Foxwoods Looks to Cut Back on Gambling, Diversify Profits

March 3, 2020 at 12:49 pm

Foxwood<span id="more-5855"></span>s Looks to Cut Back on Gambling, Diversify Profits

New Foxwoods CEO Felix Rappaport hopes that brand new destinations helps the resort weather increased competition in the region.

New Foxwoods CEO Felix Rappaport says that the casino resort plans to cut right back a bit on its gambling focus and diversify its offerings is an attempt to endure against an onslaught of new competitors in the location. The idea is to offer more nightclubs and other attractions that may bring in new clients who aren’t necessarily drawn by a gaming-first resort.

‘We think we now have too much gaming,’ Rappaport stated plainly in an interview with the Associated Press.

Cutbacks Are Overdue, Rappaport Says

According to Rappaport, the move is one which the resort should probably have made years ago, whenever the number of people who had been entering the Foxwoods casino to gamble each started to drop day. He is not preparing to get rid of gaming by any means, or even severely curtail it; instead, it’s going to be considered a subtle relocate to make room to get more options at the resort.

Right now, the Connecticut that is southeastern casino about 5,800 slots and 350 table games spread out across a few casinos on the property. Rappaport plans to eliminate some gaming areas to bring those numbers down to around 4,800 and 250, respectively.

Competition in Neighboring States Hurting Foxwoods

Rappaport’s plan is a response to the growing competition all around the northeastern usa. The two Native American casino resorts in Connecticut along with the 2008 recession, new casinos in Pennsylvania and Rhode Island along with racinos in the New York City area have eroded the player base for Foxwoods and Mohegan Sun. Now, with more casinos coming to Massachusetts and nyc within the next few years, Rappaport believes it’s time to find a path that is new.

Rappaport was called CEO of Foxwoods a week ago by the Mashantucket Pequot Tribal country, which operates the resort. That announcement arrived after he joined Foxwoods in February as part of a team that was brought in to expand the resort’s nightlife, restaurants and offerings that are retail. Previously, Rappaport served as the elected president at Excalibur, brand New York-New York, and Luxor in Las Vegas.

At those casinos, Rappaport saw that bringing in non-gaming attractions helped generate new customers, something he thinks can happen at Foxwoods as well.

‘The industry in general has become less gaming centric,’ Rappaport stated. ‘I think in Foxwoods’ instance we have actually exactly the exact same possibilities.’

Mohegan Sun Not Expecting to Make Drastic Modifications

Mohegan Sun, located just a few kilometers from Foxwoods, is dealing with lots of similar pressures as its neighbor. But that resort’s Tribal Gaming Authority CEO Mitchell Etess says that they will not be making any changes that are drastic what they’ve currently done.

‘I think we’ve really done a good job at getting the floor down to what’s manageable and what’s right then arranging it for the times when the individuals are right here,’ Etess told analysts throughout a conference call week that is last.

Foxwoods has made efforts to expand their brand throughout the northeast as casino gambling has exploded in the region, but has not been effective so far. The company proposed a casino for Philadelphia that received a license in 2006, but the project never got from the ground, and the license was revoked in belated 2010. The company additionally attempted to compete for a casino that is boston-area Massachusetts, but had been rebuffed by voters in Milford.

Atlantic City Casinos Spark Bankruptcy Court Battles

Donald Trump is hoping to be recoup money he paid to the landlord of the driveway that led to the former Trump Plaza. (Image:

Atlantic City’s shut (and closing) casinos have reached the center of several interesting storylines place that is currently taking bankruptcy courts. From fights over driveways to questions regarding unpaid taxes, bankruptcy judges are thinking about several situations that are different struggling resorts in the nj-new Jersey city.

In the 1st issue, real estate tycoon Donald Trump is hoping to recover funds he paid to the landlord of the driveway that lead up to what was the Trump Plaza casino, which closed in September that he says. Trump claims he now only holds a ten percent stake in that he paid $147,000 to the landlord, despite the fact that the money was actually owed by Trump Entertainment Resorts, a company. He’s got now submitted a court filing to recuperate those funds.

Donald Wants Repayment from Trump Entertainment

According to Trump, who also delivered a letter to R&R Associates (the landlord associated with the driveway), he just agreed to spend the rent ‘in order to avoid litigation’ for the time being. He now thinks he should be ‘reimbursed by the debtor,’ by which he means Trump Entertainment. The business did maybe not answer the claim.

It’s not the dispute that is only Trump and the company that still bears his name.

Trump and his daughter are currently Trump that is suing Entertainment an attempt to remove the Trump name from their casinos. The Trump name has mostly been eliminated at the now-closed Plaza, but Trump Entertainment has refused to do the same at the Trump Taj Mahal. The Trumps say that the resorts have dropped into disrepair, violating an excellent contract and hurting the Trump brand.

Several Casino Tax Issues to be Decided

Meanwhile, there are several tax issues that are currently being solved in court. On a Delaware bankruptcy court approved a deal between Trump Entertainment and Atlantic City that will allow the city to hold a tax sale of the $24 million in unpaid taxes owed to them by the company tuesday. An investor can buy a lien against the company and agree to pay the taxes due in a tax sale. The investor gets paid; if that doesn’t happen after two years, the investor has the right to foreclose on the property if the property owner pays off the taxes. The income tax sale is scheduled to simply take place on 11, just one day before the Taj Mahal may close december.

The former Revel Casino Hotel is also embroiled in tax issues. On the owners filed an appeal of a bankruptcy court order that would have allowed Atlantic City to hold a tax sale of their $32 million in unpaid property taxes monday. The city asked for a tax sale following the $110 million purchase of the Revel by A canadian company fell through. The proceeds from that purchase had been anticipated to be used to pay off the taxes that are back.

Taj Mahal Wants Union to Drop Appeal

There has also been movement in the ongoing battle between the Trump Taj Mahal and the union workers who’ve appealed a bankruptcy court order that cancelled their medical insurance. Trump Entertainment president Robert Griffin now states that while the company still plans to close the casino on December 12, they are willing to commit to restoring full wellness care benefits to members of neighborhood 54 of the Unite-HERE casino workers union if the union will consent to drop their appeal.

The deal would include contributions to also a pension plan for employees. The union had with the cancellation of their contract, the company is hoping that resolving the largest complaints will lead the union to agree to accept the rest of the court order while these are not the only issues.

London Hosts First Ever Bitcoin Gaming Conference

Bitcoin4iGaming: Topics up for conversation in London were the prospective legislation of bitcoin video gaming and the economic future of bitcoin. (

Bitcoin4iGaming, the planet’s first ever bitcoin gaming conference, had been held in London this week, as crypto-currency entrepreneurs and video gaming execs descended on Dexter House, a venue, appropriately enough, situated beside the Royal that is former Mint. a number of dilemmas were up for discussion, from the possible regulation of bitcoin video gaming to the economic future of bitcoin and alternative currencies, as operators, investors and affiliates seized the opportunity to network and exchange a few ideas.

‘The Bitcoin4iGaming Conference is dedicated to the possibilities Bitcoin and other virtual currencies give the sector that is iGaming’ explained organizers iGaming Business Magazine. ‘The event provides the crypto-currency world plus the iGaming world together in order to eliminate friction in iGaming payment processing and popularizing the application of crypto-currencies in digital transactions.’

Bitcoin Foundation Executive Director Jon Matonis was the opening keynote speaker and he discussed the benefits of utilizing currencies that are alternative the on line gambling sector, from the ability to target clients all around the globe, to the zero chargeback risks and the reduction of fraud.

Regulation for Bitcoin

There was additionally a perspective that is regulatory offer from representatives of several online gambling licensing jurisdictions who talked about their efforts to identify the role of bitcoin in the sector. The Isle of guy, in particular, has announced that its long-term ambition is always to build an environment that will allow bitcoin businesses to thrive and is taking a look at the risk of developing a framework of legislation for the nascent currency.

Additionally among the speakers was entrepreneur Brock Pierce, a pioneer of the marketplace for digital currency and co-founder and partner that is managing of Currency Partners (CCP). an investor that is prolific has led more than 30 acquisitions throughout their career, Pierce is a much sought-after commentator regarding the Bitcoin economy and sits on the Board regarding the Bitcoin Foundation.

Breakout Gaming Fails to split Out

In related news, Breakout Gaming, the very first gambling site to utilize its very very own crypto-currency, the Breakout Coin (BRO), has reported disappointing initial fundraising efforts. The business held a ‘crowdsale’ fundraising initiative which ended this where it offered up 4 million BRO’s for sale in an ‘Initial Coin Offering,’ with the value of one bitcoin equal to 6,000 BRO week. Breakout Gaming raised just 387 bitcoin (currently equal to around $136,000), falling well quick of its 1,000 bitcoin objective.

Breakout Gaming is really a bold bid to bring alt-currency gaming up to a mainstream market. Announced in September with a string of celebrity poker player ambassadors in tow, including Johnny Chan, Huck Seed, Jennifer Harman and Ted Forrest, the company is pursuing a permit through the jurisdiction of Kahnawake and, on launch, will offer poker and casino gaming and fantasy activities. In addition to BRO, customers will be in a position to use bitcoin and currencies that are regular play.

Gian Perroni, head of marketing at Breakout, put the disappointing results down to timing that is bad. ‘When we first launched our crowdsale bitcoin was in a free fall, which cast a chill with potential purchasers, not merely for our project but for the crypto community in basic,’ he stated.

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