Plainridge Park Casino revenues were a lot better than expected for January, considering Massachusetts’ brutally cold winters. But will their state’s impending ritzy casino resorts consume into future profits for the slots-only center?
The Massachusetts-based Plainridge Park Casino collected $12.5 million in gross gaming revenue final month, an urgent rebound during per month that is traditionally 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 attain 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 regularly fallen within the seven months and reached a bottom of $11.2 million in December. January’s rebound is unquestionably welcomed by analysts and government officials.
‘ This is very encouraging for Plainridge,’ Paul DeBole, a Lasell College gaming and professor commentator, told the Boston Globe. ‘For Plainridge to get the bump early, in January, that could be a good indication.’
Gambling in December is a historically quiet period, especially for venues that are not part of resort destinations, such as for example those in Las vegas, nevada. But in accordance with DeBole, January is also usually a month that is down which makes the figures much more surprising.
The 98 Percent
When lawmakers in Massachusetts approved three casino resorts and one slots parlor license under the Expanded Gaming Act in 2011, they made sure it was in their best interest. With 49 percent of all gross video gaming revenue become paid to the state, another 40 per cent would go to neighborhood communities, while the remaining 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 additionally paid a one-time $25 million licensing cost to Massachusetts.
The Bay State’s resort gambling destinations presently in development, including the billion-dollar Wynn Everett, will just be taxed at 25 %. That is because of the resorts being mandated to build resort hotels, that the town and state will on collect taxes, as well as the creation of thousands of jobs plus the hefty $85 million licensing fee.
Currently averaging $13.5 million a month in revenue, it willn’t seem likely that the Plainridge Park will find an easy method to make up the pace to have the $300 million analysts forecasted for its first year. Its pace that is current puts on track to create $162 million, or $64.8 million for the state and $14.5 million for the horses.
The Twin River Casino, just 11 kilometers southwest in Lincoln, Rhode Island, is presumably eating away at Plainridge’s overall potential. In addition to providing 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 regarding the resorts, which thankfully for Plainridge won’t open until 2018, will likely poach during the racetrack’s slots population. Nevertheless, Plainridge General Manager Lance George remains unnerved.
‘January revenues for Plainridge Park Casino are a typical example of what we have previously suggested, which is the fact that activity ebbs and flows after a facility that is new opened and that it will be time before that pattern evens out,’ George proposed.
Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against 888 casino games Gaming Operator
Caesars Entertainment is in trouble, as top tier and tier that is second 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 because of its primary operating unit, CEOC, as it looks to reorganize an industry-high $18 billion debt load.
Meanwhile, the organization will be sued by its creditors that are junior whom allege the restructuring procedure favors top-tier creditors at their own expense. They additionally claim that, just before the bankruptcy proceedings, several of CEOC’s assets were fraudulently used in Caesars Entertainment and other subsidiaries for the good thing about its managing private equity backers.
This, they argue, has kept CEOC with troubled assets and an inability to spend its debts, while putting its most effective assets out of the reach of the junior creditors.
Liquidation a chance
The adjudicator within the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and contains provided Caesars until March 15 to persuade them in the future on board or risk losing control for the 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 doesn’t always have to end with a confirmed plan,’ said Goldgar, of CEOC’s near future. ‘A trustee could possibly be appointed, the case could be dismissed or, my personal favorite, the case might be converted to chapter 7 [liquidation], which would simply be a hoot, would not it?’
‘ The centerpiece of this instance ended up being supposed to be the examiner’s report. We have all been waiting,’ he proceeded. ‘This was going to blow up the logjam.’
Now, with the case tipping in the favor for the creditors that are second-tier it’s the senior noteholders’ turn to rebel.
Senior Creditor Filing
The latter group has now filed a brief which states its dissatisfaction utilizing the new restructuring plan as well as the faction’s intention to submit a plan of its very own.
‘If sufficient progress toward a consensual plan is not made … it may very well be that a plan proposed by the first lien bank and noteholders becomes probably the most efficient means to allow ( the company) to emerge on time from bankruptcy,’ reads the filing that is new.
The document will leave Caesars in an even greater state of disarray, one that could lead to its really undoing that is permanent.
‘Court rulings continue against Caesars, and if that continues through March 14 the company could be in big trouble,’ stock adviser Motley Fool said of the company’s resultant share plunge.
‘That’s whenever a trial alleging the improper transfer of assets in Caesars subsidiaries is set to take place, and if junior bondholders win they could pull the whole company into bankruptcy. That could leave investors with absolutely nothing, which explains why I would not get anywhere near this stock,’ Motley added.
Kanye West Offered Debt-Reducing Lifeline by D Casino in Downtown Las Vegas
Kanye West’s current finances is no laughing matter, like we do unless you enjoy the bizarreness of it all. (Image: mirror.uk)
Kanye West has a difficult, difficult life. While the rapper isn’t afraid to let the globe learn about it, either. Or ask for assistance with their burden that is undue, we all discovered recently, includes some $53 million in debt load.
Although the performer’s financial challenges might hit some since, how do we state this…ridiculous? Others have now been relocated by their tragic troubles, and one nevada casino owner has now even reached out to poor Kanye by having an offer he hopes Mr. Kim Kardashian won’t be able to refuse.
D Casino owner Derek Stevens could be the gracious hand extended away to assist Kanye, with a performance opportunity Stevens says should at least put a little dent in western’s self-proclaimed economic fiascos. Stevens, who also owns the Downtown nevada Events Center (DLVEC), says he is offering up his outside 85,000-square-foot performance place to host a concert for western, with the singer taking all of the proceeds from ticket product sales.
All Stevens wants for their magnanimous offer is 100 per cent of this ancillary bar revenue the event should haul in. The DLVEC can host up to 10,000 patrons, and apparently, Stevens is sure they are all big on alcohol consumption, and probably of top-shelf booze to boot.
The opportunity came on social media whenever Stevens tweeted at Kanye, ‘IDEA @kanyewest Concert in Downtown #Vegas @DLVEC You keep all ticket rev, knock straight down financial obligation, we just take drink.’
Final we heard, Kanye’s people haven’t responded yay or nay to Stevens’ concept.
Pleading to the Zuck
Possibly that is because West had been consumed along with his ideas that are own debt paydown. And we are going to grant him they certainly were creative, in cases where a tad, um, ballsy.
Early Sunday, Kanye petitioned Facebook founder Mark Zuckerberg to invest $1 billion into West’s ‘ideas’ to help ease his $53 million in individual financial obligation.
‘Mark Zuckerberg invest 1 billion dollars into Kanye West ideas … I understand it’s your bday but can you please call me by 2mrw…’ Kanye tweeted.
Zuckerberg hasn’t answered, on Twitter. though he did ‘like’ a since-deleted Facebook post by software engineer Steven Grimm that read, ‘Dear Kanye West: in the event that youare going to ask the CEO of Facebook for a billion dollars, maybe don’t do it’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is most nothing that is likely compared to a promotion stunt, as the DLVEC isn’t the typical place a musician of western’s stature would perform in. While the Downtown Las Vegas Events Center name sounds impressive, in reality, it isn’t 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 an absolute the least some $240,000, should all of the 10,000 patrons purchase two $12 cocktails. It could add up to much, much more if they guzzle down Dom champagne and Louis XIII bourbon.
Of course, the DLVEC will have to purchase staffing and protection 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 of the 391,208 total tickets available through the 53 shows that are available.
Offering 10,000 tickets at the DLVEC at a price of say $200 (hey, it is for charity!), Kanye would still stay to collect $2 million. Assuming West became an accountable economic planner and utilized the entire take to pay straight down his debt, he would reduce their liability burden by a whopping 3.7 percent.
Or, Kim might abscond with it to obtain a few new Birkin bags, that knows.
Off His Records
For someone attractive to a billionaire for cash and asking the general public for support by purchasing his album, Kanye isn’t exactly doing himself any favors in improving his likeability rating.
The ny Post published audio recordings on Wednesday from his ‘Saturday Night Live’ appearance that unveil western’s backstage meltdown, in which he lambasts Taylor Swift and threatens production staffers for changing his performance set.
West claims in the recording that is leaked he is ’50 percent more influential’ than filmmaker Stanley Kubrick, Pablo Picasso, as well as St. Paul the Apostle.
SNL boss Lorne Michaels reportedly had to relax western down considerably to prevent him from walking off the show.
But allow it to not be stated that Kanye isn’t a man who can reflect on his own frailties that are human.
‘My number one enemy happens to be my ego… there clearly was only one throne and that’s Jesus’s,’ West tweeted Wednesday that is late totally humbled and aware of the mistake of his ways.