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 eat into future profits for the facility that is slots-only?
The Massachusetts-based Plainridge Park Casino collected $12.5 million in gross gaming revenue month that is last an urgent rebound during a month that is usually 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.
Residence to 1,250 slots, but zero table games, earnings at Plainridge has regularly fallen on 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 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 sign.’
Gambling in December is a historically quiet period, especially for venues that aren’t section of resort destinations, such as for instance those in Las Vegas. But based on DeBole, January is also frequently a down month, which makes the figures all the more surprising.
The 98 %
When lawmakers in Massachusetts authorized three casino resorts and another slots parlor license under the Expanded Gaming Act in 2011, they made sure it was in 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 ultimate 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 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 locations currently in development, including the Wynn that is billion-dollar Everett will only be taxed at 25 %. That’s due to the resorts being mandated to build accommodations, which the town and state will collect taxes on, as well as the creation of thousands of jobs therefore the hefty $85 million licensing fee.
Currently averaging $13.5 million 30 days in revenue, it willn’t seem likely that the Plainridge Park will find a way to make the pace up 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 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 prospective. In addition to offering 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 the west.
The glitz and glamour for the resorts, which thankfully for Plainridge won’t start until 2018, will likely poach during the racetrack’s slots population. Still, Plainridge General Manager Lance George continues to be unnerved.
‘January profits for Plainridge Park Casino are an illustration of this what we have previously suggested, which is that activity ebbs and flows after a new facility is opened and 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 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 company’s debt restructuring plan.
Caesars is searching for chapter 11 bankruptcy for its main operating product, CEOC, as it looks to reorganize an industry-high $18 billion financial obligation load.
Meanwhile, the business has been sued by its junior creditors, whom allege the restructuring procedure favors top-tier creditors at their own expense. They additionally claim that, prior to the bankruptcy proceedings, several of CEOC’s assets were fraudulently utilized in Caesars Entertainment and other subsidiaries for the advantageous asset of its managing private equity backers.
This, they argue, has left CEOC with troubled assets as well as an inability to spend its debts, while putting its best assets out of the reach of the junior creditors.
Liquidation a chance
The adjudicator into the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and has offered Caesars until March 15 to persuade them in the future on board or danger control that is losing of proceedings entirely.
Caesars’ efforts to block seven million pages of a court-appointed examiners’ investigation to the business’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 situation could be converted to chapter 7 [liquidation], which would simply be described as a hoot, would not it?’
‘ The centerpiece of this situation ended up being allowed to be the examiner’s report. We have all been waiting,’ he proceeded. ‘This was planning to blow the logjam up.’
Now, with the case tipping in the favor associated with 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 the new restructuring plan to its dissatisfaction as well as 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 a plan proposed by the first lien bank and noteholders becomes the absolute most efficient means to allow ( the company) 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 which could lead to its really undoing that is permanent.
‘Court rulings carry on against Caesars, and what is bankroll on 888 casino if that continues through March 14 the company could possibly be in trouble,’ stock adviser Motley Fool said of the organization’s resultant share plunge.
‘That’s when a trial alleging the improper transfer of assets in Caesars subsidiaries is defined to simply take spot, and if junior bondholders win they could pull the company that is whole bankruptcy. That could leave investors with absolutely nothing, which explains why I wouldn’t get anywhere near this stock,’ Motley added.
Kanye West Offered Debt-Reducing Lifeline by D Casino in Downtown Las Vegas
Kanye West’s current financial predicament is no laughing matter, like we do unless you enjoy the bizarreness of it all. (Image: mirror.uk)
Kanye West has a difficult, hard life. As well as the rapper isn’t afraid to allow the world learn about it, either. Or ask for help with his undue burden, which, we all discovered recently, includes some $53 million with debt load.
Although the performer’s financial challenges might hit some since, how do we say this…ridiculous? Others have now been relocated by their tragic troubles, and one vegas 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 is the gracious hand stretched away to assist Kanye, with a performance opportunity Stevens claims should at least put a small dent in western’s self-proclaimed economic fiascos. Stevens, who also owns the Downtown Las vegas, nevada Events 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 ticket product sales.
All Stevens wants for his magnanimous offer is 100 % associated with the ancillary bar revenue the occasion should haul in. The DLVEC can host as much as 10,000 patrons, and apparently, Stevens is sure these are typically all big on liquor consumption, 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 drink.’
Final we heard, Kanye’s people haven’t responded yay or nay to Stevens’ concept.
Pleading to the Zuck
Maybe that’s because West had been consumed along with his ideas that are own debt paydown. And we are going to grant him these people 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 a few ideas … I understand it’s your bday but can you please call me personally by 2mrw…’ Kanye tweeted.
Zuckerberg has not responded, though he did ‘like’ a since-deleted Facebook post by software engineer Steven Grimm that browse, ‘Dear Kanye West: if you are going to ask the CEO of Facebook for a billion bucks, possibly do not do it on Twitter.’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is most most likely nothing more compared to a promotion 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’s not much more than a large parking lot that happens to 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 all of the 10,000 patrons purchase two $12 cocktails. If they guzzle down Dom champagne and Louis XIII bourbon, it could soon add up to much, a great deal more.
Of course, the DLVEC would need to buy security and staffing details, but the publicity would 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 throughout the 53 available shows.
Offering 10,000 tickets during 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 financial planner and utilized the entire take to pay his debt down, he would reduce their liability burden by an impressive 3.7 percent.
Or, Kim might abscond with it to obtain a few new Birkin bags, who 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 isn’t exactly doing himself any favors in improving his likeability rating.
The nyc Post published recordings that are audio Wednesday from their ‘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 stop 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 is my ego… there was only one throne and that’s God’s,’ West tweeted Wednesday that is late totally humbled and aware of the error of his ways.