The Plainridge Park Casino had a very successful first month, bringing in more than $18 million in revenue.
Massachusetts may still have a ways to go before it turns into a casino gambling powerhouse, however their first entry into the field 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 first month of operations, though experts cautioned that people numbers may decline a bit over time.
Critically, the revenues mean that approximately $9 million can become being produced in revenue for state and local governments. That figure would put targets that are annual by officials well within reach.
‘The commission is happy that these numbers indicate that Plainridge Park Casino is on track to attain their targeted range of $86 million to $120 million annually in contribution to aid that is local’ said Massachusetts Gaming Commission representative Elaine Driscoll.
Revenues In Line With Projections
Officials had projected that the Plainridge location would generate about $200 million in revenue annually.
The figures from the very first month would meet or exceed that target by about 9 percent.
‘We are pleased with the July performance, which is in accordance with expectations,’ Penn nationwide Gaming’s Eric Schippers told the Boston Herald. ‘It typically takes three to half a year through the period that is grand-opening begin to understand market trends, so we’ve only now started our marketing efforts in earnest.’
While that is cause for optimism, other people have actually remarked that there might be reason to believe Plainridge’s long-lasting prospects aren’t quite so rosy.
Often there is the possibility that the casino that is first the state is observed as a novelty, and there are also questions about how exactly Plainridge will do after the larger resort casinos by having a wider assortment of offerings are opened in a couple of years.
‘ One would expect Plainridge to excel into the start, but whether that levels off is going to be the question,’ Boston College gaming expert Richard McGowan told the Herald. ‘ What they require doing is build up some sort 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 that was generated in tax revenue will mainly head to city and city governments throughout the state. In addition, about some of that money will support their state’s horse industry that is racing.
Casino Makes Payments to Town
The casino has currently started to gain the city of Plainville as well.
Last week, the casino signed over its first check that is monthly 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 re payments are for $225,000, but this first payment covered both the last week in June plus the thirty days of July.
Impact on Local sales Seen that are lottery
Meanwhile, the Massachusetts Lottery continues to worry about the possible impact associated with casinos on its sales throughout the state.
According to officials, there has already been a decrease that is slight sales at locations that are within a 15-minute drive of the Plainridge Park Casino.
‘We are still seeing numbers that are strong retail agents such as convenience stores and filling stations that carry our services and products,’ 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 has 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 season.
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 said that 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 I am excited to lead their expansion efforts,’ said Haas, that will be based in the London that is new office. ‘Daily Fantasy Sports is a growing category outside North America, and now we have tremendous opportunity to engage activities fans all over the world.’
New Concept for Brits
The move to the UK is an interesting one.
While the country has probably one of the most developed gambling markets in the world, the DFS concept are going to be a totally new one there.
DFS allows customers to bet on teams or sports players during a given day, making points in line with the performance of their picks. Users with the most points at the end of the day cash out.
This is really a various possibility to regular fantasy recreations, which offers games that generally last a whole season.
They are currently popular in the UK, particularly fantasy EPL soccer, although few of the UK that is major gambling offer them for money.
DraftKings already provides constant Fantasy Soccer, and will no doubt hone this item for great britain market, also introducing more UK-centric sports, such as rugby and cricket.
‘ We shall 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 partnerships that are new leagues, teams and news outlets internationally once we have inked with exemplary success in the United States.’
Will the UK Bite?
Whether DFS will have the kind that is same of impact as it did within the US, in a market where consumers are liberated to bet on real-life sporting outcomes, continues to be to be seen.
For a lot of Americans, DFS could 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 the time or night, it is just another gambling product, albeit a highly engaging one.
Just What’s clear is that while DFS operators into the US argue that their items are ‘not gambling,’ hence justifying their exemption from UIGEA, into 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 in the ongoing legal drama over his 2012 baccarat wins during the casino. (Image: Nevada Review-Journal)
The Borgata Hotel Casino & Spa in Atlantic City has responded to a countersuit filed by professional poker player Phil Ivey, saying that their destruction of cards utilized in his controversial baccarat sessions were damaged before the casino became aware that anything dubious may have taken place on those times.
The response comes after lawyers for Ivey and Cheng Yin Sun filed the countersuit alleging that the Borgata had intentionally damaged the cards to be able to undermine his defense.
The dispute is over four sessions that took place at the Borgata over the course of many months in 2012.
Ivey and Sun played baccarat in A vip that is private area winning a total of $9.6 million from the casino through 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 using them, the Borgata took notice and sued Ivey so as 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 a form of cheating, according to whom you ask.
Interestingly, the known facts in these cases are hardly in dispute by either side; it is in fact a matter of exactly how those things of the casino and Ivey must certanly be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to use a really certain 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 show the cards that are high the shoe 180 levels, basically for superstitious reasons.
Whatever they don’t realize was that the Gemaco cards under consideration were imperfectly cut, allowing Ivey to identify which cards have been turned while looking at them face down.
Knowing whether specific cards were high or low had been enough to give Ivey an advantage that is substantial the casino. In one single particularly effective session in July 2012, Ivey won $4.8 million from the Borgata on the program of 17 hours.
Countersuit Alleges Deliberate Destruction of Proof
After the Borgata sued Ivey and Sun, the defendants filed a countersuit, stating that the instance should really be dismissed because of the fact that the casino had destroyed the cards used in the games. They also sought fees that are legal damages under laws and regulations pertaining to the filing of frivolous lawsuits.
But in their response, the Borgata says that the cards were destroyed as a matter of real-money-casino.club due program, which took place before there was clearly any dispute on the baccarat winnings.
‘Some of the cards used in the play at issue in this instance were destroyed in the course that is regular of’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.
Solicitors for the Borgata also state that Ivey and Sun cannot recover damages because of their ‘fraudulent conduct,’ and say that the statute of limitations has expired in the allegations the defendants are making.
Ivey is also taking part in a similar lawsuit against Crockfords, in which he sued the casino in an attempt to force them to pay him his winnings. An appeal is expected to be heard later this year while courts initially ruled in favor of the casino.