Danielle ‘dmoongirl’ Andersen ended up being one of the few remaining Ultimate Poker pros still extant before the web site announced it shut down in Nevada.
Ultimate Poker has shut down its Nevada online poker web site, closing a 19-month run after becoming initial regulated Internet poker site in america. The organization has now also get to be the first to get rid of operations in Nevada, leaving just two other poker providers active in the state.
The Ultimate Poker closure will, at the least for now, leave Ultimate Gaming with no Internet that is active gaming in the United States. 8 weeks ago, the company also pulled out from the New Jersey market, citing the issues that are contractual ended up being having with the Trump Taj Mahal.
Revenues Didn’t Live As Much As Objectives
‘on the web poker revenues in Nevada have fallen far short of original projections,’ said Ultimate Gaming Chairman Tom Breitling. ‘Moreover, the state-by-state approach to online video gaming has created an incredibly cost-prohibitive and challenging operating environment. These factors have combined to make the path to profitability extremely hard and uncertain. Consequently, we have decided to cease operations.’
Ultimate Poker suffered from exactly what many saw as inferior computer software and a lack of brand recognition. But the site had hoped to make up for this in Nevada by beating the competition to your market, something it achieved by launching many months before anyone else could ensure it is through their state’s regulatory requirements.
Early Advantage Evaporates with Competition
That advantage put the company in an position that is excellent the beginning of the state’s regulated Internet poker market. Nonetheless it was only a matter of time before bigger names came to the state to compete, and the second room to enter the market had been a bit of a juggernaut: the Caesars-backed WSOP.com, which featured the well-known (and well-respected) World variety of Poker brand.
Before long, WSOP.com had surpassed Ultimate Poker as the biggest site in the state. While Ultimate held on to a little player base, WSOP.com now controls about two-thirds of the market, a share that will end up nearly 100 percent once the Ultimate Poker shutdown is complete.
Since Ultimate Gaming left New Jersey, there had been some signs that the ongoing company was trying to manage costs. That included cutting much of the site’s stable of professional poker players, including Jason Somerville. Mostly of the remaining Ultimate pros, Danielle ‘dmoongirl’ Andersen, stated she discovered concerning the end of Ultimate Poker in Nevada on Twitter.
‘Obviously saddened by the @UltimatePoker news,’ Andersen tweeted on Friday afternoon. ‘Appreciative of most the opportunities they given to myself & the poker community. All I may do is hope like hell the future is brighter with this game I love so much.’
Soft Shutdown Expected for Players
Ultimate Gaming says they are working with state regulators to ensure a shutdown that is smooth and there appears to be no cause for players to be concerned about the safety of their account balances at this time.
‘we have been grateful to your Nevada Gaming Commission and Gaming Control Board for allowing us to be the company that is first operate internet poker in Nevada and significantly appreciate their leadership and support as the very first state to license and regulate on-line poker,’ Breitling said. ‘We are working closely with the Gaming Control Board to make certain a smooth transition for our customers as we cease Nevada operations.’
The exit of Ultimate departs just two poker spaces staying 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 appears to Expansion as Connecticut Takes on Massachusetts
The Mohegan Sun Casino in Uncasville, Connecticut will fight losing customers to neighboring Massachusetts. (Image: kickingdesigns.com)
Mohegan Sun has become steeling itself to battle Massachusetts, in place of beating a humiliating retreat after losing the bid for an east Massachusetts casino permit in 2010.
The sun’s rays 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 % 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 had been issued 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 choose to ‘repeal the deal,’ their state must now act to safeguard its casino industry from potentially devastating competition.
‘The competition is on. The competition has begun,’ chairman of the Mohegan tribe Kevin Brown declared in a interview with the Connecticut Mirror this week.
‘This is not a brand new conversation, however, its certainly a revived conversation,’ he added. ‘We need to take action in the face for the development of Massachusetts gaming. To do otherwise would be short-sighted on our part.
‘[The Massachusetts casino developers] truly haven’t been shy about saying they are not ones to lose any longer revenue from Massachusetts gamers going to Connecticut,’ he included.
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 economic situation ‘would have improved materially.’ The Mohegan Sun Casino in Uncasville is highly leveraged, he added, and could face significant debt repayment 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 international economic downturn of 2008 and are over $1 billion with debt.
While expansion may be into the cards, it’ll be an extended and difficult legislative process. Connecticut has sanctioned casinos in its southeast since the nineties that are early return for the portion of the profits. Just the Mohegans as well as the Mashantucket Pequots, who operate Foxwoods, are permitted to operate casino gambling within the continuing state, using the provision that no other entity may do so.
This means that expansion would have been a complex legal procedure, needing the approval of the legislature, the governor and both tribes.
Nonetheless, 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 that these (discussions) are an essential move.’
Meanwhile, Representative Peggy Sayers, whom recently oversaw a task that is legislative studying local gaming competition, concluded that Connecticut ‘must simply take bold and instant action to protect and expand our state’s gaming industry.’
And Representative Stephen Dargan, frontrunner associated with the panel that oversees gaming regulation problems in Connecticut, said this week that he wishes to hold a hearing later in the month on how best to protect the industry.
Revel to Reopen Under New Owners, While Nj-new Jersey Showboat Goes Collegiate
Atlantic City’s Revel will reopen being a casino that is new but exactly when continues to be unclear. (Image: Ben Fogletto/pressofatlanticcity.com)
The brand new owners of Atlantic City’s Revel Casino, Toronto-based asset management company 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 year. 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 team expects to accomplish the purchase month that is next. Apart from that, he included, the group hasn’t set a timetable that is detailed Revel’s next phase.
Revel had been a plan that is grand to regenerate Atlantic City, but was conceived unfortunately to hit the market simply as the global economic downturn from which Atlantic City has failed to recover went into full swing.
Combined with the Showboat, it was one of four of Atlantic City’s 12 casinos to close in 2014, with another, the Trump Taj Mahal, not likely to see in the latest Year. Revel opened amid much fanfare in 2012, but with its huge operating costs, it failed to ever turn a profit, and also by the time it closed previously 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 the undisclosed sum. The house, on the Atlantic City Boardwalk, becomes a satellite campus for the undergraduate college, which is situated in Ponoma in Atlantic County.
The Showboat closed its doorways in August, having failed to find a buyer, and despite being fully a operation that is profitable owners Caesars Entertainment. The Mardi Gras-themed casino opened in 1987 and had been purchased by Caesars in 1998.
Whilst it had been the smallest of Caesars’ Atlantic City properties, when it comes to net income, in addition had reasonably low operating costs, which enabled it to turn a profit of nearly $2 million a year ago. Nonetheless, by the start 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. Part of the purchase contract is that the property will never reopen as being a casino.
‘There is too much capacity in Atlantic City currently, such that the comes back to existing capacity are under great pressure,’ Caesars CEO Gary Loveman stated recently. ‘So we are searching at our choices to decrease the cost of doing business right here, choices to reduce capability.’
Diversifying the City
Stockton President Herman Saatkamp was unable to mention the details of the purchase, which includes 28 acres, along with the 1,425,000 square-foot building, until it is finalized.
‘Our intent is always to engage in a task that enhances Stockton’s educational growth, offerings and cost-containment while at the exact same time brings new educational opportunities to Atlantic City,’ Saatkamp stated. ‘Because we are just at the letter-of-intent phase and limited by a confidentiality agreement, it is premature for me personally to give fully out any additional information.’
‘The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come see,’ said Loveman, commenting on the deal. ‘in my opinion the construction of a Stockton campus there will help diversify the economy associated with the city, that will be critical to its well-being that is future.