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 side; it is in fact a matter of exactly how those things of the casino and Ivey should be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to utilize a very specific set of playing 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 make the cards that are high the footwear 180 levels, ostensibly for superstitious reasons.
What they don’t realize was that the Gemaco cards under consideration 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 had been enough to provide Ivey an advantage that is substantial the casino. In a single session that is particularly successful July 2012, Ivey won $4.8 million from the Borgata over the program of 17 hours.
Countersuit Alleges Deliberate Destruction of Proof
After the Borgata sued Ivey and Sun, the defendants filed a countersuit, saying that the situation is dismissed due to the fact that the casino had destroyed the cards found in the games. 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 course, which occurred before there was clearly any dispute over the baccarat winnings.
‘Some of the cards utilized within the play at issue in this instance were destroyed in the regular course of plaintiff’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.
Attorneys for the Borgata also state that Ivey and Sun cannot recover damages for their ‘fraudulent conduct,’ and state that the statute of limitations has expired regarding the allegations the defendants are making.
Ivey normally associated with a lawsuit that is similar Crockfords, in which he sued the casino in an attempt to force them to pay him their winnings. While courts initially ruled in support of the casino, an appeal is expected to be heard later this year.