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Foxwoods Looks to Cut Back on Gambling, Diversify Profits

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Foxwoods Looks to Cut Back on Gambling, Diversify Profits

Foxwood<span id="more-3715"></span>s Looks to Cut Back on Gambling, Diversify Profits

New Foxwoods CEO Felix Rappaport hopes that brand new destinations will help the resort weather increased competition in the area.

New Foxwoods CEO Felix Rappaport states that the casino resort plans to cut straight back a bit on its gambling focus and diversify its offerings is an effort to endure against an onslaught of the latest competitors in the location. The idea is to offer more nightclubs and other attractions that may bring in new customers who are not necessarily attracted by way of a resort that is gaming-first.

‘We think we have too gaming that is much’ Rappaport said 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 are making years ago, whenever the amount of individuals who had been entering the Foxwoods casino to gamble each started to drop day. He is not preparing to eradicate gaming by any means, or also severely curtail it; instead, it’s going to be a move that is subtle make room for lots more options at the resort.

Right now, the Connecticut that is southeastern casino about 5,800 slots and 350 table games spread out across several gambling enterprises on the property. Rappaport intends to expel some gaming areas to bring those true figures right down to around 4,800 and 250, respectively.

Competition in Neighboring States Hurting Foxwoods

Rappaport’s plan is a reply to your growing competition all across the northeastern united states of america. Along with the 2008 recession, new casinos in Pennsylvania and Rhode Island along with racinos in the New York City area have eroded the ball player base for Foxwoods and Mohegan Sun, the two indigenous American casino resorts in Connecticut. Now, with more casinos coming to Massachusetts and ny next few years, Rappaport believes its time to locate a path that is new.

Rappaport was named CEO of Foxwoods week that is last the Mashantucket Pequot Tribal country, which operates the resort. That announcement came after he joined Foxwoods in February as an element of a group that ended up being introduced to expand the resort’s nightlife, restaurants and offerings that are retail. Formerly, 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 destinations helped make customers that are new something that he thinks sometimes happens at Foxwoods as well.

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

Mohegan Sun Not Expecting to Make changes that are drastic

Mohegan Sun, located just a miles that are few Foxwoods, is facing many of the exact same pressures as its neighbor. But that resort’s Tribal Gaming Authority CEO Mitchell Etess says that they won’t be making any drastic changes beyond what they will have currently done.

‘I think we’ve really done a great job at getting the floor down to just what’s manageable and what’s right then scheduling it for the times when individuals are here,’ Etess told analysts within a seminar 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 therefore far. The company proposed a casino for Philadelphia that received a ladbrokes casino test 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 ended up being rebuffed by voters in Milford.

Atlantic City Casinos Spark Bankruptcy Court Battles

Donald Trump is hoping become recoup cash he paid towards the landlord of the driveway that resulted in the former Trump Plaza. (Image: NBCPhiladephia.com)

Atlantic City’s closed (and closing) casinos are in the guts of several interesting storylines currently taking place in bankruptcy courts. From battles over driveways to questions regarding unpaid fees, bankruptcy judges are looking at several different situations regarding struggling resorts in the New Jersey city.

In the 1st problem, property 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 has now submitted a court filing to recoup those funds.

Donald Wants Repayment from Trump Entertainment

According to Trump, who also sent a letter to R&R Associates (the landlord of the driveway), he only agreed to pay the rent ‘in order to avoid litigation’ for the right time being. He now believes he should be ‘reimbursed by the debtor,’ by which he means Trump Entertainment. The business did perhaps not react to the claim.

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

Trump and his daughter are Trump that is suing Entertainment an effort to eliminate the Trump name from their casinos. The Trump name has mostly been eliminated during the now-closed Plaza, but Trump Entertainment has refused to do the exact same at the Trump Taj Mahal. The Trumps say that the resorts have fallen into disrepair, breaking a good agreement and harming the Trump brand name.

Several Casino Tax Issues to be Decided

Meanwhile, additionally, there are several tax issues that are being resolved 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. In the event that house owner pays off the taxes, the investor gets paid; if that doesn’t take place after two years, the investor has the right to foreclose on the property. The tax sale is scheduled to just take place on December 11, simply 1 day before the Taj Mahal may close.

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 town asked for a taxation sale following the $110 million purchase associated with Revel by a firm that is canadian through. The proceeds from that purchase were anticipated to be used to pay off the back taxes.

Taj Mahal Wishes Union to Drop Appeal

There has also been movement in the ongoing battle between the Trump Taj Mahal as well as 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 business still plans to close the casino on December 12, they are willing to commit to restoring health that is full benefits to members of neighborhood 54 of the Unite-HERE casino workers union if the union will agree to drop their appeal.

The deal would also include contributions to a pension arrange 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 possible regulation of bitcoin video gaming and the economic future of bitcoin. (igamingbusiness.com)

Bitcoin4iGaming, the planet’s first ever bitcoin gaming conference, ended up being held in London this week, as crypto-currency entrepreneurs and gaming execs descended on Dexter House, a venue, appropriately enough, situated next to the Royal that is former Mint. a range that is wide of were up for conversation, from the potential regulation of bitcoin gaming to the financial future of bitcoin and alternative currencies, as operators, investors and affiliates seized the chance to network and exchange some ideas.

‘The Bitcoin4iGaming Conference is dedicated to the opportunities Bitcoin and other digital currencies present to the sector that is iGaming’ explained organizers iGaming Business Magazine. ‘The event will bring the crypto-currency world and also the iGaming world together in purchase to eliminate friction in iGaming payment processing and popularizing the use of crypto-currencies in digital transactions.’

Bitcoin Foundation Executive Director Jon Matonis was the opening keynote speaker and he talked about the advantages of using alternate currencies in the on line gambling sector, from the cap ability to target clients all around the world, 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 on line gambling licensing jurisdictions who spoke about their efforts to identify the part of bitcoin in the sector. The Isle of Man, in particular, has announced that its long-term ambition is to build an environment that allows bitcoin businesses to thrive and it is looking at the chance of creating a framework of regulation for the nascent currency.

Also among the speakers had been entrepreneur Brock Pierce, a pioneer of the market for electronic 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 regarding the Board regarding the Bitcoin Foundation.

Breakout Gaming Fails to split Out

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

Breakout Gaming is just a bid that is bold bring alt-currency video gaming 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 business is pursuing a license through the jurisdiction of Kahnawake and, on launch, will offer poker and casino gaming and fantasy activities. In addition to BRO, customers will be able 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 only for our project but for the crypto community in basic,’ he stated.