Foxwood<span id="more-8506"></span>s Looks to Cut Back on Gambling, Diversify Revenues

New Foxwoods CEO Felix Rappaport hopes that new tourist attractions 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 effort to survive against an onslaught of new competitors in the region. The idea will be to offer more nightclubs and other attractions that may bring in new customers who are not necessarily attracted by a gaming-first resort.

‘We think we have too gaming that is much’ Rappaport stated plainly in a 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, when the amount of individuals who were entering the Foxwoods casino to gamble each started to drop day. He is maybe not planning to eliminate gaming by any means, or even severely curtail it; instead, it’s going to be described as a move that is subtle make room for lots more options at the resort.

Appropriate now, the southeastern Connecticut casino has about 5,800 slot machines and 350 table games disseminate across a few casinos on the property. Rappaport intends to eliminate some gaming areas to bring those figures right down to around 4,800 and 250, respectively.

Competition in Neighboring States Hurting Foxwoods

Rappaport’s plan is a reply to your competition that is growing round the northeastern United States. 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 nyc within the next few years, Rappaport believes it really is time to discover a path that is new.

Rappaport was called CEO of Foxwoods week that is last the Mashantucket Pequot Tribal country, which operates the resort. That announcement arrived after he joined Foxwoods in February as part of a team that ended up being earned to expand the resort’s nightlife, restaurants and retail offerings. 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 new clients, 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’ case we have actually exactly the same opportunities.’

Mohegan Sun Not Anticipating to Make changes that are drastic

Mohegan Sun, located simply a miles that are few Foxwoods, is facing many of the exact same pressures as its neighbor. But that resort’s Tribal Gaming Authority CEO Mitchell Etess says that they won’t be making any drastic modifications beyond what they’ve already done.

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

Foxwoods has made efforts to expand their brand name through 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 off the ground, and the license was revoked in late 2010. The company additionally attempted to compete for a casino that is boston-area 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 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 battles over driveways to questions regarding unpaid taxes, bankruptcy judges are considering several situations that are different struggling resorts in the New Jersey city.

In the 1st problem, real estate tycoon Donald Trump is hoping to recover funds that he says he paid to the landlord of the driveway that lead up to that which was the Trump Plaza casino, which shut in September. 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 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 order to avoid litigation’ for the time being. He now believes he should be ‘reimbursed by the debtor,’ by which he means Trump Entertainment. The company did perhaps not respond to the claim.

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

Trump and their daughter are suing Trump Entertainment in an effort to remove the Trump name from their gambling enterprises. The Trump name has mostly been eliminated at the Plaza that is now-closed Trump Entertainment has refused to do the same at the Trump Taj Mahal. The Trumps say that the resorts have dropped into disrepair, violating a good agreement and harming the Trump brand.

Several Casino Tax Issues to be Decided

Meanwhile, additionally several tax issues that are being solved 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 income tax sale, an investor can buy a lien against the business and agree to pay for the taxes due. If the house owner pays off the taxes, the investor gets paid; if that doesn’t take place after two years, the investor has the right to foreclose on the house. The taxation sale is scheduled to simply 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 purchase that might have allowed Atlantic City to keep a tax purchase of their $32 million in unpaid home taxes. The city asked for a taxation sale following the $110 million purchase of the Revel by a firm that is canadian through. The arises from that purchase were expected 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 plus the union workers that have 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, they truly are prepared to commit to restoring health that is full benefits to members of regional 54 regarding the Unite-HERE casino workers union if the union will consent to drop their appeal.

The deal would include contributions to also a pension policy 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 video gaming and the financial future of bitcoin. (igamingbusiness.com)

Bitcoin4iGaming, the entire world’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 location, appropriately enough, situated next to the former Royal Mint. a number of dilemmas were up for conversation, from the prospective regulation of bitcoin video gaming to the financial future of bitcoin and alternative currencies, as operators, investors and affiliates seized the chance to network and exchange ideas.

‘The Bitcoin4iGaming Conference is focused on the possibilities Bitcoin and other virtual currencies give the sector that is iGaming’ explained organizers iGaming Business Magazine. ‘The event will bring the crypto-currency world and also the world that is iGaming in order 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 alternative currencies in the online 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 additionally a perspective that is regulatory offer from representatives of several on line gambling certification jurisdictions whom talked about their efforts to recognize the part of bitcoin into the sector. The Isle of Man, in particular, has announced that its long-term ambition is build an environment that would allow bitcoin businesses to thrive and is taking a look at the probability of creating a framework of legislation for the nascent currency.

Additionally among the speakers had been entrepreneur Brock Pierce, a pioneer of the marketplace for digital money and co-founder and managing partner of Crypto 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 associated with Bitcoin Foundation.

Breakout Gaming Fails to Break Out

In related news, Breakout Gaming, the first gambling site to utilize its very own crypto-currency, the Breakout Coin (BRO), has reported disappointing initial fundraising efforts. The business held a ‘crowdsale’ fundraising https://casino-online-australia.net/ladbrokes-casino-review/ effort which ended this week, where it offered up 4 million BRO’s for sale within an ‘Initial Coin Offering,’ utilizing the value of 1 bitcoin equal to 6,000 BRO. Breakout Gaming raised simply 387 bitcoin (presently equal to around $136,000), falling well short of its 1,000 bitcoin objective.

Breakout Gaming is a bid that is bold 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 company is pursuing a license through the jurisdiction of Kahnawake and, on launch, will offer you poker and casino gaming and fantasy sports. As well as BRO, customers will be able to use bitcoin and currencies that are regular play.

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