Ultimate Poker Shuts Down Nevada Online Poker Site once and for all

Ultimate Poker Shuts Down Nevada Online Poker Site once and for all

Danielle ‘dmoongirl’ Andersen had been mostly of the 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 site, ending a run that is 19-month becoming initial regulated Internet poker web site in the United States. The company has now also end up being 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 the very least for the present time, 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 had been having with the Trump Taj Mahal.

Revenues Didn’t Live Up to 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 produced an incredibly cost-prohibitive and challenging operating environment. These factors have actually combined to really make the path to profitability extremely difficult and uncertain. Consequently, we have determined to cease operations.’

Ultimate Poker suffered from what numerous saw as inferior software and a lack of brand recognition. However the site had hoped to make up for this in Nevada by beating the competition towards the market, something it accomplished by launching many months before anyone else could make it through hawaii’s regulatory needs.

Early Advantage Evaporates with Competition

That advantage put the company in an excellent position in the early days of the state’s regulated Internet poker market. Nonetheless it was only a matter of time before larger names came to the state to compete, and the room that is second enter the market had been 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 since the site that is biggest in the state. While Ultimate held on up to a small 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 business 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 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 all the possibilities they provided for myself & the poker community. All I may 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 will work with state regulators to ensure a smooth shutdown, and there generally seems to be no cause for players to be worried concerning the safety of their account balances at this time.

‘We are grateful towards the Nevada Gaming Commission and Gaming Control Board for allowing us to be the very first company to operate internet 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 smooth transition for our customers as we cease Nevada operations.’

The exit of Ultimate leaves just two poker spaces remaining in the Nevada market. Along with WSOP.com, additionally there is 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 happens to be steeling itself to battle Massachusetts, instead of beating a embarrassing retreat after losing the bid for an east Massachusetts casino permit this present year.

The Sun wants to build a casino that is new north Connecticut to compete with the $800 million MGM Resorts casino planned 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 percent of Massachusetts residents voted in favor of keeping casino video gaming carrying out a referendum that is public this year’s midterm slotsforfun-ca.com elections, and thus MGM and Wynn Resorts, the latter of which was granted the east Massachusetts license at the trouble 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 offer,’ the state must now act to guard its casino industry from potentially devastating competition.

‘The competition is on. The competition has begun,’ president of the Mohegan tribe Kevin Brown declared in an interview with the Connecticut Mirror this week.

‘This isn’t a conversation that is new however, it is certainly a revived conversation,’ he added. ‘we need to do something in the real face associated with the development of Massachusetts gaming. To do otherwise would be short-sighted on our component.

‘[The Massachusetts casino developers] undoubtedly haven’t been shy about saying they are not ones to lose any more revenue from Massachusetts gamers likely to Connecticut,’ he included.

Game on, apparently.

Financial Peril

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 very leveraged, he added, and could face debt that is significant just as the two proposed Massachusetts casinos open their doors for business in 2017.

Both Connecticut casino resorts, Mohegan Sun and Foxwoods, were hit hard by the global downturn in the economy of 2008 and therefore are over $1 billion with debt.

Difficult Procedure

While expansion may be in the cards, it’ll be an extended and difficult legislative procedure. Connecticut has sanctioned gambling enterprises in its southeast since the early nineties in return for a percentage of the profits. Only the Mohegans and the Mashantucket Pequots, who operate Foxwoods, are permitted to work casino gambling into the state, with the provision that no other entity may achieve this.

This means that expansion could be a complex procedure that is legal needing the approval of the legislature, the governor and both tribes.

Nevertheless, 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 a required 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 and expand our state’s gaming industry.’

And Representative Stephen Dargan, leader of this panel that oversees gaming regulation issues in Connecticut, said this week which he wishes to hold a hearing later in the thirty days on how to protect the industry.

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 remains 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, utilizing the aim of reopening it yet again next year. Brookfield bid $110 million for the property at auction last month, 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 next month. Other than that, he added, the group have not set a timetable that is detailed Revel’s next phase.

Revel was a plan that is grand to regenerate Atlantic City, but was conceived unfortunately going to the market simply as the global economic downturn from which Atlantic City has didn’t recover went into full move.

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 newest 12 months. Revel started amid much fanfare in 2012, but with its huge operating costs, it failed to ever make money, and by the time it closed early in the day this 12 months, ended up being leaking over $1 million a week.

From Showboat to Satellite Campus

Meanwhile, Richard Stockton College has snapped up the Showboat Casino from Caesars Entertainment for the sum that is undisclosed. The home, on the Atlantic City Boardwalk, will end up a satellite campus for the college that is undergraduate which will be situated in Ponoma in Atlantic County.

The Showboat closed its doorways in August, having failed to find a buyer, and despite being a profitable procedure for owners Caesars Entertainment. The Mardi Gras-themed casino opened in 1987 and was bought by Caesars in 1998.

While it ended up being the littlest of Caesars’ Atlantic City properties, in terms of net revenue, additionally had reasonably low operating expenses, which enabled it to turn a profit of nearly $2 million a year ago. Nevertheless, 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, needed some elbow room. An element of the purchase contract is that the property wouldn’t normally 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 all of our choices to decrease the cost of doing business here, choices to reduce ability.’

Diversifying the City

Stockton President Herman Saatkamp was unable to speak about the details of the purchase, which includes 28 acres, plus the 1,425,000 square-foot building, until it is finalized.

‘Our intent is to engage in a task that enhances Stockton’s educational development, 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 limited by a confidentiality contract, it is premature for me to give out any additional information.’

‘The change and revitalization of Atlantic City requires the addition of a set that is diverse of for individuals to come visit,’ said Loveman, commenting on the deal. ‘I believe the construction of a Stockton campus there will help diversify the economy regarding the city, that is critical to its well-being that is future.

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