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Foxwoods Appears to Cut Back on Gambling, Diversify Revenues0



New Foxwoods CEO Felix Rappaport hopes that new attractions can help the resort weather increased competition in the area.

New Foxwoods CEO Felix Rappaport claims that the casino resort plans to cut straight back a bit on its gambling focus and diversify its offerings is an attempt to survive against an onslaught of the latest competitors in the region. The idea will be to offer more nightclubs and other tourist attractions that may bring in new clients who aren’t necessarily attracted by way of a gaming-first resort.

‘We think we 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, when the amount of people who had been entering the Foxwoods casino to gamble each started to drop day. He is perhaps not planning to eliminate gaming by any means, or even severely curtail it; instead, it will be described as a move that is subtle make room for lots more options at the resort.

Right now, the southeastern Connecticut casino has about 5,800 slot machines and 350 table games disseminate across several casinos on the property. Rappaport intends to eradicate some gaming areas to bring those true figures right down to around 4,800 and 250, correspondingly.

Competition in Neighboring States Hurting Foxwoods

Rappaport’s plan is a response to your competition that is growing across 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 ny within the next few years, Rappaport believes it https://casino-online-australia.net/ladbrokes-casino-review/ really is time to locate a new path.

Rappaport was known as CEO of Foxwoods the other day by the Mashantucket Pequot Tribal country, which operates the resort. That announcement came after he joined Foxwoods in February included in a group that ended up being introduced to expand the resort’s nightlife, restaurants and offerings that are retail. Previously, 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 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 said. ‘I think in Foxwoods’ instance we have exactly the same opportunities.’

Mohegan Sun Not Expecting to Make Drastic Modifications

Mohegan Sun, located simply a miles that are few Foxwoods, is dealing with lots of similar pressures as its neighbor. But that resort’s Tribal Gaming Authority CEO Mitchell Etess says that they don’t 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 and then scheduling it for the times when the people are right here,’ Etess told analysts during a meeting call week that is last.

Foxwoods has made efforts to expand their brand name throughout the northeast as casino gambling has exploded in 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 additionally attempted to compete for A boston-area casino in Massachusetts, but ended up being rebuffed by voters in Milford.

Atlantic City Casinos Spark Bankruptcy Court Battles

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

Atlantic City’s closed (and closing) casinos have reached the middle of several interesting storylines currently happening in bankruptcy courts. From fights over driveways to questions about unpaid taxes, bankruptcy judges are looking at a few situations that are different struggling resorts in the nj-new Jersey city.

In the first problem, 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 towards the landlord, despite the actual fact that the funds was really owed by Trump Entertainment Resorts, a business he now just holds a 10 % stake in. 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 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 perhaps not respond to the claim.

It is perhaps 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 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, breaking an excellent contract and harming the Trump brand name.

Several Casino Tax Issues to be Decided

Meanwhile, there’s also several tax issues that are currently being resolved in court. On Tuesday, a Delaware bankruptcy court authorized a deal between Trump Entertainment and Atlantic City that may allow the city to put on 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 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 taxation sale is scheduled to take place on December 11, just one 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 a bankruptcy court order that could have allowed Atlantic City to put up a tax purchase of their $32 million in unpaid home taxes. The city asked for a tax sale following the $110 million purchase associated with Revel by A canadian firm dropped through. The proceeds from that purchase had been expected to be used to pay 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 plus the union workers who’ve appealed a bankruptcy court order that cancelled their health insurance. Trump Entertainment president Robert Griffin now says that while the organization still intends to shut the casino on December 12, these are typically willing to commit to restoring full wellness care benefits to members of Local 54 for the Unite-HERE casino employees union if the union will accept 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 regulation that is potential of gaming and the financial 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 possible regulation of bitcoin video gaming to the economic future of bitcoin and alternative currencies, as operators, investors and affiliates seized the chance to network and exchange ideas.

‘The Bitcoin4iGaming Conference is specialized in the possibilities Bitcoin and other virtual currencies give the iGaming sector,’ explained organizers iGaming Business Magazine. ‘The event will bring the crypto-currency world and also the world that is iGaming in order to eradicate 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 speaker and he mentioned the advantages of using currencies that are alternative the on line gambling sector, from the ability to target customers all around the world, to the zero chargeback dangers and the reduction of fraud.

Regulation for Bitcoin

There clearly was also a perspective that is regulatory offer from representatives of several on line gambling licensing jurisdictions whom talked about their efforts to acknowledge the part of bitcoin within the sector. The Isle of Man, in particular, has announced that its long-term ambition would be to build an environment that allows bitcoin businesses to thrive and it is taking a look at the chance for creating a framework of regulation for the currency that is nascent.

Also among the speakers was entrepreneur Brock Pierce, a pioneer of the marketplace for electronic money 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 in the Bitcoin economy and sits in the Board of the Bitcoin Foundation.

Breakout Gaming Fails to split Out

In related news, Breakout Gaming, the first gambling site to make use of its 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 in an ‘Initial Coin providing,’ with all the value of just one bitcoin corresponding to 6,000 BRO. Breakout Gaming raised simply 387 bitcoin (presently equal to around $136,000), falling well brief of its 1,000 bitcoin objective.

Breakout Gaming is a bid that is bold bring alt-currency 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 company is pursuing a permit through the jurisdiction of Kahnawake and, on launch, will offer poker and casino gaming and fantasy recreations. As well as BRO, customers will be able to use bitcoin and regular currencies to 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 general,’ he stated.

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