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Ultimate Poker Shuts Down Nevada Online Poker Site for Good

Danielle ‘dmoongirl’ Andersen ended up being 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 web site, ending a run that is 19-month becoming the initial regulated Internet poker site in the usa. The organization has now also become the first to get rid of operations in Nevada, leaving simply two other poker providers mixed up in state.
The Ultimate Poker closure will, at least for the time being, leave Ultimate Gaming with no Internet that is active gaming in the United States. 8 weeks ago, the company also pulled from the New Jersey market, citing the issues that are contractual ended up being having using 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,’ said Ultimate Gaming Chairman Tom Breitling. ‘Moreover, the state-by-state approach to online video gaming has developed an extremely cost-prohibitive and challenging operating environment. These factors have actually combined to help make the path to profitability very uncertain and difficult. Consequently, we have determined to cease operations.’
Ultimate Poker suffered from exactly what many saw as inferior software and too little brand recognition. However the site had hoped to replace this in Nevada by beating the competition to the market, something it achieved by launching months that are several anyone else could ensure it is through their state’s regulatory needs.
Early Advantage Evaporates with Competition
That advantage place the company within an position that is excellent the start of the state’s regulated Internet poker market. However it was just a matter of time before bigger names came to 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 Series of Poker brand.
Before very long, WSOP.com had surpassed Ultimate Poker once the biggest site into the state. While Ultimate held on up to a tiny player base, WSOP.com now controls about two-thirds of the market, a share that will become nearly 100 % once the Ultimate Poker shutdown is complete.
Since Ultimate Gaming left New Jersey, there had been some signs that the ongoing company was attempting to regulate 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 found out in regards to the final end of Ultimate Poker in Nevada on Twitter.
‘Obviously saddened by the @UltimatePoker news,’ Andersen tweeted on afternoon friday. ‘Appreciative of all the possibilities they provided for myself & the poker community. All I can perform is hope like hell the future is brighter with this game I love so much.’
Smooth Shutdown Expected for Players
Ultimate Gaming says they work with state regulators to make sure a shutdown that is smooth and there appears to be no reason behind players to be concerned in regards to the safety of their account balances at this time.
‘we have been grateful towards the 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 very first state to license and control on-line poker,’ Breitling said. ‘We are working closely with the Gaming Control Board to ensure a transition that is smooth 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 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 losing customers to neighboring Massachusetts. (Image: kickingdesigns.com)
Mohegan Sun happens to be steeling itself to take on Massachusetts, instead of beating a embarrassing retreat after losing the bid for an east Massachusetts casino license this year.
The Sun wants to construct a casino that is new north Connecticut to compete with the $800 million MGM Resorts casino scheduled to start across the border in Springfield in 2017.
The Springfield casino is expected to derive a third of its visitors from Connecticut, putting Mohegan Sun in a position that is offensive keep its land gambling population from bleeding throughout the state edge to Massachusetts.
Sixty per cent of Massachusetts residents voted in favor of retaining casino gaming following a public referendum in this year’s midterm elections, and thus MGM and Wynn Resorts, the latter of which had been granted the east Massachusetts permit 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 decide to ‘repeal the offer,’ the state must now act to guard 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 conversation that is new however, it really is certainly a revived conversation,’ he added. ‘we need to do something in the real face of the development of Massachusetts gaming. To do otherwise will be short-sighted on our component.
‘[The Massachusetts casino developers] truly haven’t been shy about saying they’re not ones to lose any more revenue from Massachusetts gamers likely to Connecticut,’ he added.
Game on, apparently.
Financial Peril
Moody’s Investment Analysts warned month that is last Mohegan Sun could face ‘financial peril’ after losing the East Massachusetts casino permit. Had it won, said video gaming analyst Keith Foley, its financial situation ‘would have improved materially.’ The Mohegan Sun Casino in Uncasville is highly 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 global downturn in the economy of 2008 and so are over $1 billion with debt.
Difficult Procedure
While expansion may be into 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 and also the Mashantucket Pequots, who operate Foxwoods, are permitted to work casino gambling within the state, with all the provision that no other entity may achieve this.
What this means is that expansion would be a complex procedure that is legal 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 agree that these (discussions) are an essential move.’
Meanwhile, Representative Peggy Sayers, whom recently oversaw a legislative task force studying local video gaming competition, concluded that Connecticut ‘must take bold and immediate action to protect free online slot machines quick hits and expand our state’s gaming industry.’
And Representative Stephen Dargan, frontrunner regarding the panel that oversees gaming regulation problems 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 Nj-new Jersey Showboat Goes Collegiate
Atlantic City’s Revel will reopen being a casino that is new but exactly when is still 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 announced they will invest $200 million to redevelop the formerly swank property, with all the aim of reopening it yet again year that is next. Brookfield bid $110 million for the property at auction month that is last a small fraction of its original $2.4 billion building cost.
James Kehoe, chairman of New Jersey’s Casino Reinvestment Redevelopment Authority, said that the investment team expects to accomplish the purchase month that is next. Besides that, he added, the team have not set a timetable that is detailed Revel’s next phase.
Revel had been a grand plan designed to regenerate Atlantic City, but was conceived unfortunately to hit the market just as the global economic depression from which Atlantic City has failed to recover went into full move.
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, unlikely to see in the newest Year. Revel started 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 earlier in the day 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 property, on the Atlantic City Boardwalk, becomes a satellite campus for the undergraduate college, that will be based in Ponoma in Atlantic County.
The Showboat shut its doorways in August, having unsuccessful 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 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. Nonetheless, by the beginning of 2014, it had been clear that the casino market in Atlantic City had become saturated and the business’s other properties, Harrahs Atlantic City and Caesars Atlantic City, required some elbow room. The main purchase contract is the fact that property will never reopen as being 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 said recently. ‘So we are looking at all of our options to reduce steadily the cost of doing business right here, choices to reduce ability.’
Diversifying the City
Stockton President Herman Saatkamp was unable to talk about 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 task that improves Stockton’s educational growth, offerings and cost-containment while at the exact same time brings new educational possibilities to Atlantic City,’ Saatkamp said. ‘Because we are merely during the letter-of-intent phase and limited by a confidentiality contract, it is premature for me personally to hand out any additional information.’
‘The change and revitalization of Atlantic City requires the addition of a diverse pair of reasons for individuals to come visit,’ said Loveman, commenting in the deal. ‘I believe the construction of a Stockton campus there will help diversify the economy regarding the city, which is critical to its well-being that is future.
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