Foxwoods Looks to Cut Back on Gambling, Diversify Revenues

Foxwood<span id="more-4545"></span>s Looks to Cut Back on Gambling, Diversify Revenues

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

New Foxwoods CEO Felix Rappaport claims that the casino resort plans to cut 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 will be to offer more nightclubs and other tourist attractions that may bring in new clients who are not necessarily drawn by way of a resort that is gaming-first.

‘We think we now have too gaming that is much’ Rappaport said plainly within an interview with the Associated Press.

Cutbacks Are Overdue, Rappaport Says

According to Rappaport, the move is one that 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 maybe not preparing to get rid of gaming by any means, or also severely curtail it; instead, it’s going to be described as a move that is subtle make room for more options at the resort.

Appropriate now, the Connecticut that is southeastern casino about 5,800 slots and 350 table games spread out across several casinos on the property. Rappaport intends to eradicate some gaming areas to bring those numbers right down to around 4,800 and 250, respectively.

Competition in Neighboring States Hurting Foxwoods

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

Rappaport was named CEO of Foxwoods week that is last the Mashantucket Pequot Tribal Nation, which operates the resort. That announcement arrived after he joined Foxwoods in February as part of a group that was earned to expand the resort’s nightlife, restaurants and offerings that are retail. Previously, Rappaport served as the president at Excalibur https://casino-online-australia.net/ladbrokes-casino-review/, New York-New York, and Luxor in Las Vegas.

At those casinos, Rappaport saw that bringing in non-gaming destinations helped bring in customers that are new something 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 exactly the same opportunities.’

Mohegan Sun Not Anticipating to Make Drastic Modifications

Mohegan Sun, located just a few kilometers from Foxwoods, is facing a lot of exactly the 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 an excellent job at getting the floor down to exactly what’s manageable and what’s right and then arranging it for the times when individuals are here,’ Etess told analysts during a conference call week that is last.

Foxwoods has made efforts to expand their brand through the northeast as casino gambling has exploded into the region, but has not been successful therefore far. The company proposed a casino for Philadelphia that received a license in 2006, but the project never got off the ground, and the license was revoked in late 2010. The company also 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 cash he paid to your landlord of a driveway that resulted in the former Trump Plaza. (Image: NBCPhiladephia.com)

Atlantic City’s shut (and closing) casinos are at the middle 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 situations that are different struggling resorts in the nj-new Jersey city.

In the first 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’s now submitted a court filing to recover 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 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 respond to the claim.

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

Trump and their daughter are suing Trump Entertainment in an attempt to remove the Trump name from their gambling enterprises. The Trump name has mostly been eliminated at 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 dropped into disrepair, breaking a quality contract and harming the Trump brand.

Several Casino Tax Issues to be Decided

Meanwhile, there are several tax issues that are currently being resolved in court. On Tuesday, a Delaware bankruptcy court approved a deal between Trump Entertainment and Atlantic City which will let the city to put up a tax sale of the $24 million in unpaid taxes owed to them by the company. In a tax sale, an investor can purchase a lien against the company and agree to pay the taxes due. 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 tax purchase is scheduled to 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 Monday, the owners filed an appeal of a bankruptcy court order that might have allowed Atlantic City to put on a taxation purchase of their $32 million in unpaid property taxes. The town asked for a taxation sale after the $110 million purchase of this Revel by a firm that is canadian through. The proceeds from that purchase had been anticipated to be employed to spend off the back taxes.

Taj Mahal Desires Union to Drop Appeal

There has also been movement in the battle that is ongoing the Trump Taj Mahal while the union workers who have appealed a bankruptcy court order that cancelled their health insurance. Trump Entertainment president Robert Griffin now claims that while the organization still intends to close the casino on December 12, they have been prepared to commit to restoring health that is full benefits to people of neighborhood 54 of this Unite-HERE casino workers union if the union will consent to drop their appeal.

The deal would also consist of contributions to 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 discussion in London were the potential legislation of bitcoin gaming and the financial future of bitcoin. (igamingbusiness.com)

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

‘The Bitcoin4iGaming Conference is specialized in the opportunities Bitcoin and other digital currencies present to the iGaming sector,’ explained organizers iGaming Business Magazine. ‘The event will bring the crypto-currency world therefore the iGaming world together in purchase to get rid of friction in iGaming payment processing and popularizing the utilization of crypto-currencies in electronic transactions.’

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

Regulation for Bitcoin

There is additionally a perspective that is regulatory offer from representatives of several on the web gambling licensing jurisdictions whom spoke about their efforts to recognize the role of bitcoin in the sector. The Isle of Man, in particular, has announced that its long-term ambition is always to build an environment that allows bitcoin businesses to thrive and it is looking at the probability of creating a framework of regulation for the currency that is nascent.

Additionally among the speakers had been entrepreneur Brock Pierce, a pioneer of the market for digital currency and co-founder and managing partner of Crypto Currency Partners (CCP). a prolific investor who has led more than 30 acquisitions throughout his career, Pierce is a much sought-after commentator regarding the Bitcoin economy and sits regarding the Board associated with the Bitcoin Foundation.

Breakout Gaming Fails to split Out

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

Breakout Gaming is really a bold bid to bring alt-currency gaming up to a mainstream market. Revealed 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 license from the jurisdiction of Kahnawake and, on launch, will offer poker and casino gaming and fantasy sports. Along with BRO, customers will be able to use bitcoin and regular currencies to play.

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