Plainridge Park Casino revenues were a lot better than expected for January, considering Massachusetts’ brutally cold winters. But will hawaii’s impending ritzy casino resorts eat into future profits for the slots-only center?
The Massachusetts-based Plainridge Park Casino obtained $12.5 million in gross gaming revenue final month, an urgent rebound during per month that is usually 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 slots, but zero table games, income at Plainridge has consistently fallen within the seven months and reached a bottom of $11.2 million in December. January’s rebound is obviously 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 could be a good indication.’
Gambling in December is a historically quiet period, specifically for venues that are not element of resort destinations, such as for example those in vegas. But in accordance with DeBole, January is additionally usually a down month, making the numbers much more surprising.
The 98 Per Cent
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 at their best interest. With 49 % of all gross video gaming revenue become paid to the state, another 40 % would go to regional communities, while the residual nine per cent supports the horse racing industry. 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 your Race Horse developing Fund. Owned and operated by Penn National Gaming, Plainridge also paid a one-time $25 million licensing fee to Massachusetts.
The Bay State’s resort gambling destinations currently in development, including the billion-dollar Wynn Everett, will only be taxed at 25 percent. That’s due to the resorts being mandated to construct hotels, that the town and state will collect taxes in, 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 means to make up the rate to have the $300 million analysts forecasted for its first year. Its pace that is current puts on track to produce $162 million, or $64.8 million for hawaii 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.
Though Massachusetts has divided the three casinos into three distinct geographical sections to prevent oversaturation, the state’s reasonably tiny size won’t adequately combat your competitors the resorts can have to the slots parlor.
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 associated with resorts, which thankfully for Plainridge won’t open 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 an example of what we now have previously suggested, which is that activity ebbs and flows after a facility that is new opened and it will be a while before that pattern evens out,’ George advised.
Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator
Caesars Entertainment is in some trouble, as top tier and tier that is second 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 company’s debt restructuring plan.
Caesars is seeking chapter 11 bankruptcy for its chief operating unit, CEOC, as it looks to reorganize an industry-high $18 billion financial obligation load.
Meanwhile, the company will be sued by its junior creditors, 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 good thing about its managing private equity backers.
This, they argue, has left CEOC with distressed assets as well as an inability to spend its debts, while putting its most effective assets out of the reach of the creditors that are junior.
Liquidation a Possibility
The adjudicator within the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and 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 a court-appointed examiners’ research 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 near future. ‘A trustee could be appointed, the case could be dismissed or, my favorite, the truth could possibly be converted to chapter 7 [liquidation], which would simply be a hoot, wouldn’t it?’
‘ The centerpiece of this full situation was said to be the examiner’s report. We’ve all been waiting,’ he continued. ‘This was likely to blow the logjam up.’
And now, with the case tipping in the favor of the creditors that are second-tier it’s the senior noteholders’ change to rebel.
Senior Creditor Filing
The latter group has now filed a brief which states its dissatisfaction using the new restructuring plan and the faction’s intention to submit a plan of unique.
‘If sufficient progress toward a consensual plan is 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 business) to emerge on time from bankruptcy,’ reads the filing that is new.
The document actually leaves Caesars in an sustained state of disarray, one that could lead to its casinopokies777.com very undoing that is permanent.
‘Court rulings carry on against Caesars, and if that continues through March 14 the ongoing company could be in some trouble,’ stock adviser Motley Fool stated of the business’s resultant share plunge.
‘That’s each time a trial alleging the improper transfer of assets in Caesars subsidiaries is scheduled 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, and that’s why I wouldn’t get anywhere close to 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, until you enjoy the bizarreness of it all, like we do. (Image: mirror.uk)
Kanye West has a difficult, hard life. And also the rapper isn’t afraid to let the world learn about it, either. Or ask for help with his burden that is undue, we all learned recently, includes some $53 million in debt load.
Whilst the performer’s financial challenges might hit some as, how do we say this…ridiculous? Others have already been moved 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 defintely won’t be able to refuse.
D Casino owner Derek Stevens may be the hand that is gracious down to assist Kanye, with a performance opportunity Stevens says should at least put a little dent in West’s self-proclaimed monetary fiascos. Stevens, who also owns the Downtown nevada occasions Center (DLVEC), says he is offering up his outdoor performance that is 85,000-square-foot to host a concert for western, with the singer taking all of the proceeds from solution product sales.
All Stevens wants for his offer that is magnanimous is per cent of 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 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 straight down financial obligation, we take beverage.’
Last we heard, Kanye’s people haven’t answered yay or nay to Stevens’ concept.
Pleading to the Zuck
Perhaps that’s because West was already consumed with his ideas that are own debt paydown. And we are going to grant him they were creative, if your tad, um, ballsy.
Early Sunday, Kanye petitioned Facebook founder Mark Zuckerberg to spend $1 billion into West’s ‘ideas’ to help ease his $53 million in personal debt.
‘Mark Zuckerberg invest 1 billion dollars into Kanye West some ideas … I know it’s your bday but can you please call me personally by 2mrw…’ Kanye tweeted.
Zuckerberg hasn’t responded, though he did ‘like’ a since-deleted Facebook post by software engineer Steven Grimm that browse, ‘Dear Kanye West: If you’re going to inquire of the CEO of Twitter for a billion bucks, perhaps do not do it on Twitter.’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is many likely nothing more than the usual promotion stunt, as the DLVEC isn’t the typical venue a musician of West’s stature would perform in. While the Downtown Las Vegas Events Center name sounds impressive, in reality, it is 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 an absolute minimum of some $240,000, should each 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 buy staffing and security details, but the publicity will be virtually priceless. As well as, 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 associated with 391,208 total tickets available throughout the 53 shows that are available.
Attempting to sell 10,000 tickets during 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 used the entire take to pay his debt down, he would reduce his obligation burden by an impressive 3.7 percent.
Or, Kim might abscond with it to buy a few new Birkin bags, that 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 New York Post published recordings that are audio Wednesday from his ‘Saturday evening Live’ appearance that unveil western’s backstage meltdown, by which he lambasts Taylor Swift and threatens production staffers for altering his performance set.
West claims in the recording that is leaked 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 allow it not be said that Kanye isn’t a man who can reflect on their own frailties that are human.
‘My number one enemy has been my ego… there is certainly only one throne and that is Jesus’s,’ West tweeted Wednesday that is late totally humbled and aware of the error of his ways.