Danielle ‘dmoongirl’ Andersen had been one of the few Ultimate that is remaining Poker still extant before the web site announced it shut down in Nevada.
Ultimate Poker has shut down its Nevada online poker site, closing a 19-month run after becoming the very first regulated Internet poker site in the usa. The business has now become the first also to finish operations in Nevada, leaving simply two other poker providers active in the state.
The Ultimate Poker closure will, at the least for now, leave Ultimate Gaming with no active Internet video gaming operations in the United States. 8 weeks ago, the company also pulled out from the New Jersey market, citing the issues that are contractual was having because of the Trump Taj Mahal.
Revenues Didn’t Live Up to Expectations
‘on the web poker revenues in Nevada have fallen far short of original projections,’ stated Ultimate Gaming Chairman Tom Breitling. ‘Moreover, the state-by-state approach to online video gaming has created an incredibly cost-prohibitive and operating environment that is challenging. These factors have actually combined to really make the path to profitability really uncertain and difficult. Consequently, we have decided to cease operations.’
Ultimate Poker suffered from exactly what numerous saw as inferior pc software and too little brand recognition. Nevertheless the site had hoped to replace this in Nevada by beating the competition to the market, something it accomplished by launching several months before anyone else could allow it to be through hawaii’s regulatory requirements.
Early Advantage Evaporates with Competition
That advantage place the company in a excellent position in the start of the state’s regulated Internet poker market. Nonetheless it was just a matter of time before bigger names came into the state to compete, and the room that is second enter the market 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 whilst the site that is biggest 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 business was trying to control costs. That included cutting much of the site’s stable of professional poker players, including Jason Somerville. One of the few remaining Ultimate pros, Danielle ‘dmoongirl’ Andersen, stated she discovered concerning the final end of Ultimate Poker in Nevada on Twitter.
‘Obviously saddened by the @UltimatePoker news,’ Andersen tweeted on afternoon friday. ‘Appreciative of most the opportunities they provided for myself & the poker community. All I may do is hope like hell the future is brighter because of this game I love so much.’
Smooth Shutdown Expected for Players
Ultimate Gaming says they work with state regulators to make sure a smooth shutdown, and there appears to be no reason behind players to be worried about the safety of their account balances at this time.
‘we have been grateful to the Nevada Gaming Commission and Gaming Control Board for allowing us to be the company that is first operate on-line poker in Nevada and significantly appreciate their slotsforfun-ca.com leadership and support as the first state to license and regulate on-line poker,’ Breitling said. ‘Our company is working closely with the Gaming Control Board to make sure a transition that is smooth our customers as we cease Nevada operations.’
The exit of Ultimate actually leaves just two poker rooms remaining in the Nevada market. Along with WSOP.com, there’s also the Real Gaming site operated by South Point Casino, though that site has traffic that is negligible.
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 happens to be steeling itself to defend myself against Massachusetts, instead of beating a retreat that is humiliating losing the bid for an eastern Massachusetts casino permit this present year.
The Sun wants to build a new casino in north Connecticut to compete with the $800 million MGM Resorts casino planned 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 a position that is offensive keep its land gambling population from bleeding across the state edge to Massachusetts.
Sixty per cent of Massachusetts residents voted in favor of retaining casino video gaming following a public referendum in this year’s midterm elections, and therefore MGM and Wynn Resorts, the latter of which ended up being provided the east Massachusetts license at the trouble of Mohegan Sun, are now actually free to push ahead with their projects.
And while Connecticut may have been praying that voters would choose to ‘repeal the deal,’ the state must now act to protect its casino industry from potentially devastating competition.
‘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 is not a new discussion, however, its certainly a revived discussion,’ he added. ‘we need to do something in the real face of this development of Massachusetts gaming. To do otherwise could be short-sighted on our component.
‘[The Massachusetts casino developers] definitely haven’t been shy about saying they are not ones to lose more revenue from Massachusetts gamers gonna Connecticut,’ he added.
Game up on, apparently.
Moody’s Investment Analysts warned month that is last Mohegan Sun could face ‘financial peril’ after losing the East Massachusetts casino license. Had it won, said video gaming analyst Keith Foley, its monetary situation ‘would have enhanced 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 difficult by the worldwide downturn in the economy of 2008 and are also over $1 billion in debt.
While expansion may be in the cards, it will likely be an extended and difficult process that is legislative. Connecticut has sanctioned casinos in its southeast since the nineties that are early return for the portion of the profits. Just the Mohegans together with Mashantucket Pequots, who run Foxwoods, are permitted to use casino gambling into the continuing state, aided by the provision that no other entity may do this.
What this means is that expansion could be a complex legal procedure, needing the approval associated with the 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 concur that these (discussions) are an essential move.’
Meanwhile, Representative Peggy Sayers, who recently oversaw a task that is legislative studying local 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, frontrunner of the panel that oversees gaming regulation issues in Connecticut, said this that he wants to hold a hearing later in the month on how to protect the industry week.
Revel to Reopen Under New Owners, While New Jersey Showboat Goes Collegiate
Atlantic City’s Revel will reopen as a new casino, but exactly when continues to be unclear. (Image: Ben Fogletto/pressofatlanticcity.com)
The new owners of Atlantic City’s Revel Casino, Toronto-based asset management company Brookfield Asset Management Inc., have announced they will invest $200 million to redevelop the formerly swank property, with the aim of reopening it once more year that is next. Brookfield bid $110 million for the property at auction month that is last 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 group expects to accomplish the purchase next month. Apart from that, he added, the group hasn’t set a detailed timetable for Revel’s next phase.
Revel was a plan that is grand to regenerate Atlantic City, but was conceived unfortunately to hit the market just as the global economic downturn from which Atlantic City has didn’t recover went into full swing.
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 earlier this was leaking over $1 million a week year.
From Showboat to Satellite Campus
Meanwhile, Richard Stockton College has snapped up the Showboat Casino from Caesars Entertainment for an undisclosed amount. The house, on the Atlantic City Boardwalk, will end up a satellite campus for the college that is undergraduate that will be situated in Ponoma in Atlantic County.
The Showboat shut its doorways in August, having unsuccessful to find a buyer, and despite being a operation that is profitable owners Caesars Entertainment. The Mardi Gras-themed casino opened in 1987 and had been 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. But, by the beginning of 2014, it absolutely 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, required some elbow room. Area of the purchase agreement is the fact that property will never reopen as a casino.
‘There is too much capacity in Atlantic City currently, such that the returns to existing ability are under great pressure,’ Caesars CEO Gary Loveman stated recently. ‘So we are searching at all of our choices to decrease the cost of doing business here, choices to reduce capacity.’
Diversifying the City
Stockton President Herman Saatkamp ended up being unable to discuss the details of the purchase, which includes 28 acres, as well as the 1,425,000 square-foot building, until it is finalized.
‘Our intent would be to engage in a project that enhances Stockton’s educational development, offerings and cost-containment while at the exact same time brings new educational opportunities to Atlantic City,’ Saatkamp stated. ‘Because we are merely during the letter-of-intent stage and limited by a confidentiality contract, it is premature for me to give fully out any additional 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. ‘I believe the construction of a Stockton campus there will help to diversify the economy for the city, that is critical to its well-being that is future.