The Plainridge Park Casino had a very successful first month, bringing in more than $18 million in revenue.
Massachusetts may nevertheless have a techniques to go before it becomes a casino gambling powerhouse, but their very first entry into the industry is off to a good start.
The Plainridge Park Casino, which features only electronic games, brought real-money-casino.club in $18.1 million in revenue during its month that is first of, though professionals cautioned that people numbers may decline a bit as time passes.
Critically, the profits mean that approximately $9 million find yourself being generated in income for state and governments that are local. That figure would put targets that are annual by officials well within reach.
‘The commission is happy that these numbers suggest that Plainridge Park Casino is on track to achieve their targeted selection of $86 million to $120 million annually in contribution to aid that is local’ stated Massachusetts Gaming Commission representative 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 first month would go beyond that target by about 9 percent.
‘We are pleased with the July performance, which will be consistent with expectations,’ Penn National Gaming’s Eric Schippers told the Boston Herald. ‘It typically takes three to six months through the grand-opening period to begin to know market trends, and we’ve only now begun our marketing efforts in earnest.’
While that is cause for optimism, other people have actually pointed out that there might be reason to believe Plainridge’s long-term prospects are not quite therefore rosy.
There’s always the opportunity that the first casino in the state is observed as a novelty, and additionally, there are questions about how exactly Plainridge will do when the larger resort casinos having a wider variance of offerings are opened in a couple of years.
‘ One would expect Plainridge to prosper within the start, but whether that levels off is likely to be the question,’ Boston College gaming expert Richard McGowan told the Herald. ‘ whatever they need 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 go to city primarily and city governments through the entire state. In addition, about some of the money will support the state’s horse industry that is racing.
Casino Makes Payments to Town
The casino has already started initially 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 annual charges that will go to the town.
The giant, ceremonial check was made out for $277,000; typically, the monthly re payments will likely be for $225,000, but this first payment covered both the ultimate week in June as well as the thirty days of July.
Impact on Local Lottery Sales Seen
Meanwhile, the Massachusetts Lottery continues to worry about the possible impact of this 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 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 International 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 plans to go live with A dfs that is uk-facing product the fourth quarter of the season.
Last month, the Boston-based start-up ended up being able to raise almost $300 million in funds to aid its planned worldwide expansion, with around $150 million of the coming from Fox Sports, for an 11 % stake in the business.
DraftKings stated so it plans 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 I am excited to lead their expansion efforts,’ stated Haas, who’ll be based in the London that is new office. ‘Daily Fantasy Sports is a category that is growing North America, so we have tremendous opportunity to engage recreations fans all over the world.’
New Concept for Brits
The move into 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 time, making points based on the performance of their picks. Users with the absolute most points at the end of the cash out day.
This is a various prospect to regular fantasy activities, which offers games that generally last a season that is whole.
They are currently popular in the UK, particularly fantasy EPL soccer, although few of the UK that is major gambling provide them for cash.
DraftKings already provides day-to-day Fantasy Soccer, and will no question hone this product for the UK market, along with introducing more UK-centric sports, such as for instance rugby and cricket.
‘ We will add new activities 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 ability to forge partnerships that are new leagues, teams and news outlets internationally even as we have done with exceptional success in the us.’
Will the UK Bite?
Whether DFS will have the kind that is same of effect as it has done within the US, in a market where consumers are liberated to bet on real-life sporting results, remains to be seen.
For a lot of Americans, DFS may be the closest they have to placing a legal sports bet, while for the British, who can place bets from their cell-phones at the touch of a button whenever you want of the time or night, it will likely be just another gambling item, albeit an extremely engaging one.
Just What’s clear is that while DFS operators into the US argue that their products are ‘not gambling,’ thus justifying their exemption from UIGEA, in the UK, and most likely elsewhere, there is certainly 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 within the ongoing drama that is legal his 2012 baccarat wins during 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 found in his controversial baccarat sessions were damaged before the casino became aware that any such 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 destroyed the cards in order to undermine his defense.
The dispute has ended four sessions that took place at the Borgata over the length of almost a year in 2012.
Ivey and Sun played baccarat in A vip that is private 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 cover 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 facts in these situations are hardly in dispute by either part; it is just a matter of just how those things of the casino and Ivey ought to be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to make use of an extremely certain set of playing cards manufactured by Gemaco. They also asked for that the games be played with a shuffler that is automatic.
The casinos consented to these conditions, and were similarly compliant when Ivey asked dealers to show the cards that are high the shoe 180 levels, basically for superstitious reasons.
What they didn’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 individual cards were high or low had been enough to offer Ivey an advantage that is substantial the casino. In one single session that is particularly successful July 2012, Ivey won $4.8 million through the Borgata throughout the course of 17 hours.
Countersuit Alleges Deliberate Destruction of Proof
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 and regulations associated with the filing of frivolous lawsuits.
But in their response, the Borgata says that the cards were destroyed as a matter of due course, which occurred before there was any dispute over the baccarat winnings.
‘Some of the cards utilized into the play at issue in this instance were destroyed in the regular course of plaintiff’s business operations, prior to plaintiff’s becoming conscious of defendants’ scheme and the defect in the playing cards, and pursuant to applicable regulations,’ the response read.
Lawyers for the Borgata also state that Ivey and Sun cannot recover damages due to their ‘fraudulent conduct,’ and state that the statute of limitations has expired on the allegations the defendants are making.
Ivey can also be involved with a similar lawsuit against Crockfords, in which he sued the casino in an attempt 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.