
Plainridge Park Casino revenues were a lot better than expected for January, considering Massachusetts’ brutally winters that are cold. But will their state’s impending ritzy casino resorts eat into future profits for the slots-only center?
The Massachusetts-based Plainridge Park Casino accumulated $12.5 million in gross gaming revenue month that is last an urgent rebound during 30 days that is traditionally 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.
Home to 1,250 slots, but zero table games, income at Plainridge has regularly fallen throughout 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 extremely 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 indication.’
Gambling in December is a period that is historically quiet specifically for venues that aren’t element of resort destinations, such as for example those in Las Vegas. But based on DeBole, January is additionally usually a down month, making the figures even more surprising.
The 98 Percent
When lawmakers in Massachusetts approved three casino resorts and something slots parlor license under the Expanded Gaming Act in 2011, they made sure it was at their best interest. 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 per cent 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 to the Race Horse Development Fund. Owned and operated by Penn National Gaming, Plainridge also 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 just be taxed at 25 percent. That’s because of the resorts being mandated to build accommodations, which the town and state will on collect taxes, as well as the creation of thousands of jobs and the hefty $85 million licensing fee.
Mass Problem
Currently averaging $13.5 million a month in revenue, it doesn’t seem likely that the Plainridge Park will find a way to make up the speed 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 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 potential. In addition to offering over 4,000 slots, Twin River additionally features live table games.
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 west.
The glitz and glamour associated with the resorts, which thankfully for Plainridge won’t start until 2018, will probably poach during the racetrack’s slots population. Still, Plainridge General Manager Lance George remains unnerved.
‘January revenues 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 so it will be time before that pattern evens out,’ George proposed.
Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator
Caesars Entertainment is in 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 top-tier creditors threatened to bail on the company’s debt restructuring plan.
Caesars is seeking chapter 11 bankruptcy because of its primary operating product, CEOC, as it looks to reorganize an industry-high $18 billion debt load.
Meanwhile, the business is being sued by its junior creditors, who allege the restructuring procedure favors top-tier creditors at their very own expense. They also claim that, ahead of the bankruptcy proceedings, a number of CEOC’s assets were fraudulently utilized in Caesars Entertainment and other subsidiaries for the advantageous asset of its controlling private equity backers.
This, they argue, has kept CEOC with troubled assets as well as an inability to pay its debts, while putting its most effective assets out 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 now given 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 investigation 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 possibly be appointed, the case could be dismissed or, the best, the case could possibly be converted to chapter 7 [liquidation], which would just be a hoot, wouldn’t it?’
‘ The centerpiece of this full instance ended up being said to be the examiner’s report. We’ve all been waiting,’ he continued. ‘This was planning to blow up the logjam.’
Now, with the case tipping in the favor for the creditors that are second-tier it’s the senior noteholders’ change to rebel.
Senior Creditor Filing
The latter group has now filed a short which states its dissatisfaction because of the new restructuring plan as well as the faction’s intention to submit a plan of unique.
‘If sufficient progress toward a 888 casino ad 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 organization) 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 may lead to its really undoing that is permanent.
‘Court rulings carry on against Caesars, and if that continues through March 14 the ongoing company could be in trouble,’ stock adviser Motley Fool said of the company’s resultant share plunge.
‘That’s each time 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 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 financial predicament is no laughing matter, like we do unless you enjoy the bizarreness of it all. (Image: mirror.uk)
Kanye West has a hard, difficult life. And also the rapper isn’t afraid to allow the global globe learn about it, either. Or ask for assistance with their undue burden, which, we all learned recently, includes some $53 million in debt load.
While the performer’s financial challenges might hit some because, how do we say this…ridiculous? Others have now been relocated by his tragic troubles, and one 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 hand that is gracious out to assist Kanye, with a performance possibility Stevens claims should at least place a small dent in West’s self-proclaimed financial fiascos. Stevens, who also owns the Downtown nevada Activities Center (DLVEC), says he is offering up his outside performance that is 85,000-square-foot to host a concert for western, with the singer using all of the proceeds from ticket product sales.
All Stevens wants for their offer that is magnanimous is % for the ancillary bar revenue the event should haul in. The DLVEC can host as much as 10,000 patrons, and apparently, Stevens is sure they are all big on liquor consumption, and probably of top-shelf booze to boot.
The opportunity came on social media whenever Stevens tweeted at Kanye, ‘IDEA @kanyewest Concert in Downtown #Vegas @DLVEC You keep all ticket rev, knock straight down financial obligation, we just take drink.’
Last we heard, Kanye’s people haven’t answered yay or nay to Stevens’ concept.
Pleading to the Zuck
Possibly that is because West had been consumed with his ideas that are own debt paydown. And we’ll grant him they certainly 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 ideas … I know it’s your bday but can you please call me by 2mrw…’ Kanye tweeted.
Zuckerberg hasn’t 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 bucks, possibly do not do it on Twitter.’
Gold Digger: DLVEC or Kanye
Stevens’ offer to Kanye is many nothing that is likely compared to a promotion stunt, as the DLVEC isn’t the typical location an artist of West’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 really have a stage.
If Kanye accepts the offer, we estimate (loosely) that Stevens stands to create an absolute the least some $240,000, should all of the 10,000 patrons buy 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 pay for security and staffing details, but the publicity will be virtually priceless. Not forgetting, 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 391,208 total tickets available throughout 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 stand to collect $2 million. Assuming West became a responsible economic planner and utilized the entire take to pay down his debt, he would reduce their obligation burden by an impressive 3.7 percent.
Or, Kim might abscond with it to purchase a few new Birkin bags, who knows.
Off His Records
For someone attracting a billionaire for cash 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 New York Post published audio recordings on Wednesday from his ‘Saturday evening Live’ appearance that unveil western’s backstage meltdown, by 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 apparently had to sooth western down considerably to prevent him from walking off the show.
But let it not be said that Kanye isn’t a man who can reflect on his own peoples frailties.
‘My number one enemy happens to be 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 error of his ways.