The Plainridge Park Casino had a very successful very first month, bringing in more than $18 million in revenue.
Massachusetts may nevertheless have a techniques to go before it turns into a casino gambling powerhouse, but their first entry into the field is down 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 very first month of operations, though experts cautioned that those numbers may decline a bit as time passes.
Critically, the revenues mean that approximately $9 million find yourself being created in revenue for state and local governments. That figure would put targets that are annual by officials well within reach.
‘The commission is pleased that these figures suggest that Plainridge Park Casino is on track to reach their targeted selection of $86 million to $120 million annually in contribution to local aid,’ stated 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 month that is first meet or exceed that target by about 9 percent.
‘We are pleased with the July performance, which is in line with expectations,’ Penn nationwide Gaming’s Eric Schippers told the Boston Herald. ‘It typically takes three to half a year from the period that is grand-opening begin to understand market trends, and now we’ve only now started our marketing efforts in earnest.’
While that is cause for optimism, other people have actually noticed that there might be reason to think Plainridge’s long-term prospects aren’t quite so rosy.
There’s always the possibility that the first casino in the state is seen as a novelty, and there are questions about how precisely Plainridge will do once the larger resort casinos by having a wider variance of offerings are opened in many 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. ‘ What they require to complete is build some kind up of loyalty to keep individuals coming back after MGM’s Springfield casino and Wynn Resorts’ Everett casino open along with the bells and whistles.’
The $9 million which was generated in tax revenue will primarily go to city and city governments through the state. In addition, about some of the money will support hawaii’s horse racing industry.
Casino Makes Payments to Town
The casino has already started initially to benefit the city of Plainville as well.
Last week, the casino signed over its first monthly check to its host community, part of $2.7 million in yearly charges that will go to the town.
The giant, ceremonial check was made out for $277,000; typically, the monthly payments is going to be for $225,000, but this first payment covered both the last week in June along with 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 casinos on its sales throughout the state.
Based on officials, there has recently been a slight reduction in sales at areas 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 gas stations that carry our items,’ said 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 this has received a license from the British 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 start-up that is boston-based able to raise almost $300 million in funds to aid its planned international expansion, with around $150 million of the originating from Fox Sports, for an 11 per cent stake in the company.
DraftKings said that it intends to move into Europe, Asia, and Latin America during 2016, and has hired Jeffrey Haas, previously of PokerStars and bwin.party, to oversee the expansion.
‘DraftKings is well-poised for explosive growth internationally, and I am excited to lead their expansion efforts,’ said Haas, who will be based in the new London workplace. ‘Daily Fantasy Sports is a growing category outside North America, so we have tremendous possibility to engage recreations fans all over the world.’
New Concept for Brits
The move into 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 activities players within a given time, making points on the basis of the performance of their picks. Users with the most points at the end of the cash out day.
This is really a different possibility to regular fantasy activities, which offers games that generally last a season that is whole.
They are already popular into the UK, particularly fantasy EPL soccer, although some of the major UK gambling operators offer them for money.
DraftKings already offers regular Fantasy Soccer, and will no doubt hone this product for the UK market, also 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 Chief Executive Officer Jason Robins. ‘We also welcome the opportunity to forge new partnerships with leagues, teams and media outlets internationally once we have done with exceptional success in the usa.’
Will the UK Bite?
Whether DFS will have the exact same kind of huge impact as it has been doing within the US, in a market where individuals are absolve to bet on real-life sporting results, stays to be seen.
For many Americans, DFS may be the closest they have 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 for the day or night, it’s going to be simply another gambling item, albeit a very engaging one.
Just What’s clear is that while DFS operators within the US argue that their products are ‘not gambling,’ thus justifying their exemption from UIGEA, within the UK, and probably somewhere else, there is no equivocation, and a full gambling permit is required.
Borgata Responds to Ivey Countersuit
The Borgata has filed a reaction to Phil Ivey’s countersuit within 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 found in his controversial baccarat sessions were damaged before the casino became aware that anything suspicious may have taken place on those dates.
The response comes after lawyers for Ivey and Cheng Yin Sun filed the countersuit alleging that the Borgata had intentionally damaged the cards so that you can undermine his defense.
The dispute is finished four sessions that took place at the Borgata over the course 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 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 similarly won millions playing baccarat with them, the Borgata took notice and sued Ivey so that they can 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 cases are hardly in dispute by either part; it is just a matter of how the actions of the casino and Ivey must certanly be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to use a really specific set of playing cards manufactured by Gemaco. Additionally they asked for that the games be played with a shuffler that is automatic.
The casinos agreed to these conditions, and were likewise compliant when Ivey asked dealers to show the high cards in the shoe 180 levels, ostensibly for superstitious reasons.
Whatever they don’t realize was that the Gemaco cards in question 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 ended up being enough to give Ivey a significant advantage over the casino. In one session that is particularly successful July 2012, Ivey won $4.8 million from the Borgata throughout 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 fees that are legal damages under laws pertaining to the filing of frivolous lawsuits.
But within their response, the Borgata says that the cards were destroyed as a matter of due course, which took place before there was clearly any dispute within the baccarat winnings.
‘Some of the cards used within the play at issue in this case were damaged in the course that is regular of’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 because of the ‘fraudulent conduct,’ and say that the statute of limitations has expired in the allegations the defendants are making.
Ivey is also tangled up in 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.