Month Plainridge Park Casino Collects $18 Million in First
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February 20, 2020Buy Ready Essays Online and Get Started Writing Your Essay Right Away
February 20, 2020
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 becomes a casino gambling powerhouse, however their very first entry into the field is off 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 professionals cautioned that those numbers may decline a bit as time passes.
Critically, the revenues suggest that approximately $9 million can become being generated 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 accomplish their targeted array of $86 million to $120 million annually in contribution to local help,’ stated 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 month that is first surpass that target by about 9 percent.
‘We are pleased with the July performance, that is consistent with expectations,’ Penn National 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, and we’ve only now begun our marketing efforts in earnest.’
While that is cause for optimism, others have actually remarked that there might be reason to believe Plainridge’s long-lasting prospects are not quite so rosy.
Often there is the possibility that the very first casino in the state is seen as a novelty, and there’s also questions on how Plainridge will do after the larger resort casinos having a wider variety of offerings are opened in a couple of years.
‘ One would expect Plainridge to do well in the start, but whether that levels off is likely to be the question,’ Boston College gaming specialist Richard McGowan told the Herald. ‘ What they need doing is build some kind up of loyalty to help keep individuals coming back after MGM’s Springfield casino and Wynn Resorts’ Everett casino open with all the bells and whistles.’
The $9 million that has been generated in tax revenue will go to city primarily and city governments through the entire state. In addition, about some of that money will support hawaii’s horse industry that is racing.
Casino Makes Payments to Town
The casino has currently started to benefit the city of Plainville as well.
The other day, the casino signed over its first check that is monthly its host community, part of $2.7 million in annual fees that will go to the town.
The giant, ceremonial check was made out for $277,000; typically, the monthly payments are going to be for $225,000, but this first payment covered both the last week in June as well as the month of July.
Effect on Local sales Seen that are lottery
Meanwhile, the Massachusetts Lottery continues to be worried about the prospective impact regarding the casinos on its sales throughout the state.
In accordance with officials, there has been a slight decrease in sales at locations that are within a 15-minute drive of the Plainridge Park Casino.
‘We are still seeing strong numbers at retail agents such as convenience stores and filling stations that carry our products,’ stated 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 that has been hired to oversee DraftKing’s worldwide expansion. (Image: pokerstrategy.com)
Daily fantasy sports (DFS) site DraftKings announced this week this has received a permit from the British Gambling Commission (UKGC) and intends to go live with A uk-facing dfs product in 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 worldwide expansion, with around $150 million of this coming from Fox Sports, for an 11 % stake in the company.
DraftKings stated so it plans 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 growth internationally, and we am excited to lead their expansion efforts,’ stated Haas, that will be based in the new London workplace. ‘Daily Fantasy Sports is a category that is growing North America, and we have tremendous opportunity to engage recreations fans all over the world.’
New Concept for Brits
The move into the UK is an appealing 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 sports players within a given time, making points in line with the performance of their picks. Users with the absolute most points at the end of the day money out.
This is a different possibility to regular fantasy sports, which offers games that generally last a season that is whole.
These are already popular into the UK, particularly fantasy EPL soccer, although few of the major UK gambling operators provide them for cash.
DraftKings already provides regular Fantasy Soccer, and will no question hone this product for the UK market, also introducing more sports that are UK-centric such as for instance rugby and cricket.
‘ We will add new recreations and games to our burgeoning roster of offerings and connect that is further to their favorite teams and players,’ confirmed DraftKings Chief Executive Officer Jason Robins. ‘We also welcome the ability to forge new partnerships with leagues, teams and media outlets internationally as we have done with excellent success in the the player club us.’
Will the UK Bite?
Whether DFS will have the kind that is same of impact as it has been doing into the US, in a market where consumers are liberated to bet on real-life sporting outcomes, stays to be seen.
For all Americans, DFS may be the closest they get to placing a legal sports bet, while for the British, who can place bets from their cell-phones at the touch of a button at any time associated with day or night, it’ll be simply another gambling item, albeit a highly engaging one.
What’s clear is that while DFS operators into the US argue that their items are ‘not gambling,’ therefore justifying their exemption from UIGEA, in the UK, and most likely somewhere else, there was 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 in the ongoing drama that is legal his 2012 baccarat wins at the casino. (Image: Las Vegas 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 used in his controversial baccarat sessions were destroyed before the casino became aware that such a thing suspicious may have occurred 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 in order to undermine his defense.
The dispute has ended four sessions that took place at the Borgata over the span of many months in 2012.
Ivey and Sun played baccarat in a private vip 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 pay Ivey after he likewise won millions playing baccarat using them, the Borgata took notice and sued Ivey so that they can recover their losses.
In both instances, 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, according to whom you ask.
Interestingly, the facts in these situations are hardly in dispute by either side; it is in fact 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 make use of a very particular set of playing cards manufactured by Gemaco. In addition they requested 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 cards that are high the shoe 180 degrees, basically for superstitious reasons.
Whatever they didn’t realize was that the Gemaco cards in question 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 offer Ivey a substantial advantage over the casino. In one single specially successful session in July 2012, Ivey won $4.8 million from the Borgata over the course 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 legal fees and damages under laws and regulations pertaining to the filing of frivolous lawsuits.
But within their response, the Borgata says that the cards were destroyed as a matter of due program, which took place before there is any dispute over the baccarat winnings.
‘Some of the cards utilized in the play at issue in this situation were destroyed in the regular span of plaintiff’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.
Attorneys for the Borgata also state that Ivey and Sun cannot recover damages due to 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. While courts initially ruled in favor of the casino, an appeal is anticipated to be heard later this year.
