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Foxwoods Appears to Cut Back on Gambling, Diversify Profits

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

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 endure against an onslaught of the latest competitors in the spot. The idea is to offer more nightclubs and other destinations that may bring in new customers who are not necessarily attracted by way of a gaming-first resort.

‘We think we have too gaming that is much’ Rappaport stated 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 have made years ago, when the number of those who were entering the Foxwoods casino to gamble each time started to drop. He is 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 to get more options at the resort.

Appropriate now, the southeastern Connecticut casino has about 5,800 slot machines and 350 table games spread out across several casinos on the property. Rappaport plans 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 a response to the growing competition all round 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 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 nyc in the next few years, Rappaport believes it really is time to locate a new course.

Rappaport was called CEO of Foxwoods the other day by the Mashantucket Pequot Tribal country, which operates the resort. That statement came after he joined Foxwoods in February as part of a group that had been introduced to expand the resort’s nightlife, restaurants and offerings that are retail. Previously, Rappaport served as the president at Excalibur, brand New York-New York, and Luxor in Las Vegas.

At those casinos, Rappaport saw that bringing in non-gaming attractions helped make customers that are new something he thinks can happen at Foxwoods as well.

‘The industry in general has become less gaming centric,’ Rappaport said. ‘I think in Foxwoods’ instance we have actually exactly the exact same opportunities.’

Mohegan Sun Not Anticipating to Make changes that are drastic

Mohegan Sun, located just a miles that are few Foxwoods, is facing many of equivalent pressures as its neighbor. But that resort’s Tribal Gaming Authority CEO Mitchell Etess says that they will not be making any drastic modifications beyond what they will have already done.

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

Foxwoods has made efforts to expand their brand name throughout the northeast as casino gambling has exploded within 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 belated 2010. The company also attempted to compete for A boston-area casino in 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 towards 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 center of several interesting storylines place that is currently taking bankruptcy courts. From fights over driveways to questions regarding unpaid taxes, bankruptcy judges are looking at several situations that are different 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 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 got 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 for the driveway), he only agreed to spend the rent ‘in purchase 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 company did not react 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 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 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.

Several Casino Tax Issues to be Decided

Meanwhile, additionally 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. In a tax sale, an investor can buy a lien against the company and agree to pay for the taxes due. In the event that house owner pays from the taxes, the investor gets paid; if that does not take place after two years, the investor has the right to foreclose on the property. The tax sale 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 a bankruptcy court order that could have allowed Atlantic City to carry a tax sale of their $32 million in unpaid home taxes. The town asked for a tax sale following the $110 million purchase of the Revel by A canadian company dropped through. The arises from that sale were anticipated to be employed to spend 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 that have appealed a bankruptcy court order that cancelled their medical insurance. Trump Entertainment president Robert Griffin now says that while the organization still plans to close the casino on December 12, they truly are prepared to commit to restoring full wellness care benefits to members of neighborhood 54 of the Unite-HERE casino employees union if the union will accept drop their appeal.

The deal would also consist of contributions to a pension plan for workers. While these are not the only real issues the union had with the termination of the contract, the company is hoping that resolving the greatest complaints will lead the union to consent to accept the remainder court order.

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, had been 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 discussion, from the prospective 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 dedicated to the possibilities Bitcoin and other virtual currencies show the iGaming sector,’ explained organizers iGaming Business Magazine. ‘The event will bring the crypto-currency world while the world that is iGaming in order to remove friction in iGaming payment processing and popularizing the application of crypto-currencies in electronic transactions.’

Bitcoin Foundation Executive Director Jon Matonis was the opening keynote presenter and he talked about advantages of utilizing currencies that are alternative the online 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 clearly was also a perspective that is regulatory offer from representatives of several online gambling licensing jurisdictions whom talked about their efforts to acknowledge the role of bitcoin within the sector. The Isle of Man, in particular, has announced that its long-term ambition is build an environment that allows bitcoin businesses to thrive and it is looking at the chance of creating a framework of regulation for the currency that is nascent.

Also among the speakers was entrepreneur Brock Pierce, a pioneer of the market for electronic money 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 regarding the Bitcoin economy and sits on the Board associated with Bitcoin Foundation.

Breakout Gaming Fails to split 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 week, where it offered up 4 million BRO’s for sale within an ‘Initial Coin providing,’ utilizing the value of one bitcoin corresponding to 6,000 BRO. Breakout Gaming raised just 387 bitcoin (presently equal to around $136,000), falling well short 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 organization is pursuing a license from the jurisdiction of Kahnawake and casino ladbrokes, on launch, will offer poker and casino gaming and fantasy activities. As well as BRO, customers will be able to use bitcoin and currencies that are regular play.

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

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