Plainridge Park Casino revenues were a lot better than expected for January, considering Massachusetts’ brutally winters that are cold. But will hawaii’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 last month, an unexpected 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 achieve pre-market expectations that estimated it would draw $13.5 million monthly.
Home to 1,250 slots, 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 welcomed by analysts and government officials.
‘ This is extremely encouraging for Plainridge,’ Paul DeBole, a Lasell College professor and gaming commentator, told the Boston world. ‘For Plainridge to get the bump early, in January, that could be a good sign.’
Gambling in December is a historically quiet period, specifically for venues that aren’t section of resort destinations, such as for example those in nevada. But in accordance with DeBole, January is additionally frequently a down month, helping to make the figures much more surprising.
The 98 %
Whenever lawmakers in Massachusetts authorized three casino resorts plus one slots parlor license under the Expanded Gaming Act in 2011, they made sure it was at their best interest. With 49 per cent of all gross video gaming revenue become paid to the state, another 40 % would go to regional communities, while the rest of the nine % 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 regional counties and $1.1 million went to your Race Horse developing Fund. Owned and operated by Penn National Gaming, Plainridge additionally paid a one-time $25 million certification fee to Massachusetts.
The Bay State’s resort gambling destinations currently in development, including the Wynn that is billion-dollar Everett will just be taxed at 25 %. That is as a result of the resorts being mandated to create accommodations, which the town and state will on collect taxes, as well as the creation of thousands of jobs as well as the hefty $85 million licensing fee.
Currently averaging $13.5 million per month in revenue, it doesn’t seem likely that the Plainridge Park will find a way to make the pace up to experience 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 hawaii 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 potential. 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 to the western.
The glamour and glitz regarding the resorts, which thankfully for Plainridge won’t start until 2018, will probably poach during the racetrack’s slots population. Still, Plainridge General Manager Lance George continues to be unnerved.
‘January revenues for Plainridge Park Casino are a typical example of what we’ve previously suggested, which is that activity ebbs and flows after a new facility is opened and that it will be a while before that pattern evens out,’ George recommended.
Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator
Caesars Entertainment is in some trouble, as top tier and second tier both turn against 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 business’s debt restructuring plan.
Caesars is seeking chapter 11 bankruptcy for 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 process favors top-tier creditors at their own expense. They also claim that, ahead of the bankruptcy proceedings, many of CEOC’s assets were fraudulently transferred to Caesars Entertainment and other subsidiaries for the advantageous asset of its controlling private equity backers.
This, they argue, has left CEOC with distressed assets and an inability to pay its debts, while placing its best assets from the reach of the junior creditors.
Liquidation a Possibility
The adjudicator in the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and it has given Caesars until March 15 to persuade them to come on board or danger losing control for the procedures entirely.
Caesars’ efforts to block seven million pages of an examiners that are court-appointed investigation to the company’s pre-bankruptcy activities recently aroused the Goldgar’s ire.
‘It doesn’t have to end with a confirmed plan,’ said Goldgar, of CEOC’s near future. ‘a trustee could be appointed, the full case could be dismissed or, my personal favorite, the case might be converted to chapter 7 [liquidation], which would simply be a hoot, wouldn’t it?’
‘ The centerpiece of this case was supposed to be the examiner’s report. We have all been waiting,’ he proceeded. ‘This was planning to blow the logjam up.’
And today, with the case tipping in the favor regarding the second-tier creditors, it’s the senior noteholders’ change to rebel.
Senior Creditor Filing
The latter group has filed a short which states the new restructuring plan to its dissatisfaction therefore the faction’s intention to submit a plan of unique.
‘If sufficient progress toward a consensual plan is maybe not made … it may very well be that the plan proposed by the first lien bank and noteholders becomes the absolute most efficient means to allow ( the organization) to emerge on time from bankruptcy,’ reads the new filing.
The document will leave Caesars in an sustained state of disarray, one that may lead to its very permanent undoing.
‘Court rulings keep going against Caesars, and if that continues through March 14 the company could possibly 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 scheduled to just take destination, and if junior bondholders win they could pull the casinopokies777.com company that is whole bankruptcy. That could leave investors with nothing, which explains why I wouldn’t get anywhere near this stock,’ Motley added.
Kanye West Granted Debt-Reducing Lifeline by D Casino in Downtown Las Vegas
Kanye West’s current financial predicament 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 let the world learn about it, either. Or ask for help with their undue burden, which, we all learned recently, includes some $53 million with debt load.
While the performer’s financial challenges might hit some since, how do we say this…ridiculous? Others have now been moved by his tragic troubles, and one nevada 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 could be the gracious hand stretched down to assist Kanye, with a performance possibility Stevens claims should at least place a little dent in West’s self-proclaimed financial fiascos. Stevens, who also owns the Downtown Las vegas, nevada Events Center (DLVEC), says he is offering up his outdoor 85,000-square-foot performance location to host a concert for western, with the singer using all the profits from admission product sales.
All Stevens wants for their offer that is magnanimous is % of this ancillary bar revenue the event should haul in. The DLVEC can host as much as 10,000 patrons, and apparently, Stevens is sure they have been all big on alcohol consumption, and probably of top-shelf booze to boot.
The opportunity came on social media when Stevens tweeted at Kanye, ‘IDEA @kanyewest Concert in Downtown #Vegas @DLVEC You keep all ticket rev, knock down debt, we simply take drink.’
Last we heard, Kanye’s people haven’t responded yay or nay to Stevens’ concept.
Pleading to the Zuck
Maybe that’s because West was already consumed with his ideas that are own debt paydown. And we are going to grant him these were creative, if your tad, um, ballsy.
Early Kanye petitioned Facebook founder Mark Zuckerberg to invest $1 billion into West’s ‘ideas’ to help ease his $53 million in personal debt sunday.
‘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 answered, 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 ask the CEO of Facebook for a billion dollars, possibly don’t do it’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is many nothing that is likely than the usual publicity 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’s not much more than a large parking lot that happens to really 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 may total up to much, a lot more.
Of course, the DLVEC would have to pay for staffing and safety details, but the publicity could be virtually priceless. Not to mention, Stevens could probably nominate himself for a Nobel Prize for largesse of spirit.
West’s latest ‘Yeezus Tour’ in 2013 grossed $34.7 million and sold 377,625 associated with the 391,208 total tickets available during the 53 available shows.
Selling 10,000 tickets at 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 monetary planner and used the entire take to pay down his debt, he would reduce their obligation burden by an impressive 3.7 percent.
Or, Kim might abscond with it to buy a few new Birkin bags, who knows.
Off His Records
For someone appealing to a billionaire for money and asking the general public for help by purchasing his album, Kanye is not exactly doing himself any favors in improving his likeability rating.
The nyc Post published recordings that are audio Wednesday from their ‘Saturday evening Live’ appearance that reveal western’s backstage meltdown, by which he lambasts Taylor Swift and threatens production staffers for changing his performance set.
West claims in the leaked recording that he is ’50 percent more influential’ than filmmaker Stanley Kubrick, Pablo Picasso, and even St. Paul the Apostle.
SNL boss Lorne Michaels reportedly had to calm western down considerably to avoid him from walking off the show.
But allow it not be said that Kanye isn’t a man who can reflect on their own peoples frailties.
‘My number one enemy is my ego… there was only one throne and that’s God’s,’ West tweeted late Wednesday, apparently totally humbled and aware of the error of his ways.