The Plainridge Park Casino had a very successful month that is first bringing in more than $18 million in revenue.
Massachusetts may nevertheless have a ways 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 month that is first of, though experts cautioned that those numbers may decline a bit over time.
Critically, the revenues suggest that approximately $9 million will end up being generated in revenue for state and local governments. That figure would put annual targets set by officials well within reach.
‘The commission is happy that these numbers indicate that Plainridge Park Casino is on track to achieve their targeted array real-money-casino.club 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 very first month would go beyond that target by about 9 percent.
‘We are pleased with the July performance, which is in line with expectations,’ Penn National 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 begun our marketing efforts in earnest.’
While that is cause for optimism, others have actually noticed that there might be reason to think Plainridge’s long-lasting prospects are not quite therefore rosy.
Often there is the chance that the casino that is first the state is observed as a novelty, and additionally questions on how Plainridge will do once the larger resort casinos with a wider variety 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 gaming expert Richard McGowan told the Herald. ‘ whatever they require to accomplish is build some kind up 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 which was generated in tax revenue will go to city primarily and town governments through the entire state. In addition, about some of that money will support hawaii’s horse rushing industry.
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 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 month-to-month re payments are going to be for $225,000, but this first payment covered both the ultimate week in June plus the thirty days of July.
Effect on Local Lottery Sales Seen
Meanwhile, the Massachusetts Lottery continues to bother about the potential impact for the casinos on its sales throughout the state.
Based on officials, there has recently 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 numbers that are strong retail agents such as convenience stores and gas stations that carry our items,’ said Massachusetts Lottery Interim Executive Director Michael Sweeney. ‘Where we are 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 who 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 uk-facing dfs product in the fourth quarter of the year.
Last month, the Boston-based start-up was able to raise almost $300 million in funds to aid its planned worldwide expansion, with around $150 million of this originating from Fox Sports, for an 11 % stake in the company.
DraftKings stated that it plans to move into European countries, 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 development internationally, and I am excited to lead their expansion efforts,’ stated Haas, that will be based in the London that is new workplace. ‘Daily Fantasy Sports is a growing category outside North America, so we have a tremendous chance to engage recreations fans around the globe.’
New Concept for Brits
The move into the UK is an interesting one.
While the country has probably one of the most developed gambling markets into the world, the DFS concept is going to be a completely new one there.
DFS allows customers to bet on teams or activities players throughout a given day, making points in line with the performance of their picks. Users with many points at the end of the cash out day.
This is a different prospect to regular fantasy sports, which offers games that generally last a season that is whole.
They are currently popular in the UK, particularly fantasy EPL soccer, although several UK that is major gambling provide them for money.
DraftKings already provides frequent Fantasy Soccer, and will no question hone this product for the united kingdom market, along with introducing more sports that are UK-centric such as rugby and cricket.
‘ We will add new activities 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 partnerships that are new leagues, teams and media outlets internationally even as we have inked with exceptional success in the usa.’
Will the UK Bite?
Whether DFS will have the kind that is same of impact as it has been doing within the US, in a market where individuals are liberated to bet on real-life sporting outcomes, continues to be to be seen.
For a lot of Americans, DFS may 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 of the day or night, it will be simply another gambling item, albeit a highly engaging one.
What’s clear is that while DFS operators into the US argue that their services and products are ‘not gambling,’ hence justifying their exemption from UIGEA, in the UK, and most likely somewhere else, there is certainly no equivocation, and a complete gambling permit is required.
Borgata Responds to Ivey Countersuit
The Borgata has filed a response to Phil Ivey’s countersuit in the ongoing drama that is legal his 2012 baccarat wins at 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 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 destroyed the cards so that you can undermine their defense.
The dispute is over four sessions that took place at the Borgata over the span 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 so as to recover their losses.
In both instances, the dispute is over Ivey’s use of an approach referred to as edge-sorting, one that is either an advantage play or a form of cheating, according to whom you ask.
Interestingly, the facts in these situations are hardly in dispute by either part; it is merely a matter of just how those things of the casino and Ivey must certanly be interpreted.
In the baccarat sessions, Ivey and Sun asked the casino to utilize an extremely set that is specific of cards manufactured by Gemaco. Additionally they requested 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 turn the cards that are high the footwear 180 degrees, ostensibly for superstitious reasons.
What they didn’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 individual cards had been high or low was enough to provide Ivey an advantage that is substantial the casino. In a single specially successful session in July 2012, Ivey won $4.8 million from the Borgata within the program 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 fees that are legal damages under laws and regulations linked 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 clearly was any dispute within the baccarat winnings.
‘Some of the cards used within the play at issue in this instance were destroyed in the regular course of plaintiff’s company 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.
Solicitors for the Borgata also say that Ivey and Sun cannot recover damages due to their ‘fraudulent conduct,’ and state that the statute of limitations has expired regarding the allegations the defendants are making.
Ivey normally involved with a lawsuit that is similar Crockfords, in which he sued the casino in an effort 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.