Plainridge Park Casino revenues were a lot better than expected for January, considering Massachusetts’ brutally cold winters. But will the state’s impending ritzy casino resorts eat into future profits for the facility that is slots-only?
The Massachusetts-based Plainridge Park Casino obtained $12.5 million in gross gaming revenue last month, an unexpected rebound during 30 days that is usually slow for gambling in the northeast United States.
The state’s first slots parlor Plainridge has struggled to reach pre-market expectations that estimated it would draw $13.5 million monthly since its strong $18.1 million opening in July.
Residence to 1,250 slot machines, but zero table games, income at Plainridge has regularly fallen on the seven months and reached a bottom of $11.2 million in December. January’s rebound is unquestionably welcomed by analysts and government officials.
‘ This is quite encouraging for Plainridge,’ Paul DeBole, a Lasell College professor and gaming commentator, told the Boston world. ‘For Plainridge to get the bump early, in January, that could be a good indication.’
Gambling in December is a historically quiet period, particularly for venues that aren’t element of resort destinations, such as for instance those in nevada. But in accordance with DeBole, January is additionally frequently a month that is down which makes the figures much more surprising.
The 98 Percent
When lawmakers in Massachusetts approved three casino resorts plus one slots parlor license under the Expanded Gaming Act in 2011, they made sure it was in their best interest. With 49 % of all gross gaming revenue to be paid to the state, another 40 % goes to regional communities, while the residual nine per cent supports the horse racing industry. The final two % is allocated to the Massachusetts Cultural Council.
That means that in January, over $5 million was distributed to counties that are regional $1.1 million went to your Race Horse developing Fund. Owned and operated by Penn National Gaming, Plainridge additionally paid a one-time $25 million certification cost to Massachusetts.
The Bay State’s resort gambling locations presently in development, including the Wynn that is billion-dollar Everett will just be taxed at 25 %. That’s as a result of the resorts being mandated to construct resorts, that the city and state will on collect taxes, as well as the creation of thousands of jobs and also the hefty $85 million licensing fee.
Currently averaging $13.5 million a month in revenue, it willn’t seem likely that the Plainridge Park will find a means to make the pace up in order to achieve the $300 million analysts forecasted for its first year. Its current speed puts it on track to generate $162 million, or $64.8 million for hawaii and $14.5 million for the horses.
The Twin River Casino, just 11 kilometers southwest in Lincoln, Rhode Island, is presumably eating away at Plainridge’s overall potential. In addition to providing over 4,000 slots, Twin River also features table that is live.
The state’s relatively small size won’t adequately combat the competition the resorts will present to the slots parlor though Massachusetts has divided the three casinos into three distinct geographical sections to prevent oversaturation.
The Wynn Everett is being built just 40 miles north of Plainridge Park, and the MGM Springfield will be housed 90 miles towards the western.
The glitz and glamour associated with resorts, which thankfully for Plainridge won’t open until 2018, will likely poach at the racetrack’s slots population. Still, Plainridge General Manager Lance George remains unnerved.
‘January profits for Plainridge Park Casino are an example of just what https://casinopokies777.com/casino-888/ we have previously suggested, which is that activity ebbs and flows after a new facility is opened and it will be time before that pattern evens out,’ George recommended.
Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator
Caesars Entertainment is in big trouble, as top tier and second tier both turn against the business’s messy bankruptcy proceedings. (Image: benzinga.com)
Caesars Entertainment’s bankruptcy headache intensified into a nightmarish migraine this week, after a group of its top-tier creditors threatened to bail on the company’s debt restructuring plan.
Caesars is looking for chapter 11 bankruptcy for its chief operating unit, CEOC, as it looks to reorganize an industry-high $18 billion debt load.
Meanwhile, the business is being sued by its junior creditors, who allege the restructuring process favors top-tier creditors at their very own expense. They additionally claim that, prior to the bankruptcy proceedings, several of CEOC’s assets were fraudulently utilized in Caesars Entertainment and other subsidiaries for the benefit of its managing equity that is private.
This, they argue, has left CEOC with troubled assets as well as an inability to spend its debts, while putting its most valuable assets out of the reach of the junior creditors.
Liquidation a chance
The adjudicator within the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and it has provided Caesars until March 15 to persuade them in the future on board or risk control that is losing of proceedings entirely.
Caesars’ efforts to block seven million pages of a court-appointed examiners’ research into the business’s pre-bankruptcy activities recently aroused the Goldgar’s ire.
‘It does not have to end with a plan that is confirmed’ said Goldgar, of CEOC’s forseeable future. ‘a trustee could be appointed, the full case could be dismissed or, my favorite, the scenario might be converted to chapter 7 [liquidation], which would simply be considered a hoot, wouldn’t it?’
‘ The centerpiece of this instance ended up being said to be the examiner’s report. We have all been waiting,’ he continued. ‘This was planning to blow up the logjam.’
Now, with the case tipping in the favor of the creditors that are second-tier it’s the senior noteholders’ change to rebel.
Senior Creditor Filing
The latter group has filed a short which states the new restructuring plan to its dissatisfaction and also the faction’s intention to submit a plan of a unique.
‘If sufficient progress toward a consensual plan is maybe not made … it may very well be that the plan proposed by the first lien bank and noteholders becomes the most efficient means to allow ( the business) to emerge on time from bankruptcy,’ reads the filing that is new.
The document actually leaves Caesars in a even greater state of disarray, one that may lead to its really permanent undoing.
‘Court rulings carry on against Caesars, and if that continues through March 14 the company could be in big trouble,’ stock adviser Motley Fool said of the company’s resultant share plunge.
‘That’s whenever a trial alleging the improper transfer of assets in Caesars subsidiaries is scheduled to simply take destination, and if junior bondholders win they could pull the whole company into bankruptcy. That could leave investors with absolutely nothing, which is why I would not get anywhere near this stock,’ Motley added.
Kanye West Offered Debt-Reducing Lifeline by D Casino in Downtown Las Vegas
Kanye West’s current financial situation is no laughing matter, like we do unless you enjoy the bizarreness of it all. (Image: mirror.uk)
Kanye West has a difficult, difficult life. Plus the rapper isn’t afraid to let the global globe find out about it, either. Or ask for help with their undue burden, which, we all discovered recently, includes some $53 million in debt load.
Even though the performer’s financial challenges might hit some as, how do we say this…ridiculous? Others are moved by their tragic troubles, and one Las vegas, nevada casino owner has now even reached out to poor Kanye with an offer he hopes Mr. Kim Kardashian will not be able to refuse.
D Casino owner Derek Stevens could be the gracious hand stretched away to assist Kanye, with a performance possibility Stevens claims should at least place a little dent in western’s self-proclaimed monetary fiascos. Stevens, who also owns the Downtown vegas Activities Center (DLVEC), says he is offering up his outside 85,000-square-foot performance venue to host a concert for western, with the singer taking all the profits from solution sales.
All Stevens wants for their offer that is magnanimous is per cent of this ancillary bar revenue the occasion should haul in. The DLVEC can host up to 10,000 patrons, and apparently, Stevens is sure they have been all big on liquor usage, and probably of top-shelf booze to boot.
The opportunity came on social networking whenever Stevens tweeted at Kanye, ‘IDEA @kanyewest Concert in Downtown #Vegas @DLVEC You keep all ticket rev, knock straight down debt, we take drink.’
Last we heard, Kanye’s people haven’t responded yay or nay to Stevens’ concept.
Pleading to the Zuck
Maybe that is because West was already consumed along with his own some ideas for debt paydown. And we are going to grant him these were creative, if a tad, um, ballsy.
Early Sunday, Kanye petitioned Facebook founder Mark Zuckerberg to spend $1 billion into West’s ‘ideas’ to help ease his $53 million in personal financial obligation.
‘Mark Zuckerberg invest 1 billion dollars into Kanye West some ideas … I know it’s your bday but can you please call me by 2mrw…’ Kanye tweeted.
Zuckerberg has not responded, though he did ‘like’ a since-deleted Facebook post by software engineer Steven Grimm that read, ‘Dear Kanye West: If you’re going to inquire of the CEO of Facebook for a billion bucks, maybe do not do it on Twitter.’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is many nothing that is likely compared to a promotion stunt, as the DLVEC isn’t the typical place an artist of western’s stature would perform in. While the Downtown Las Vegas Events Center name sounds impressive, in reality, it’s not much more than a large parking lot that happens to enjoy a stage.
If Kanye accepts the offer, we estimate (loosely) that Stevens stands to generate a minimum that is absolute of $240,000, should each of the 10,000 patrons purchase two $12 cocktails. It could add up to much, much more if they guzzle down Dom champagne and Louis XIII bourbon.
Of course, the DLVEC would need to pay for staffing and security details, but the publicity will be virtually priceless. Not forgetting, Stevens could probably nominate himself for a Nobel Prize for largesse of spirit.
West’s latest ‘Yeezus Tour’ in 2013 grossed $34.7 million and sold 377,625 associated with the 391,208 total tickets available throughout the 53 available shows.
Selling 10,000 tickets during the DLVEC at a price of say $200 (hey, it is for charity!), Kanye would still stand to collect $2 million. Assuming West became an accountable economic planner and utilized the entire take to pay straight down his debt, he would reduce his obligation burden by an astonishing 3.7 percent.
Or, Kim might abscond with it to obtain a few brand new Birkin bags, who knows.
Off His Records
For someone attracting a billionaire for the money and asking the public that is general support by buying his album, Kanye isn’t exactly doing himself any favors in improving his likeability rating.
The New York Post published audio recordings on Wednesday from his ‘Saturday Night Live’ appearance that unveil West’s backstage meltdown, by which he lambasts Taylor Swift and threatens production staffers for altering his performance set.
West claims in the leaked recording that he’s ’50 percent more influential’ than filmmaker Stanley Kubrick, Pablo Picasso, as well as St. Paul the Apostle.
SNL boss Lorne Michaels reportedly had to soothe West down considerably to stop him from walking off the show.
But allow it to not be said that Kanye isn’t a man who can reflect on his own frailties that are human.
‘My number one enemy was my ego… there was only one throne and that’s Jesus’s,’ West tweeted belated Wednesday, apparently totally humbled and aware of the mistake of his ways.