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Massachusetts Plainridge Park Casino Posts Revenue Increase for Typically Slow January

Massach<span id="more-43403"></span>usetts Plainridge Park Casino Posts Revenue Increase for Typically Slow January

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 facility that is slots-only?

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.

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 slot machines, but zero table games, income 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 gaming and professor 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 historically quiet period, specifically for venues that aren’t part of resort destinations, such as those in vegas. But in accordance with DeBole, January is also usually a month that is down which makes the numbers all the more surprising.

The 98 Per Cent

Whenever 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 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 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 Development Fund. Owned and operated by Penn National Gaming, Plainridge additionally 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 %. That is as a result of the resorts being mandated to build accommodations, which the city and state will on collect taxes, as well as the creation of thousands of jobs plus the hefty $85 million licensing fee.

Mass Problem

Currently averaging $13.5 million a month in revenue, it willn’t seem likely that the Plainridge Park will find a way to make up the pace to have the $300 million analysts forecasted for its first year. Its pace that is current puts on track to produce $162 million 888 casino login mobile, 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 possible. In addition to offering over 4,000 slots, Twin River also 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 towards the western.

The glamour and glitz associated with the resorts, which thankfully for Plainridge won’t open until 2018, will probably poach during the racetrack’s slots population. Nevertheless, Plainridge General Manager Lance George remains unnerved.

‘January profits for Plainridge Park Casino are a typical example of just what we have previously suggested, which is the fact that activity ebbs and flows after a facility that is new opened and so 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 some trouble, as top tier and second tier both 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 looking for chapter 11 bankruptcy because of its primary operating product, CEOC, as it looks to reorganize an industry-high $18 billion debt load.

Meanwhile, the organization is being sued by its creditors that are junior who allege the restructuring process favors top-tier creditors at their own expense. They also claim that, just before the bankruptcy proceedings, many of CEOC’s assets were fraudulently utilized in Caesars Entertainment and other subsidiaries for the good thing about its managing private equity backers.

This, they argue, has left CEOC with troubled assets and 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 within the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and has provided 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’ research into 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 full case could be dismissed or, my personal favorite, the truth could be converted to chapter 7 [liquidation], which would just be considered a hoot, wouldn’t it?’

‘ The centerpiece of this full situation had been supposed to be the examiner’s report. We have all been waiting,’ he proceeded. ‘This was going to blow the logjam up.’

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 filed a short which states its dissatisfaction because of the new restructuring plan and the faction’s intention to submit a plan of 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 business) to emerge in a timely manner from bankruptcy,’ reads the filing that is new.

The document leaves Caesars in an sustained state of disarray, one which could lead to its really permanent undoing.

‘Court rulings continue against Caesars, and if that continues through March 14 the company could be in some trouble,’ stock adviser Motley Fool stated of the company’s resultant share plunge.

‘That’s each time 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 whole company into bankruptcy. That could leave investors with nothing, and that’s 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 West’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 tough, difficult life. And the rapper isn’t afraid to let the global world know about it, either. Or ask for assistance with their burden that is undue, we all discovered recently, includes some $53 million with debt load.

Although the performer’s financial challenges might hit some since, how do we state this…ridiculous? Others are moved 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 hand that is gracious out to assist Kanye, with a performance opportunity Stevens states should at least put a small dent in western’s self-proclaimed financial fiascos. Stevens, who also owns the Downtown nevada Activities Center (DLVEC), says he is offering up his outdoor 85,000-square-foot performance location to host a concert for West, with the singer using most of the profits from solution product sales.

All Stevens wants for their offer that is magnanimous is per cent 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 truly are all big on liquor usage, 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 down financial obligation, we simply take drink.’

Final we heard, Kanye’s people haven’t responded yay or nay to Stevens’ concept.

Pleading to the Zuck

Possibly that’s because West was already consumed with his own tips for debt paydown. And we are going to grant him they certainly were creative, if 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, though he did ‘like’ a since-deleted Facebook post by software engineer Steven Grimm that browse, ‘Dear Kanye West: if you should be going to inquire of the CEO of Twitter for a billion bucks, maybe don’t do it on Twitter.’

Gold Digger: DLVEC or Kanye

Stevens’ offer to Kanye is many nothing that is likely than the usual 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 reality, it isn’t 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 create a minimum that is absolute of $240,000, should each 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 would have to pay for security and staffing details, but the publicity will 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 available shows.

Selling 10,000 tickets at 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 utilized the entire take to pay his debt down, he would reduce his liability burden by a whopping 3.7 percent.

Or, Kim might abscond with it to purchase a few new Birkin bags, who knows.

Off His Records

For someone appealing 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 nyc Post published recordings that are audio Wednesday from his ‘Saturday evening Live’ appearance that unveil West’s backstage meltdown, by which he lambasts Taylor Swift and threatens production staffers for changing 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 prevent him from walking off the show.

But allow it to not be stated that Kanye isn’t a man who can reflect on their own peoples frailties.

‘My number one enemy is my ego… there is certainly only one throne and that’s God’s,’ West tweeted late Wednesday, apparently totally humbled and aware of the mistake of his ways.

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