One of the most popular casinos in Connecticut and in North America in general, Foxwoods, is about to implement changes, which are believed to be favourable to its prosperity.
Foxwoods’ CEO Felix Rappaport announced that there will be a reduction in the number of gambling facilities such as table games and slot machines. Instead, Foxwoods’ managers are planning to establish nightclubs, as well as places that offer a wide variety of entertainment options. Their aim is to resist the tough competition they have been recently facing and keep the casino as competitive as it used to be in the past.
As a matter of fact, those who are familiar with the matter, are convinced that these changes should have already been implemented, but they believe the reasons for the delay were predominantly emotional. In addition, the number of players who visit the venue declined, which made the availability of so many gaming machines useless. Rappaport supported that standpoint and added that according to him, the gambling opportunities offered are excessive.
Currently, the total number of slot machines available is 5,800 and the table games are 350 distributed among several venues. However, their number is intended to be reduced respectively to 4,800 and 250.
The year 1992 saw the establishment of Foxwoods, which quickly became a thriving one. When the venue opened doors for visitors, it had 6,300 machines and 380 table games. However, the Great Recession brought about a significant decline and unfortunately, it was really difficult for managers to compensate for losses.
Now, Foxwoods is committed to survive the fierce competition, which is believed to be getting more and more intense. Three casinos in Massachusetts are about to be opened within the next three years. In addition, Foxwoods faces the rivalry of casino venues, located in New York and Rhode Island and to make matters worse, Foxwoods is supposed to defeat its local opponent Mohegan Sun and attract more customers. Unfortunately, both Connecticut-based venues have reported a rapid decrease in sales lately.
The CEO of Mohegan Sun commented that despite the crisis and the reduced number of players, no further troubles with the revenue are expected. He also added that he considers the job done to be wonderful and Mohegan Sun can take pride in being a well-managed property.
As far as the reduction of slot machines and table games in Foxwoods is concerned, it is believed to be a wise move. Although Rappaport has become a CEO relatively recently, he was well aware of all the complicated issues Forwoods needs to deal with. Management was focused on making the resort a preferred one by expanding it and adding new, exciting features, including restaurants, nightclubs, and a mall. The new facilities will most probably open at the beginning of the spring.
Rappaport added that the decision for reducing the gambling facilities was not randomly made. Foxwoods’ managers have settled down around the idea that the industry is becoming “less gaming centric”. He said that, Foxwoods will rely on the new amenities to improve the revenues and make the resort as attractive to players as it used to be before the global financial crisis.
