Plainridge Park Casino revenues were much 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 slots-only center?
The Massachusetts-based Plainridge Park Casino built-up $12.5 million in gross gaming revenue month that is last an urgent rebound during a 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.
Residence 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 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 might be a good sign.’
Gambling in December is a period that is historically quiet particularly for venues that aren’t element of resort destinations, such as for instance those in Las Vegas. But based on DeBole, January is additionally usually a month that is down which makes the numbers much more surprising.
The 98 Percent
Whenever lawmakers in Massachusetts approved three casino resorts and another slots parlor license under the Expanded Gaming Act in 2011, they made sure it was at their best interest. With 49 per cent of all gross gaming revenue to be paid to the state, another 40 % would go to regional communities, while the remaining nine % supports the horse racing industry. The final 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 towards the Race Horse developing 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 presently in development, including the billion-dollar Wynn Everett, will just be taxed at 25 %. That is as a result of the resorts being mandated to create accommodations, that the city and state will on collect taxes, as well as the creation of thousands of jobs and also the hefty $85 million licensing fee.
Currently averaging $13.5 million 30 days in revenue, it doesn’t seem likely that the Plainridge Park will find a means 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 generate $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 possible. In addition to providing 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 for the resorts, which thankfully for Plainridge won’t open until 2018, will probably poach at the racetrack’s slots population. Nevertheless, Plainridge General Manager Lance George remains unnerved.
‘January revenues for Plainridge Park Casino are a typical example of 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 a while before that pattern evens out,’ George recommended.
Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator
Caesars Entertainment is in 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 top-tier creditors threatened 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 financial obligation load.
Meanwhile, the organization is being sued by its creditors that are junior whom allege the restructuring procedure favors top-tier creditors at their very own expense. They also claim that, ahead of the bankruptcy proceedings, several of CEOC’s assets were fraudulently used in Caesars Entertainment and other subsidiaries for the advantage of its controlling private equity backers.
This, they argue, has kept CEOC with distressed assets plus an inability to pay its debts, while putting its most effective 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 risk control that is losing of procedures entirely.
Caesars’ efforts to block seven million pages of an examiners that are court-appointed investigation to the business’s pre-bankruptcy activities recently aroused the Goldgar’s ire.
‘It doesn’t 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 situation could be converted to chapter 7 [liquidation], which would simply be described as a hoot, would not it?’
‘ The centerpiece of this case 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.’
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 quick which states its dissatisfaction with the new restructuring plan and also the faction’s intention to submit a plan of its own.
‘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 organization) to emerge on time from bankruptcy,’ reads the filing that is new.
The document leaves Caesars within 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 some trouble,’ stock adviser Motley Fool said of the business’s resultant share plunge.
‘That’s each time a trial alleging the improper transfer of assets in Caesars subsidiaries is placed to take place, 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 would not get anywhere near this stock,’ Motley added.
Kanye West Granted Debt-Reducing Lifeline by D Casino in Downtown Las Vegas
Kanye West’s current finances is no laughing matter, like we do unless you enjoy the bizarreness of it all. (Image: mirror.uk)
Kanye West has a hard, hard life. And also the rapper isn’t afraid to let the globe find out about it, either. Or ask for assistance with his undue burden, which, we all discovered recently, includes some $53 million with debt load.
Even though the performer’s financial challenges might hit some as, how do we say this…ridiculous? Others have already been relocated by their tragic troubles, and one nevada casino owner has now even reached out to Kanye that is poor with offer he hopes Mr. Kim Kardashian defintely won’t be able to refuse.
D Casino owner Derek Stevens could be the gracious hand stretched away to assist Kanye, with a performance possibility Stevens claims should at least place a small dent in western’s self-proclaimed economic fiascos. Stevens, who also owns the Downtown nevada occasions 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 all of the profits from admission sales.
All Stevens wants for their offer that is magnanimous is percent of this ancillary bar revenue the event should haul in. The DLVEC can host up to 10,000 patrons, and apparently, Stevens is sure they are all big on alcohol usage, and probably of top-shelf booze to boot.
The opportunity came on social media marketing when Stevens tweeted at Kanye, ‘IDEA @kanyewest Concert in Downtown #Vegas @DLVEC You keep all ticket rev, knock down debt, we just take beverage.’
Final we heard, Kanye’s people haven’t answered yay or nay to Stevens’ concept.
Pleading to the Zuck
Perhaps that is because West had been consumed together with own tips for debt paydown. And we will grant him they certainly were creative, in case a tad, um, ballsy.
Early Sunday, Kanye petitioned Facebook founder Mark Zuckerberg to invest $1 billion into West’s ‘ideas’ to help ease his $53 million in individual financial obligation.
‘Mark Zuckerberg invest 1 billion dollars into Kanye West some ideas … I know it’s your bday but can you please call me by 2mrw…’ Kanye tweeted.
Zuckerberg has not responded, though he did ‘like’ a since-deleted Facebook post by software engineer Steven Grimm that browse, ‘Dear Kanye West: if you are going to ask the CEO of Twitter for a billion dollars, perhaps 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 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 truly have a stage.
If Kanye accepts the offer, we estimate (loosely) that Stevens stands to generate a minimum that is absolute of $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 would have to pay for staffing and protection details, but the publicity will be 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 for the 391,208 total tickets available during the 53 available shows.
Offering 10,000 tickets during the DLVEC at a price of say $200 (hey, it’s for charity!), Kanye would still stay to collect $2 million. Assuming West became a responsible economic planner and utilized the entire take to pay straight down his debt, he would reduce his liability burden by an impressive 3.7 percent.
Or, Kim might abscond with it to buy a few brand new Birkin bags, that knows.
Off His Records
For someone attracting a billionaire for money and asking the public that is general support by buying 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 his ‘Saturday Night Live’ appearance that unveil West’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 is ’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 allow it not be stated that Kanye isn’t a man who can reflect on his or her own individual frailties.
‘My number one enemy is my ego… there clearly was only one throne and that’s Jesus’s,’ West tweeted belated Wednesday, apparently totally humbled and aware of the error of his ways.