Danielle ‘dmoongirl’ Andersen had been mostly of the remaining Ultimate Poker pros still extant before the site announced it shut down in Nevada.
Ultimate Poker has shut down its Nevada online poker web site, closing a run that is 19-month becoming the first regulated Internet poker web site in the United States. The business has now become the first also to finish operations in Nevada, leaving just two other poker providers active in the state.
The Ultimate Poker closure will, at the very least for the time being, leave Ultimate Gaming with no active Internet gaming operations in quick hits slot machine games the United States. 8 weeks ago, the company also pulled out of the New Jersey market, citing the issues that are contractual ended up being having utilizing the Trump Taj Mahal.
Revenues Didn’t Live Up to Expectations
‘Online poker revenues in Nevada have actually fallen far short of original projections,’ stated Ultimate Gaming Chairman Tom Breitling. ‘Moreover, the state-by-state approach to online video gaming has developed an exceptionally cost-prohibitive and operating environment that is challenging. These factors have combined to really make the course to profitability very uncertain and difficult. Consequently, we have decided to cease operations.’
Ultimate Poker suffered from just what many saw as inferior pc software and a lack of brand recognition. Nevertheless the site had hoped to replace with this in Nevada by beating your competitors to your market, something it attained by launching several months before anyone else could allow it to be through the state’s regulatory requirements.
Early Advantage Evaporates with Competition
That advantage place the company in a excellent position in the beginning of the state’s regulated Internet poker market. However it was only a matter of time before bigger names came into the state to compete, and the room that is second enter industry was a bit of a juggernaut: the Caesars-backed WSOP.com, which showcased the well-known (and well-respected) World variety of Poker brand.
Before very long, WSOP.com had surpassed Ultimate Poker because the biggest site within the state. A share that will become nearly 100 percent once the Ultimate Poker shutdown is complete while Ultimate held on to a small player base, WSOP.com now controls about two-thirds of the market.
Since Ultimate Gaming left New Jersey, there had been some signs that the company was attempting to control costs. That included cutting a lot of the site’s stable of professional poker players, including Jason Somerville. Mostly of the remaining Ultimate pros, Danielle ‘dmoongirl’ Andersen, stated she learned about the end of Ultimate Poker in Nevada on Twitter.
‘Obviously saddened by the @UltimatePoker news,’ Andersen tweeted on Friday afternoon. ‘Appreciative of most the possibilities they provided for myself & the poker community. All I can do is hope like hell the future is brighter for this game I love so much.’
Smooth Shutdown Expected for Players
Ultimate Gaming says they are working with state regulators to make certain a shutdown that is smooth and there appears to be no basis for players to be concerned in regards to the safety of their account balances at this time.
‘Our company is grateful to your Nevada Gaming Commission and Gaming Control Board for allowing us to be the company that is first operate online poker in Nevada and significantly appreciate their leadership and support as the first state to license and regulate online poker,’ Breitling said. ‘Our company is working closely with the Gaming Control Board to ensure a smooth change for our customers as we cease Nevada operations.’
The exit of Ultimate leaves just two poker spaces staying in the Nevada market. Along with WSOP.com, addititionally there is the true Gaming site operated by South Point Casino, though that site has negligible traffic.
Mohegan Sun Looks to Expansion as Connecticut assumes on Massachusetts
The Mohegan Sun Casino in Uncasville, Connecticut will fight customers that are losing neighboring Massachusetts. (Image: kickingdesigns.com)
Mohegan Sun has become steeling itself to take on Massachusetts, rather than beating a humiliating retreat after losing the bid for an east Massachusetts casino license in 2010.
The sun’s rays wants to build a new casino in north Connecticut to compete with the $800 million MGM Resorts casino scheduled to open across the border in Springfield in 2017.
The Springfield casino is expected to derive a 3rd of its visitors from Connecticut, putting Mohegan Sun in an offensive position to keep its land gambling population from bleeding over the state border to Massachusetts.
Sixty percent of Massachusetts residents voted in favor of keeping casino video gaming following a referendum that is public this year’s midterm elections, meaning that MGM and Wynn Resorts, the latter of which had been provided the east Massachusetts license at the cost of Mohegan Sun, are now free to push ahead with their projects.
And while Connecticut may have been praying that voters would elect to ‘repeal the deal,’ hawaii must now act to protect its casino industry from potentially competition that is devastating.
‘The competition is on. The competition has begun,’ chairman of the Mohegan tribe Kevin Brown declared in an interview with the Connecticut Mirror this week.
‘This isn’t a brand new discussion, however, its certainly a revived conversation,’ he added. ‘we have to make a move in the face for the development of Massachusetts gaming. To do otherwise could be short-sighted on our component.
‘[The Massachusetts casino developers] undoubtedly have not been shy about saying they are not ones to lose any more revenue from Massachusetts gamers gonna Connecticut,’ he added.
Game on, apparently.
Moody’s Investment Analysts warned last month that Mohegan Sun could face ‘financial peril’ after losing the East Massachusetts casino permit. Had it won, said gaming analyst Keith Foley, its financial situation ‘would have improved materially.’ The Mohegan Sun Casino in Uncasville is very leveraged, he added, and could face significant debt payment just as the two proposed Massachusetts casinos open their doorways for company in 2017.
Both Connecticut casino resorts, Mohegan Sun and Foxwoods, were hit hard by the worldwide downturn in the economy of 2008 and are over $1 billion in debt.
While expansion may be within the cards, it’s going to be an extended and difficult process that is legislative. Connecticut has sanctioned gambling enterprises in its southeast since the nineties that are early return for the part of the profits. Just the Mohegans together with Mashantucket Pequots, who operate Foxwoods, are permitted to operate casino gambling within the state, utilizing the provision that no other entity may do so.
This implies that expansion could be a complex legal procedure, requiring the approval of this legislature, the governor and both tribes.
But, Brown told the Connecticut Mirror that he had had some ‘point-to-point conversations’ with Mashantucket Pequots’ tribal chairman Rodney Butler on the issue and that ‘both agree totally that these (discussions) are a required move.’
Meanwhile, Representative Peggy Sayers, whom recently oversaw a task that is legislative studying regional gaming competition, concluded that Connecticut ‘must just take bold and instant action to protect and expand our state’s gaming industry.’
And Representative Stephen Dargan, leader of the panel that oversees gaming legislation problems in Connecticut, said this week he wants to hold a hearing later in the thirty days on the best way to protect the industry.
Revel to Reopen Under New Owners, While New Jersey Showboat Goes Collegiate
Atlantic City’s Revel will reopen being a new casino, but exactly when is still unclear. (Image: Ben Fogletto/pressofatlanticcity.com)
The new owners of Atlantic City’s Revel Casino, Toronto-based asset management firm Brookfield Asset Management Inc., have established they will invest $200 million to redevelop the formerly swank property, with the aim of reopening it yet again next 12 months. Brookfield bid $110 million for the property at auction last month, a fraction of its original $2.4 billion building cost.
James Kehoe, chairman of brand New Jersey’s Casino Reinvestment Redevelopment Authority, said that the investment team expects to accomplish the purchase month that is next. Other than that, he included, the group hasn’t set a detailed timetable for Revel’s next phase.
Revel was a grand plan designed to regenerate Atlantic City, but was conceived unfortunately to hit the market simply as the global downturn in the economy from which Atlantic City has didn’t recover went into full move.
Year along with the Showboat, it was one of four of Atlantic City’s 12 casinos to close in 2014, with another, the Trump Taj Mahal, unlikely to see in the New. Revel opened amid much fanfare in 2012, but with its huge operating expenses, it failed to ever turn a profit, and by the time it closed previously this 12 months, ended up being dripping over $1 million a week.
From Showboat to Satellite Campus
Meanwhile, Richard Stockton College has snapped up the Showboat Casino from Caesars Entertainment for an sum that is undisclosed. The property, on the Atlantic City Boardwalk, can be a satellite campus for the college that is undergraduate which will be positioned in Ponoma in Atlantic County.
The Showboat shut its doors in August, having unsuccessful to discover a buyer, and despite being truly a profitable procedure for owners Caesars Entertainment. The Mardi Gras-themed casino opened in 1987 and was purchased by Caesars in 1998.
It also had relatively low operating costs, which enabled it to turn a profit of almost $2 million last year while it was the smallest of Caesars’ Atlantic City properties, in terms of net revenue. However, by the start of 2014, it was clear that the casino market in Atlantic City had become saturated and the company’s other properties, Harrahs Atlantic City and Caesars Atlantic City, needed some elbow room. An element of the purchase contract is the fact that home will never reopen as being a casino.
‘There is too much capacity in Atlantic City currently, such that the returns to existing capacity are under great pressure,’ Caesars CEO Gary Loveman said recently. ‘So we are looking at our choices to reduce steadily the cost of doing business here, options to reduce capacity.’
Diversifying the City
Stockton President Herman Saatkamp had been unable to mention the details of the purchase, which includes 28 acres, plus the 1,425,000 square-foot building, until it is finalized.
‘Our intent is engage in a task that improves Stockton’s educational growth, offerings and cost-containment while at the time that is same new educational possibilities to Atlantic City,’ Saatkamp stated. ‘Because we are simply during the letter-of-intent phase and bound by a confidentiality contract, it is premature for me to give out any extra information.’
‘The change and revitalization of Atlantic City requires the addition of a set that is diverse of for visitors to come see,’ said Loveman, commenting in the deal. ‘in my opinion the construction of a Stockton campus there will help to diversify the economy regarding the city, which is critical to its well-being that is future.