
Plainridge Park Casino revenues were much 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 slots-only center?
The Massachusetts-based Plainridge Park Casino obtained $12.5 million in gross gaming revenue month that is last an unexpected 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 slot machines, but zero table games, income at Plainridge has consistently fallen on 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 Globe. ‘For Plainridge to get the bump early, in January, that might be a good sign.’
Gambling in December is a period that is historically quiet specifically for venues that are not section of resort destinations, such as those in nevada. But according to DeBole, January is also frequently a month that is down making the numbers even more surprising.
The 98 %
When lawmakers in Massachusetts approved 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 last 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 Development Fund. Owned and operated by Penn National Gaming, Plainridge additionally paid a one-time $25 million licensing charge to Massachusetts.
The Bay State’s resort gambling locations currently in development, including the billion-dollar Wynn Everett, will just be taxed at 25 percent. That is as a result of the resorts being mandated to create resort hotels, which the 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 in order to achieve the $300 million analysts forecasted for its first year. Its current pace puts it on track to produce $162 million, or $64.8 million for the state 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 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 glamour and glitz regarding the resorts, which thankfully for Plainridge won’t start until 2018, will likely poach during the racetrack’s slots population. Nevertheless, Plainridge General Manager Lance George continues to be unnerved.
‘January profits for Plainridge Park Casino are a good example of just what we now 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 suggested.
Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator
Caesars Entertainment is in big trouble, as top tier and tier that is second turn from 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 primary operating unit, CEOC, as it looks to reorganize an industry-high $18 billion debt 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 additionally claim that, prior to the bankruptcy proceedings, several of CEOC’s assets were fraudulently used in Caesars Entertainment and other subsidiaries for the good thing about its controlling equity that is private.
This, they argue, has kept CEOC with troubled assets as well as an inability to pay its debts, while placing its best assets from the reach of the junior creditors.
Liquidation a chance
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 in the future on board or danger control that is losing of proceedings entirely.
Caesars’ efforts to block seven million pages of an examiners that are court-appointed investigation in to the company’s pre-bankruptcy activities recently aroused the Goldgar’s ire.
‘It doesn’t 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, my personal favorite, the situation could be converted to chapter 7 [liquidation], which would simply be considered 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 up the logjam.’
Now, with the case tipping in the favor regarding the creditors that are second-tier it’s the senior noteholders’ turn to rebel.
Senior Creditor Filing
The latter group has filed a brief which states the new restructuring plan to its dissatisfaction therefore the faction’s intention to submit a plan of its very own.
‘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 probably the most efficient means to allow ( the business) to emerge on time from bankruptcy,’ reads the new filing.
The document leaves Caesars in an sustained state of disarray, one that could lead to its very permanent undoing.
‘Court rulings keep going against Caesars, and if that continues through March 14 the company might be in big trouble,’ stock adviser Motley Fool stated of the organization’s resultant share plunge.
‘That’s whenever a trial alleging the improper transfer of assets in Caesars subsidiaries is scheduled to simply take place, and if junior bondholders win they could pull the company that is whole bankruptcy. That could leave investors with absolutely nothing, which is the reason why I wouldn’t go anywhere near this stock,’ Motley added.
Kanye West Offered Debt-Reducing Lifeline by D Casino in Downtown Las Vegas
Kanye western’s current financial situation is no laughing matter, until you enjoy the bizarreness of it all, like we do. (Image: mirror.uk)
Kanye West has a difficult, difficult life. Plus the rapper isn’t afraid to allow the world learn about it, either. Or ask for assistance with their undue burden, which, we all discovered recently, includes some $53 million in debt load.
Whilst the performer’s financial challenges might hit some since, how do we say this…ridiculous? Others are relocated by his tragic troubles, and one Las vegas, 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 could be the hand that is gracious away to assist Kanye, with a performance opportunity Stevens says should at least place a little dent in western’s self-proclaimed monetary fiascos. Stevens, who also owns the Downtown nevada Events Center (DLVEC), says he is offering up his outdoor 85,000-square-foot performance place to host a concert for West, with the singer using all of the profits from admission sales.
All Stevens wants for his offer that is magnanimous is % of this ancillary bar revenue the occasion should haul in. The DLVEC can host as much as 10,000 patrons, and apparently, Stevens is sure they truly are all big on liquor usage, and probably of top-shelf booze to boot.
The opportunity came on social networking when Stevens tweeted at Kanye, 888 casino bitcoin ‘IDEA @kanyewest Concert in Downtown #Vegas @DLVEC all ticket is kept by you rev, knock straight down financial obligation, we 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 together with his ideas that are own debt paydown. And we will grant him these were creative, in case 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, though he did ‘like’ a since-deleted Facebook post by software engineer Steven Grimm that read, ‘Dear Kanye West: if you are going to ask the CEO of Twitter for a billion dollars, maybe don’t do it on Twitter.’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is most nothing that is likely than 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 enjoy 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 buy two $12 cocktails. If they guzzle down Dom champagne and Louis XIII bourbon, it could add up to much, a lot more.
Of course, the DLVEC will have to buy security and staffing 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 of this 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 is for charity!), Kanye would still stand to collect $2 million. Assuming West became a responsible economic planner and utilized the entire take to pay his debt down, he would reduce his obligation burden by a whopping 3.7 percent.
Or, Kim might abscond with it to buy a few brand new Birkin bags, who knows.
Off His Records
For someone attractive to a billionaire for money and asking the general public for help by buying his album, Kanye isn’t exactly doing himself any favors in improving his likeability rating.
The ny Post published audio recordings on Wednesday from their ‘Saturday evening Live’ appearance that unveil western’s backstage meltdown, in which he lambasts Taylor Swift and threatens production staffers for altering 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 apparently had to soothe western down considerably to avoid him from walking off the show.
But allow it not be stated that Kanye isn’t a man who can reflect on his own frailties that are human.
‘My number one enemy was my ego… there is certainly only one throne and that’s Jesus’s,’ West tweeted late Wednesday, apparently totally humbled and aware of the mistake of his ways.