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Foxwood<span id="more-1865"></span>s Looks to Cut Back on Gambling, Diversify Profits

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

New Foxwoods CEO Felix Rappaport says that the casino resort plans to cut straight back a bit on its gambling focus and diversify its offerings is an effort to endure against an onslaught of the latest competitors in the spot. The idea will be to offer more nightclubs and other destinations that may bring in new customers who aren’t necessarily drawn by way of a resort that is gaming-first.

‘We think we now have too much video gaming,’ 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 have made years ago, whenever the quantity of those who had been entering the Foxwoods casino to gamble each started to drop day. He’s maybe not preparing to eradicate gaming by any means, or even severely curtail it; instead, it’ll be considered 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 spread out across a few gambling enterprises on the property. Rappaport plans to expel some gaming areas to bring those numbers right down to around 4,800 and 250, correspondingly.

Competition in Neighboring States Hurting Foxwoods

Rappaport’s plan is a reply towards the growing competition all 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 New York within the next few years, Rappaport believes it’s time to discover a path that is new.

Rappaport was named CEO of Foxwoods a week ago 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 was earned 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 new customers, something which 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 exact same opportunities.’

Mohegan Sun Not Expecting to Make changes that are drastic

Mohegan Sun, located simply a miles that are few Foxwoods, is dealing with many of similar 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 will have currently done.

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

Foxwoods has made efforts to expand their brand name through 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 from the ground, and the license was revoked in late 2010. The company also attempted to compete for a casino that is boston-area Massachusetts, but was rebuffed by voters in Milford.

Atlantic City Casinos Spark Bankruptcy Court Battles

Donald Trump is hoping become 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 shut (and closing) casinos are at 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 different situations regarding struggling resorts in the New Jersey city.

In the first 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 the thing that was the Trump Plaza casino, which closed in September. Trump claims that he paid $147,000 towards the landlord, despite the very fact that the cash was really owed by Trump Entertainment Resorts, a business he now just holds a ten percent 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 only 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 perhaps not respond to the claim.

It is 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 effort to eliminate 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 exact same at the Trump Taj Mahal. The Trumps say that the resorts have fallen into disrepair, violating a good agreement and harming the Trump brand.

Several Casino Tax Issues to be Decided

Meanwhile, there’s also a few tax issues that are currently being fixed in court. On Tuesday, a Delaware bankruptcy court approved a deal between Trump Entertainment and Atlantic City that may allow the city to put on a tax sale of the $24 million in ladbrokes casino rules unpaid taxes owed to them by the organization. An investor can buy a lien against the company and agree to pay the taxes due in a tax sale. 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 purchase is scheduled to just 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 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 the Revel by a firm that is canadian through. The arises from that sale were expected to be employed to spend off the back taxes.

Taj Mahal Wants Union to Drop Appeal

There has also been movement in the battle that is ongoing the Trump Taj Mahal therefore 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 intends to shut the casino on December 12, these are typically prepared to commit to restoring full health care benefits to people of regional 54 for the Unite-HERE casino workers union if the union will accept 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 regulation that is potential of video 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 place, appropriately enough, situated beside the former Royal Mint. a range that is wide of were up for discussion, from the possible regulation of bitcoin gaming to the economic future of bitcoin and alternative currencies, as operators, investors and affiliates seized the chance to network and exchange tips.

‘The Bitcoin4iGaming Conference is focused on the opportunities Bitcoin and other digital currencies give the iGaming sector,’ explained organizers iGaming Business Magazine. ‘The event brings the crypto-currency world and the iGaming world together in purchase to get rid of friction in iGaming payment processing and popularizing the usage of crypto-currencies in digital transactions.’

Bitcoin Foundation Executive Director Jon Matonis was the opening keynote speaker and he discussed advantages of using currencies that are alternative the on line gambling sector, from the ability to target clients all across 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 online gambling certification jurisdictions who spoke about their efforts to identify the part of bitcoin into the sector. The Isle of guy, in particular, has announced that its long-term ambition is always to build an environment that will allow bitcoin businesses to thrive and it is taking a look at the chance of making a framework of legislation for the nascent currency.

Also among the speakers was entrepreneur Brock Pierce, a pioneer of the market 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 his 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 website to make use of its very very own crypto-currency, the Breakout Coin (BRO), has reported disappointing initial fundraising efforts. The organization held a ‘crowdsale’ fundraising initiative which ended this week, where it offered up 4 million BRO’s for sale in an ‘Initial Coin providing,’ aided by the value of one bitcoin equal to 6,000 BRO. Breakout Gaming raised just 387 bitcoin (currently equal to around $136,000), falling well short of its 1,000 bitcoin goal.

Breakout Gaming is really a bold bid to bring alt-currency video gaming up 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 permit from the jurisdiction of Kahnawake and, on launch, will offer you poker and casino gaming and fantasy recreations. In addition to BRO, customers will be in a position to use bitcoin and currencies that are regular play.

Gian Perroni, head of marketing at Breakout, put the disappointing results down to bad timing. ‘When we first launched 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 basic,’ he said.