Foxwoods Appears to Cut Back on Gambling, Diversify Profits

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New Foxwoods CEO Felix Rappaport hopes that new destinations can help the resort climate increased competition in the region.

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 effort to survive against an onslaught of new competitors in the region. The idea will be to offer more nightclubs and other destinations that may bring in new clients who aren’t necessarily drawn with a gaming-first resort.

‘We think we have too much video 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 are making years ago, when the quantity of individuals who had been entering the Foxwoods casino to gamble each time started to drop. He is perhaps not preparing to get rid of gaming by any means, or also severely curtail it; instead, it will be considered 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 slot machines and 350 table games spread out across a few casinos on the property. Rappaport intends to eradicate some gaming areas to bring those true numbers right down to around 4,800 and 250, respectively.

Competition in Neighboring States Hurting Foxwoods

Rappaport’s plan is a reply towards 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 New York City area have actually eroded the player base for Foxwoods and Mohegan Sun, the two indigenous American casino resorts in Connecticut. Now, with more casinos coming to Massachusetts and New York in the next few years, Rappaport believes it really is time to discover a new course.

Rappaport was called CEO of Foxwoods week that is last the Mashantucket Pequot Tribal country, which operates the resort. That statement arrived after he joined Foxwoods in February as an element of a group that had been introduced to expand the resort’s nightlife, restaurants and offerings that are retail. Previously, Rappaport served as the elected president at Excalibur, New York-New York, and Luxor in Las Vegas.

At those casinos, Rappaport saw that bringing in non-gaming attractions helped generate 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’ instance we have exactly the exact same possibilities.’

Mohegan Sun Not Anticipating to Make Drastic Changes

Mohegan Sun, located simply a miles that are few Foxwoods, is dealing with a lot of the same pressures as its neighbor. But that resort’s Tribal Gaming Authority CEO Mitchell Etess says that they don’t be making any drastic changes beyond what they have currently done.

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

Foxwoods has made efforts to expand their brand name 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 cash he paid to your landlord of a driveway that resulted in the Trump that is former Plaza. (Image: NBCPhiladephia.com)

Atlantic City’s shut (and closing) casinos have reached the middle of several interesting storylines currently taking place in bankruptcy courts. From fights over driveways to questions regarding unpaid taxes, bankruptcy judges are considering a few various ladbrokes live casino mobile situations regarding struggling resorts in the New Jersey town.

In the first 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 that he paid $147,000 to your landlord, despite the fact that the amount of money was really owed by Trump Entertainment Resorts, a company he now just holds a 10 % stake in. He has 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 regarding the driveway), he just agreed to spend the rent ‘in purchase to avoid litigation’ for the right time being. He now thinks he should be ‘reimbursed by the debtor,’ by which he means Trump Entertainment. The business did not respond to the claim.

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

Trump and their daughter are currently 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 an excellent agreement and hurting the Trump brand name.

Several Casino Tax Issues to be Decided

Meanwhile, there are several tax issues that are currently being fixed 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 from the taxes, the investor gets paid; if that does not happen after two years, the investor has the right to foreclose on the property. The taxation purchase is scheduled to simply 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 Monday, the owners filed an appeal of the bankruptcy court purchase that would have allowed Atlantic City to put on a income tax sale of their $32 million in unpaid home taxes. The city asked for a taxation sale after the $110 million purchase associated with the Revel by a firm that is canadian through. The proceeds from that sale were likely to be used to spend off the back taxes.

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 have appealed a bankruptcy court order that cancelled their health insurance. Trump Entertainment president Robert Griffin now says that while the company still plans to close the casino on December 12, they’re willing to commit to restoring full health care benefits to users of regional 54 of this Unite-HERE casino employees union if the union will agree to drop their appeal.

The deal would also consist of contributions to a pension arrange for workers. 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 video gaming execs descended on Dexter House, a venue, appropriately enough, situated next to the former Royal 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 a few ideas.

‘The Bitcoin4iGaming Conference is dedicated to the possibilities Bitcoin and other digital currencies give the iGaming sector,’ explained organizers iGaming Business Magazine. ‘The event brings the crypto-currency world therefore the world that is iGaming in order to get rid of friction in iGaming payment processing and popularizing the employment of crypto-currencies in digital transactions.’

Bitcoin Foundation Executive Director Jon Matonis was the opening keynote presenter and he talked about the benefits 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 regulatory viewpoint on offer from representatives of several on line gambling certification jurisdictions who talked about their efforts to identify the role of bitcoin into the sector. The Isle of Man, in particular, has announced that its long-term ambition is to build an environment that would allow bitcoin businesses to thrive and it is taking a look at the probability of developing a framework of regulation for the currency that is nascent.

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

Breakout Gaming Fails to split Out

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

Breakout Gaming is really a bold bid to bring alt-currency video gaming 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 business is pursuing a license from the jurisdiction of Kahnawake and, on launch, will offer you poker and casino gaming and fantasy activities. In addition to 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 bad timing. ‘When we first established 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.

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