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 consume into future profits for the facility that is slots-only?
The Massachusetts-based Plainridge Park Casino obtained $12.5 million in gross gaming revenue last month, an urgent rebound during per month that is traditionally 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.
Residence to 1,250 slot machines, 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 unquestionably welcomed by analysts and government officials.
‘ This is very 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 indication.’
Gambling in December is a historically quiet period, especially for venues that aren’t element of resort destinations, such as those in vegas. But according to DeBole, January is additionally frequently a down month, which makes the numbers even more surprising.
The 98 Per Cent
Whenever 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 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 last two % is allocated to the Massachusetts Cultural Council.
That means that in January, over $5 million was distributed to counties that are regional $1.1 million went towards the 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 %. That’s as a result of the resorts being mandated to construct accommodations, that your city and state will on collect taxes, as well as the creation of thousands of jobs and the hefty $85 million licensing fee.
Currently averaging $13.5 million a month in revenue, it willn’t seem likely that the Plainridge Park will find a way to make the pace up 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 $14 888 casino italy.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 additionally features live table games.
Though Massachusetts has split the three casinos into three distinct geographical sections to avoid oversaturation, the state’s relatively small size won’t adequately combat your competition the resorts will show 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 towards the western.
The glitz and glamour for the resorts, which thankfully for Plainridge won’t open until 2018, will probably poach at the racetrack’s slots population. Still, Plainridge General Manager Lance George continues to be unnerved.
‘January profits for Plainridge Park Casino are a typical example of exactly what we now have previously suggested, which is the fact that activity ebbs and flows after a new facility is opened and that it will be some time before that pattern evens out,’ George suggested.
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 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 looking for chapter 11 bankruptcy for its primary operating product, CEOC, as it looks to reorganize an industry-high $18 billion debt load.
Meanwhile, the company is being sued by its junior creditors, who allege the restructuring procedure favors top-tier creditors at their very own expense. They additionally claim that, ahead of the bankruptcy proceedings, many 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 kept CEOC with distressed assets plus an inability to spend its debts, while placing its most effective assets from the reach of the creditors that are junior.
Liquidation a chance
The adjudicator in 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 control that is losing of procedures entirely.
Caesars’ efforts to block seven million pages of an examiners that are court-appointed research to the business’s pre-bankruptcy activities recently aroused the Goldgar’s ire.
‘It does not have to end with a plan that is confirmed’ said Goldgar, of CEOC’s forseeable future. ‘a trustee could be appointed, the full case could be dismissed or, my favorite, the scenario could be converted to chapter 7 [liquidation], which would just be considered a hoot, would not it?’
‘ The centerpiece of this full situation ended up being said to be the examiner’s report. We have all been waiting,’ he proceeded. ‘This was going to blow up the logjam.’
And now, with the case tipping in the favor of this 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 while 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 the plan proposed by the first lien bank and noteholders becomes the most efficient means to allow ( the business) to emerge on time from bankruptcy,’ reads the new filing.
The document actually leaves Caesars in an even greater state of disarray, one that could lead to its very undoing that is permanent.
‘Court rulings continue against Caesars, and if that continues through March 14 the ongoing company could possibly be in big trouble,’ stock adviser Motley Fool stated of the business’s resultant share plunge.
‘That’s when a trial alleging the improper transfer of assets in Caesars subsidiaries is placed to simply take spot, and if junior bondholders win they could pull the company that is whole bankruptcy. That could leave investors with nothing, which is why I wouldn’t go anywhere close to this stock,’ Motley added.
Kanye West Granted Debt-Reducing Lifeline by D Casino in Downtown Las Vegas
Kanye western’s current financial situation is no laughing matter, unless you enjoy the bizarreness of it all, like we do. (Image: mirror.uk)
Kanye West has a difficult, hard life. Plus the rapper isn’t afraid to allow the world learn about it, either. Or ask for assistance with his undue burden, which, we all discovered recently, includes some $53 million in debt load.
Even though the performer’s financial challenges might hit some since, how do we say this…ridiculous? Others have been relocated by their tragic troubles, and one Las Vegas casino owner has now even reached out to poor Kanye having an offer he hopes Mr. Kim Kardashian will not be able to refuse.
D Casino owner Derek Stevens may be the hand that is gracious away to assist Kanye, with a performance opportunity Stevens claims should at least put a little dent in western’s self-proclaimed financial fiascos. Stevens, who also owns the Downtown Las Vegas occasions Center (DLVEC), says he is offering up his outside 85,000-square-foot performance location to host a concert for western, with the singer taking all the profits from admission sales.
All Stevens wants for his offer that is magnanimous is percent 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 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 all ticket is kept by you rev, knock down debt, we just take beverage.’
Final we heard, Kanye’s people haven’t responded yay or nay to Stevens’ concept.
Pleading to the Zuck
Possibly that’s because West had been consumed along with his own a few ideas for debt paydown. And we’ll grant him they were creative, in cases where 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 know it’s your bday but can you please call me by 2mrw…’ Kanye tweeted.
Zuckerberg hasn’t responded, 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 youare going to ask the CEO of Facebook for a billion dollars, perhaps don’t take action’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is most likely nothing more compared to a promotion stunt, as the DLVEC isn’t the typical venue an artist of West’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 truly have a stage.
If Kanye accepts the offer, we estimate (loosely) that Stevens stands to produce an absolute the least some $240,000, should all 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 would have to pay for staffing and protection details, but the publicity is virtually priceless. Not to mention, 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 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 a responsible economic planner and used the entire take to pay his debt down, he would reduce his liability burden by an astonishing 3.7 percent.
Or, Kim might abscond with it to obtain a few brand new Birkin bags, who knows.
Off His Records
For someone attractive to a billionaire for the 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 New York Post published recordings that are audio Wednesday from their ‘Saturday evening Live’ appearance that reveal 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 avoid him from walking off the show.
But let it not be said that Kanye isn’t a man who can reflect on his or her own frailties that are human.
‘My number one enemy happens to be my ego… there is only one throne and that is God’s,’ West tweeted late Wednesday, apparently totally humbled and aware of the mistake of his ways.