Foxwoods Looks to Cut Back on Gambling, Diversify Profits
New Foxwoods CEO Felix Rappaport hopes that brand new tourist attractions helps the resort climate increased competition in the area.
New Foxwoods CEO Felix Rappaport states that the casino resort plans to cut right back a bit on its gambling focus and diversify its offerings is an effort to endure against an onslaught of new competitors in the spot. The idea is to offer more nightclubs and other destinations that may bring in new clients who aren’t necessarily attracted with a gaming-first resort.
‘We think we now 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 that the resort should probably are making years ago, whenever the amount of individuals who were entering the Foxwoods casino to gamble each time started to drop. He is not preparing to eliminate gaming by any means, or even severely curtail it; instead, it’s going to be a move that is subtle make room to get more options at the resort.
Appropriate now, the Connecticut that is southeastern casino about 5,800 slots and 350 table games disseminate across a few gambling enterprises on the property. Rappaport intends to eliminate some gaming areas to bring those true numbers right down to around 4,800 and 250, correspondingly.
Competition in Neighboring States Hurting Foxwoods
Rappaport’s plan is a reply to the growing competition all across the northeastern United States. 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 ball player base for Foxwoods and Mohegan Sun, the two Native American casino resorts in Connecticut. Now, with more casinos coming to Massachusetts and nyc in 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 statement came after he joined Foxwoods in February as an element of a group that was brought in to expand the resort’s nightlife, restaurants and retail offerings. Formerly, Rappaport served as the president at Excalibur, New York-New York, and Luxor in Las Vegas.
At those casinos, Rappaport saw that bringing in non-gaming tourist attractions helped make customers that are new something which 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 exactly the same possibilities.’
Mohegan Sun Not Expecting to Make changes that are drastic
Mohegan Sun, located simply a miles that are few Foxwoods, is dealing with lots of the exact same 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 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 and then arranging it for the times when the people are here,’ Etess told analysts throughout a seminar call last week.
Foxwoods has made efforts to expand their brand name through the northeast as casino gambling has exploded into the region, but has not been effective 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 belated 2010. The company also attempted to compete for A boston-area casino in Massachusetts, but was rebuffed by voters in Milford.
Atlantic City Casinos Spark Bankruptcy Court Battles
Donald Trump is hoping to be recoup cash he paid to the landlord of the driveway that resulted in the Trump that is former Plaza. (Image: NBCPhiladephia.com)
Atlantic City’s closed (and closing) casinos have reached the middle of several interesting storylines place that is currently taking bankruptcy courts. From fights over driveways to questions about unpaid fees, bankruptcy judges are considering several various situations regarding struggling resorts in the New Jersey town.
In the 1st issue, property tycoon Donald Trump is hoping to recover funds that he says he paid to the landlord of the driveway that lead up to what was the Trump Plaza casino, which closed in September. Trump claims that he paid $147,000 to your landlord, despite the very fact that the money was actually owed by Trump Entertainment Resorts, an organization he now only holds a ten percent stake in. He’s now submitted a court filing to recuperate those funds.
Donald Wants Repayment from Trump Entertainment
According to Trump, who also sent a letter to R&R Associates (the landlord regarding the driveway), he just agreed to spend the rent ‘in purchase to avoid litigation’ for the time being. He now thinks he should be ‘reimbursed by the debtor,’ by which he means Trump Entertainment. The company did maybe not react to the claim.
It’s maybe 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 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, violating an excellent contract and harming the Trump brand.
Several Casino Tax Issues to be Decided
Meanwhile, there are additionally several tax issues that are being resolved in court. On Tuesday, a Delaware bankruptcy court approved a deal between Trump Entertainment and Atlantic City that may allow the town to keep a tax sale of the $24 million in unpaid taxes owed to them by the company. In a taxation sale, an investor can buy a lien against the business and agree to pay for 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 income tax sale is scheduled to 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 city asked for a tax sale after the $110 million purchase of this Revel by a firm that is canadian through. The proceeds from that sale were anticipated to be employed to pay off the back taxes.
Taj Mahal Wishes Union to Drop Appeal
There has also been movement in the battle that is ongoing the Trump Taj Mahal and also the union workers who have appealed a bankruptcy court order that cancelled their health insurance. Trump Entertainment president Robert Griffin now states that while the business still plans to close the casino on December 12, these are typically ready to commit to restoring health that is full benefits to users of Local 54 of the Unite-HERE casino employees union if the union will agree to drop their appeal.
The deal would also add 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 discussion in London were the regulation that is potential of gaming and the economic future of bitcoin. (igamingbusiness.com)
Bitcoin4iGaming, the entire world’s first ever bitcoin gaming conference, had been held in London this week, as crypto-currency entrepreneurs and gaming execs descended on Dexter House, a location, appropriately enough, situated next to https://casino-online-australia.net/ladbrokes-casino-review/ the Royal that is former Mint. a wide range of problems 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 tips.
‘The Bitcoin4iGaming Conference is dedicated to the opportunities Bitcoin and other digital currencies show the iGaming sector,’ explained organizers iGaming Business Magazine. ‘The event brings the crypto-currency world as well as the iGaming world together in purchase to eliminate friction in iGaming payment processing and popularizing the utilization of crypto-currencies in digital transactions.’
Bitcoin Foundation Executive Director Jon Matonis was the opening keynote speaker and he discussed the advantages of utilizing alternate currencies in the online gambling sector, from the ability to target clients all throughout the world, to the zero chargeback risks and the reduction of fraud.
Regulation for Bitcoin
There is also a perspective that is regulatory offer from representatives of several on the web gambling licensing jurisdictions whom talked about their efforts to recognize the role of bitcoin in the sector. The Isle of guy, in particular, has announced that its long-term ambition is to build an environment that would allow bitcoin businesses to thrive and is taking a look at the chance of developing a framework of legislation for the currency that is nascent.
Additionally among the speakers was entrepreneur Brock Pierce, a pioneer of the marketplace for electronic 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 in the Board of this Bitcoin Foundation.
Breakout Gaming Fails to Break Out
The first gambling site to use its very own crypto-currency, the Breakout Coin (BRO), has reported disappointing initial fundraising efforts in related news, breakout Gaming. The organization held a ‘crowdsale’ fundraising effort 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 (presently equal to around $136,000), falling well short of its 1,000 bitcoin objective.
Breakout Gaming is just a bold bid to bring alt-currency video 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 business is pursuing a license from the jurisdiction of Kahnawake and, on launch, will offer you poker and casino gaming and fantasy sports. In addition to BRO, customers will be in a position to use bitcoin and regular currencies to play.
Gian Perroni, head of advertising at Breakout, place the disappointing results down to timing that is bad. ‘When we first launched our crowdsale bitcoin was in a fall that is free which cast a chill with potential purchasers, not merely for our project but for the crypto community in basic,’ he said.