Massachusetts Plainridge Park Casino Posts Income Increase for Typically Slow January

Massach<span id="more-7204"></span>usetts Plainridge Park Casino Posts Income Increase for Typically Slow January

Plainridge Park Casino revenues were a lot 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 last month, an unexpected rebound during 30 days that is typically 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 reach pre-market expectations that estimated it would draw $13.5 million monthly.

Residence to 1,250 slots, 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 obviously 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, particularly for venues that aren’t section of resort destinations, such as for instance those in vegas. But according to DeBole, January is additionally usually a down month, making the numbers all the more surprising.

The 98 Per Cent

When lawmakers in Massachusetts authorized three casino resorts and one slots parlor license under the Expanded Gaming Act in 2011, they made sure it was at their best interest. With 49 percent of all gross video gaming revenue become paid to the state, another 40 per cent goes to regional communities, while the residual nine percent supports the horse racing industry. The ultimate two % 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 the Race Horse developing 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 locations presently in development, including the Wynn that is billion-dollar Everett will just be taxed at 25 %. That is because of the resorts being mandated to create resort hotels, that 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 30 days in revenue, it willn’t seem likely that the Plainridge Park will find an easy method to make up the pace to have the $300 million analysts forecasted for its first year. Its current speed puts it on track to create $162 million, or $64.8 million for the state 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 providing 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 to the west.

The glamour and glitz for 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 an illustration of this what we’ve previously suggested, which is that activity ebbs and flows after a facility that is new opened and so it will be time before that pattern evens out,‘ George recommended.

Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator

Caesars Entertainment is in some trouble, as top tier and tier that is second turn from the company’s messy bankruptcy proceedings. (Image:

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 business’s debt restructuring plan.

Caesars is looking for chapter 11 bankruptcy for its chief operating unit, 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 process favors top-tier creditors at their own expense. They also claim that, ahead of the bankruptcy proceedings, a number of CEOC’s assets were fraudulently transferred to Caesars Entertainment and other subsidiaries for the benefit 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 valuable assets from the reach of the junior creditors.

Liquidation a Possibility

The adjudicator within the case, Judge Benjamin Goldgar, is increasingly inclined to side with the junior creditors, and has now offered Caesars until March 15 to persuade them in the future 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 in to the company’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 near future. ‚A trustee could possibly be appointed, the case could be dismissed or, my personal favorite, the way it is could possibly be converted to chapter 7 [liquidation], which would just be a hoot, would not it?‘

‚ The centerpiece of this full instance ended up being supposed to be the examiner’s report. We’ve all been waiting,‘ he proceeded. ‚This was likely 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 quick which states its dissatisfaction aided by the new restructuring plan therefore 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 a plan proposed by the first lien bank and noteholders becomes the absolute most efficient means to allow ( the business) to emerge on time from bankruptcy,‘ reads the new filing.

The document leaves Caesars in an even greater state of disarray, one that could lead to its really undoing that is permanent.

‚Court rulings continue against Caesars, and if that continues through March 14 the ongoing company might be in big trouble,‘ stock adviser Motley Fool said of the business’s resultant share plunge.

‚That’s when a trial alleging the improper transfer of assets in Caesars subsidiaries is scheduled to just take place, and if junior bondholders win they could pull the whole company into bankruptcy. That could leave investors with nothing, which is the reason 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:

Kanye West has a difficult, hard life. While the rapper isn’t afraid to allow the globe know about it, either. Or ask for help 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 since, how do we say this…ridiculous? Others have already been moved by their tragic troubles, and one Las Vegas casino owner has now even reached out to poor Kanye with an offer he hopes Mr. Kim Kardashian will not be able to refuse.

D Casino owner Derek Stevens could be the gracious hand extended away to assist Kanye, with a performance possibility Stevens claims should at least put a small dent in West’s self-proclaimed economic fiascos. Stevens, who also owns the Downtown nevada Events Center (DLVEC), says he is offering up his outside performance that is 85,000-square-foot to host a concert for West, with the singer using most of the profits from admission product sales.

All Stevens wants for their offer that is magnanimous is % regarding the ancillary bar revenue the event should haul in. The DLVEC can host up to 10,000 patrons, and apparently, Stevens is sure they’re all big on liquor consumption, and probably of top-shelf booze to boot.

The opportunity came on social media marketing whenever Stevens tweeted at Kanye, ‚IDEA @kanyewest Concert in Downtown #Vegas @DLVEC You keep all ticket rev, knock straight down debt, 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 are going to grant him these were creative, in case a tad, um, ballsy.

Early Sunday, Kanye petitioned Twitter founder Mark Zuckerberg to invest $1 billion into West’s ‚ideas‘ to help ease his $53 million in individual debt.

‚Mark Zuckerberg invest 1 billion dollars into Kanye West a few ideas … I understand 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 are going to inquire of 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 most nothing that is likely than a promotion stunt, as the DLVEC isn’t the typical venue a musician of West’s stature would perform in. While the Downtown Las Vegas Events Center name sounds impressive, in truth, it isn’t 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 create a minimum that is absolute of $240,000, should all of the 10,000 patrons purchase two $12 cocktails. If they guzzle down Dom champagne and Louis XIII bourbon, it might add up to much, more.

Of course, the DLVEC will 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 through the 53 available shows.

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 an accountable financial planner and used the entire take to pay down his debt, he would reduce his obligation burden by an impressive 3.7 percent.

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

Off His Records

For someone attractive to a billionaire for the money and asking the public that is general support by purchasing his album, Kanye isn’t exactly doing himself any favors in improving his likeability rating.

The ny Post published recordings that are audio Wednesday from his ‚Saturday evening Live‘ appearance that reveal 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 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 relax West down considerably to avoid him from walking off the show.

But let it not be stated that Kanye isn’t a man who can reflect on his or her own frailties that are human.

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

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