January Massachusetts Plainridge Park Casino Posts Revenue Increase for Typically Slow

January<span id="more-3894"></span> Massachusetts Plainridge Park Casino Posts Revenue Increase for Typically Slow

Plainridge Park Casino revenues were better than expected for January, considering Massachusetts’ brutally winters that are cold. But will the state’s impending ritzy casino resorts eat into future profits for the facility that is slots-only?

The Massachusetts-based Plainridge Park Casino gathered $12.5 million in gross gaming revenue final month, an unexpected rebound during 30 days that is typically slow for gambling in the northeast United States.

The state’s first slots parlor Plainridge has struggled to reach pre-market expectations that estimated it would draw $13.5 million monthly since its strong $18.1 million opening in July.

Home to 1,250 slot machines, but zero table games, income at Plainridge has regularly fallen over 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 quite encouraging for Plainridge,’ Paul DeBole, a Lasell College professor and gaming commentator, told the Boston Globe. ‘For Plainridge to get the bump early, in January, that could be a good sign.’

Gambling in December is a period that is historically quiet particularly for venues that aren’t section of resort destinations, such as for instance those in Las Vegas. But based on DeBole, January is additionally usually a month that is down making the numbers all the more surprising.

The 98 Per Cent

Whenever lawmakers in Massachusetts authorized three casino resorts and something slots parlor license under the Expanded Gaming Act in 2011, they made sure it was at their interest that is best. Another 40 percent goes to local communities, while the remaining nine percent supports the horse racing industry with 49 percent of all gross gaming revenue to be paid to the state. The final two percent 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 also paid a one-time $25 million certification cost to Massachusetts.

The Bay State’s resort gambling destinations presently in development, including the Wynn that is billion-dollar Everett will only be taxed at 25 percent. That is as a result of the resorts being mandated to construct resort hotels, that your town and state will collect taxes in, as well as the creation of thousands of jobs and also the hefty $85 million licensing fee.

Mass Problem

Currently averaging $13.5 million per month in revenue, it doesn’t seem likely that the Plainridge Park will find a means to make the pace up to experience the $300 million analysts forecasted for its first year. Its current rate puts it on track to generate $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 possible. In addition to providing over 4,000 slots, Twin River additionally features table that is live.

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 your western.

The glitz and glamour of the resorts, which thankfully for Plainridge won’t start until 2018, will likely poach at the racetrack’s slots population. Nevertheless, 888 casino casinobonusca Plainridge General Manager Lance George remains unnerved.

‘January profits for Plainridge Park Casino are an example of just what we have previously suggested, which is that activity ebbs and flows after a new facility is opened and so it will be time before that pattern evens out,’ George advised.

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 company’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 searching for chapter 11 bankruptcy for its primary operating unit, CEOC, as it looks to reorganize an industry-high $18 billion financial obligation load.

Meanwhile, the business is being sued by its junior creditors, whom allege the restructuring procedure favors top-tier creditors at their own expense. They also claim that, ahead of the bankruptcy proceedings, several of CEOC’s assets were fraudulently transferred to Caesars Entertainment and other subsidiaries for the advantageous asset of its managing 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 into the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and has now 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 an examiners that are court-appointed research into the company’s pre-bankruptcy activities recently aroused the Goldgar’s ire.

‘It doesn’t always have to end with a plan that is confirmed’ said Goldgar, of CEOC’s near future. ‘a trustee could be appointed, the full case could be dismissed or, the best, the case could possibly be converted to chapter 7 [liquidation], which would just be considered a hoot, would not it?’

‘ The centerpiece of this instance had been said to be the examiner’s report. We’ve all been waiting,’ he proceeded. ‘This was likely to blow up the logjam.’

And today, with the case tipping in the favor of this second-tier creditors, it’s the senior noteholders’ turn to rebel.

Senior Creditor Filing

The latter group has now filed a quick which states the new restructuring plan to its dissatisfaction and also the faction’s intention to submit a plan of a unique.

‘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 the most efficient means to allow ( the organization) to emerge in a timely manner from bankruptcy,’ reads the filing that is new.

The document makes Caesars in a sustained state of disarray, one that may lead to its really permanent undoing.

‘Court rulings keep going against Caesars, and if that continues through March 14 the ongoing company might be in big trouble,’ stock adviser Motley Fool said of the organization’s resultant share plunge.

‘That’s each time a trial alleging the improper transfer of assets in Caesars subsidiaries is placed 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 Granted Debt-Reducing Lifeline by D Casino in Downtown Las Vegas

Kanye West’s current financial situation is no laughing matter, like we do unless you enjoy the bizarreness of it all. (Image: mirror.uk)

Kanye West has a tough, hard life. Therefore the rapper isn’t afraid to let the global world know about it, either. Or ask for assistance with his undue burden, which, we all discovered recently, includes some $53 million in debt load.

As the performer’s financial challenges might hit some as, how do we state this…ridiculous? Others have been moved by their tragic troubles, and one Las vegas, nevada casino owner has now even reached out to Kanye that is poor with offer he hopes Mr. Kim Kardashian won’t be able to refuse.

D Casino owner Derek Stevens could be the gracious hand extended out to assist Kanye, with a performance possibility Stevens says should at least put a little dent in West’s self-proclaimed economic 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 taking all of the profits from solution product sales.

All Stevens wants for his magnanimous offer is 100 per cent for the ancillary bar revenue the event should haul in. The DLVEC can host up to 10,000 patrons, and apparently, Stevens is sure they’re all big on liquor usage, and probably of top-shelf booze to boot.

The opportunity came on social networking whenever Stevens tweeted at Kanye, ‘IDEA @kanyewest Concert in Downtown #Vegas @DLVEC You keep all ticket rev, knock down financial obligation, we simply take drink.’

Final we heard, Kanye’s people haven’t answered yay or nay to Stevens’ concept.

Pleading to the Zuck

Perhaps that is because West had been consumed with his own tips for debt paydown. And we are going to grant him these were creative, if a 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 a few ideas … I understand it’s your bday but can you please call me personally by 2mrw…’ Kanye tweeted.

Zuckerberg has not 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 you’re going to inquire of the CEO of Twitter for a billion dollars, possibly don’t do so’

Gold Digger: DLVEC or Kanye

Stevens’ offer to Kanye is many nothing that is likely than a publicity stunt, as the DLVEC isn’t the typical place 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 produce a minimum that is absolute of $240,000, should each of the 10,000 patrons buy two $12 cocktails. If they guzzle down Dom champagne and Louis XIII bourbon, it may add up to much, much more.

Of course, the DLVEC would have to pay for security and staffing details, but the publicity will be virtually priceless. And of course, 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 this 391,208 total tickets available during the 53 shows that are available.

Offering 10,000 tickets at the DLVEC at a price of say $200 (hey, it’s for charity!), Kanye would still stand to collect $2 million. Assuming West became a responsible financial planner and utilized the entire take to pay his debt down, he would reduce their obligation burden by a whopping 3.7 percent.

Or, Kim might abscond with it to purchase a few new Birkin bags, who knows.

Off His Records

For someone attractive to a billionaire for cash and asking the general public for help by purchasing his album, Kanye isn’t exactly doing himself any favors in improving his likeability rating.

The nyc Post published audio recordings on Wednesday from their ‘Saturday evening Live’ appearance that unveil West’s backstage meltdown, in which he lambasts Taylor Swift and threatens production staffers for changing 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 stop him from walking off the show.

But let it not be said that Kanye isn’t a man who can reflect on their own human frailties.

‘My number one enemy has been my ego… there is certainly only one throne and that’s God’s,’ West tweeted Wednesday that is late totally humbled and aware of the mistake of his ways.

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