Plainridge Park Casino revenues were a lot better than expected for January, considering Massachusetts’ brutally winters that are cold. But will the state’s impending ritzy casino resorts consume into future profits for the facility that is slots-only?
The Massachusetts-based Plainridge Park Casino accumulated $12.5 million in gross gaming revenue month that is last an urgent rebound during per month that is typically slow for gambling in the northeast United States.
Since its strong $18.1 million opening in July, the state’s first slots parlor Plainridge has struggled to reach pre-market expectations that estimated it would draw $13.5 million monthly.
Home to 1,250 slot machines, but zero table games, earnings at Plainridge has consistently fallen within the seven months and reached a bottom of $11.2 million in December. January’s rebound is certainly welcomed by analysts and government officials.
‘ This is very encouraging for Plainridge,’ Paul DeBole, a Lasell College gaming and professor commentator, told the Boston world. ‘For Plainridge to get the bump early, in January, that might be a good indication.’
Gambling in December is a period that is historically quiet particularly for venues that are not part of resort destinations, such as for instance those in Las Vegas. But according to DeBole, January is also frequently a month that is down which makes the figures all the more surprising.
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When lawmakers in Massachusetts authorized three casino resorts and one slots parlor license under the Expanded Gaming Act in 2011, they made sure it was at their interest that is best. With 49 % of all gross gaming revenue become paid to the state, another 40 per cent would go to neighborhood communities, while the residual nine per cent supports the horse racing industry. The final two per cent 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 the Race Horse Development Fund. Owned and operated by Penn National Gaming, Plainridge also paid a one-time $25 million licensing fee to Massachusetts.
The Bay State’s resort gambling destinations presently in development, including the Wynn that is billion-dollar Everett will just be taxed at 25 percent. That’s due to the resorts being mandated to construct resort hotels, that the town and state will collect taxes in, as well as the creation of thousands of jobs and also the hefty $85 million licensing fee.
Currently averaging $13.5 million 30 days in revenue, it doesn’t seem likely that the Plainridge Park will find an easy method to make up the speed in order to achieve the $300 million analysts forecasted for its first year. Its pace that is current puts on track to generate $162 million, or $64.8 million for their state and $14.5 million for the horses.
The Twin River Casino, just 11 miles southwest in Lincoln, Rhode Island, is presumably eating away at Plainridge’s overall prospective. In addition to offering over 4,000 slots, Twin River also features live table games.
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 west.
The glitz and glamour of the resorts, which thankfully for Plainridge won’t start until 2018, will probably poach during the racetrack’s slots population. Nevertheless, Plainridge General Manager Lance George remains unnerved.
‘January profits for Plainridge Park Casino are an example of what we now have previously suggested, which is that activity ebbs and flows after a facility that is new opened and so it will be some time before that pattern evens out,’ George proposed.
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 from 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 creditors that are top-tier to bail on the company’s debt restructuring plan.
Caesars is searching for chapter 11 bankruptcy for its chief operating product, CEOC, as it looks to reorganize an industry-high $18 billion debt load.
Meanwhile, the business has been sued by its creditors that are junior whom allege the restructuring process favors top-tier creditors at their own expense. They additionally claim that, prior to the bankruptcy proceedings, many of CEOC’s assets were fraudulently transferred to Caesars Entertainment and other subsidiaries for the good thing about its managing equity that is private.
This, they argue, has kept CEOC with troubled assets and an inability to pay its debts, while putting its most effective assets out of the reach of the junior creditors.
Liquidation a Possibility
The adjudicator within the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and contains offered Caesars until March 15 to persuade them to come on board or risk control that is losing of proceedings entirely.
Caesars’ efforts to block seven million pages of a court-appointed examiners’ investigation to the company’s pre-bankruptcy activities recently aroused the Goldgar’s ire.
‘It does not have to end with a confirmed plan,’ said Goldgar, of CEOC’s forseeable future. ‘A trustee could be appointed, the case could be dismissed or, the best, the case could possibly be converted to chapter 7 [liquidation], which would just be considered a hoot, wouldn’t it?’
‘ The centerpiece of this case had been said to be the examiner’s report. We’ve all been waiting,’ he proceeded. ‘This was planning to blow the logjam up.’
Now, with the case tipping in the favor of the second-tier creditors, it’s the senior noteholders’ change to rebel.
Senior Creditor Filing
The latter group has now filed a brief which states its dissatisfaction with the new restructuring plan plus the faction’s intention to submit a plan of a unique.
‘If sufficient progress toward a consensual plan is perhaps 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 in a timely manner from bankruptcy,’ reads the new filing.
The document will leave Caesars within an sustained state of disarray, one which could lead to its really permanent undoing.
‘Court rulings continue against Caesars, and if that continues through March 14 the company could possibly be in trouble,’ stock adviser Motley Fool stated of the organization’s resultant share plunge.
‘That’s when a trial alleging the improper transfer of assets in Caesars subsidiaries is scheduled to just take destination, and if junior bondholders win they could pull the company that is whole bankruptcy. That could leave investors with absolutely nothing, which is the reason why I wouldn’t go 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, until you enjoy the bizarreness of it all, like we do. (Image: mirror.uk)
Kanye West has a tough, difficult life. While the rapper isn’t afraid to allow the global globe learn about it, either. Or ask for help with their burden that is undue, we all learned recently, includes some $53 million in debt load.
Even though the performer’s financial challenges might hit some because, how do we state this…ridiculous? Others have now been relocated by his tragic troubles, and one vegas casino owner has now even reached out to Kanye that is poor with offer he hopes Mr. Kim Kardashian will not be able to refuse.
D Casino owner Derek Stevens may be the hand that is gracious away to assist Kanye, with a performance opportunity Stevens claims should at least place a small dent in western’s self-proclaimed financial fiascos. Stevens, who also owns the Downtown Las Vegas occasions Center (DLVEC), says he is offering up his outside 85,000-square-foot performance venue to host a concert for western, with the singer using all the profits from admission product sales.
All Stevens wants for his magnanimous offer is 100 per cent of the ancillary bar revenue the occasion should haul in. The DLVEC can host as much as 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 media marketing whenever Stevens tweeted at Kanye, ‘IDEA @kanyewest Concert in Downtown #Vegas @DLVEC all ticket is kept by you rev, knock straight down debt, we just take beverage.’
Last we heard, Kanye’s people haven’t answered yay or nay to Stevens’ concept.
Pleading to the Zuck
Maybe that’s because West had been consumed together with own ideas for debt paydown. And we’ll grant him these people were creative, in case a tad, um, ballsy.
Early Sunday, Kanye petitioned Twitter founder Mark Zuckerberg to invest $1 billion into West’s ‘ideas’ to help ease his $53 million in personal debt.
‘Mark Zuckerberg invest 1 billion dollars into Kanye West some ideas … I understand it’s your bday but can you please call me by 2mrw…’ Kanye tweeted.
Zuckerberg hasn’t responded, on Twitter. though he did ‘like’ a since-deleted Facebook post by software engineer Steven Grimm that read, ‘Dear Kanye West: If youare going to inquire of the CEO of Facebook for a billion dollars, perhaps don’t do it’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is most nothing that is likely than a publicity stunt, as the DLVEC isn’t the typical venue an artist of western’s stature would perform in. While the Downtown Las Vegas Events Center name sounds impressive, in truth, it is not much more than a large parking lot that happens to truly have a stage.
If Kanye accepts the offer, we estimate (loosely) that Stevens stands to generate a minimum that is absolute of $240,000, should all of the 10,000 patrons purchase two $12 cocktails. If they guzzle down Dom champagne and Louis XIII bourbon, it could total up to much, far more.
Of course, the DLVEC will have to pay for security and staffing details, but the publicity would be virtually priceless. Not to mention, Stevens could nominate himself for probably a Nobel Prize for largesse of spirit.
West’s latest ‘Yeezus Tour’ in 2013 grossed $34.7 million and sold 377,625 associated with 391,208 total tickets available throughout the 53 shows that are available.
Offering 10,000 tickets during the DLVEC at a price of say $200 (hey, it’s for charity!), Kanye would still stay to collect $2 million. Assuming West became an accountable financial planner and used the entire take to pay down his debt, he would reduce his obligation burden by an impressive 3.7 percent.
Or, Kim might abscond with it to purchase a few new Birkin bags, that knows.
Off His Records
For someone appealing to a billionaire for money and asking the public that is general help by purchasing his album, Kanye is not exactly doing himself any favors in improving his likeability rating.
The New York Post published audio recordings on Wednesday from their ‘Saturday Night Live’ appearance that reveal western’s backstage meltdown, in 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 calm West down considerably to avoid him from walking off the show.
But let it not be stated that Kanye isn’t a man who can reflect on his or her own frailties that are human.
‘My number one enemy happens to be 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.