- Foxwoods Resort Casino Website
- Foxwoods Resort Casino Annual Report Template
- Foxwoods Resort Casino Annual Report 2020
Company: Foxwoods Resort Casino, Mashantucket, CT
Entry Submitted By: The Zimmerman Agency
Company Description: Foxwoods Resort Casino is one of the premier entertainment destinations in the Northeast. As the largest resort casino in North America, Foxwoods offers a vast array of gaming in six casinos; AAA Four-Diamond hotels, restaurants from gourmet to express, world-renowned spas, awarding-winning golf, state-of-the-art theaters, and exclusive retailers.
Nomination Category: Management Awards Categories
Nomination Sub Category: Executive of the Year - Hospitality & Leisure
Tell the story about what this nominee achieved since January 1 2012 (up to 525 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Foxwoods Resort Casino is a hotel and casino complex owned and operated by the Mashantucket Pequot Tribal Nation on their reservation located in Ledyard, Connecticut. Including six casinos, the resort covers an area of 9,000,000 sq ft (840,000 m 2). MASHANTUCKET, Conn. — February slot revenue at Foxwoods ® Resort Casino increased 2.2 percent in February to $39.3 million compared to $38.5 million in February 2013. Handle for the month was $479.3 million, up 3.6 percent from the $462.7 million wagered in February 2013. Net revenues at Foxwoods Resort Casino were $787.8 million, down 5% from $828.9 million in fiscal 2018. The annual fiscal reports, filed in late December, both attribute the decline to lower.
Dec 31, 2019 Foxwoods' annual report, posted on the website of the Electronic Municipal Market Access system, shows the Mashantucket Pequot-owned casino's net revenue declines can be attributed to a decrease in. MASHANTUCKET, Conn. — February slot revenue at Foxwoods ® Resort Casino increased 2.2 percent in February to $39.3 million compared to $38.5 million in February 2013. Handle for the month was $479.3 million, up 3.6 percent from the $462.7 million wagered in February 2013.
Scott C. Butera currently serves as President and CEO of Foxwoods Resort Casino, the largest resort casino in the United States with $1.2 billion in annual revenue. In his role, Butera oversees all aspects of resort business operations including its gaming, hospitality, retail and entertainment. Butera is also the principal architect of a comprehensive restructuring of Foxwoods' balance sheet.
Under his leadership, Foxwoods has responded smartly to recent economic and competitive challenges. Foxwoods has secured its financial positioning and achieved new levels of profitability by tightening its operations, renewing its customer service focus, and repositioning its consumer brand as a destination that is 'Anything But Ordinary.'
Butera is a highly regarded restructuring specialist who also possesses a keen operating sense. Both were evident in 2012 as Butera forged tentative agreements with creditors to ease Foxwoods $2.7 billion debt burden and moved to set the casino company on a path toward sustained profitability. Under Butera's lead, the debt restructuring, a complex affair involving more than two dozen creditors, proceeded to potential resolution throughout the year and culminated with an exchange offer in early 2013 that would trim the property's debt load to about $1.7 billion.
Equally important, Butera engineered agreements designed to help Foxwoods develop responses to a dramatically altered gaming landscape. Faced with competitive threats from newly enacted gaming legislation in New York and Massachusetts, Butera sought ways to expand the Foxwoods visitor experience. A new retail complex is among the highlights of the effort along with revamped player awards programs, regionalized consumer marketing and a push to gain a greater share of convention and meeting business in the northeast. In addition, Butera looked to expand the Foxwoods brand through investments in new gaming markets. One of those investments involves a push to win approval for a license to develop a casino property in neighboring Massachusetts where Foxwoods already has high name recognition and a loyal customer following. Another investment is expected to put Foxwoods in a position to capitalize on the emergence of Internet gaming. The sluggish economic recovery and the availability of new gaming products in the region produced a challenging 2012 business environment for Connecticut casinos. Butera met the resulting pressure on revenues by carefully managing the Foxwoods workforce without diminishing morale or Foxwoods' award winning service levels.
Prior to joining Foxwoods, Mr. Butera was President and Chief Executive Officer of Tropicana Entertainment Inc. and also served on Tropicana's Board of Directors. He was primarily responsible for Tropicana's successful financial and operational restructuring. Tropicana represents his second multi-billion dollar restructuring in the gaming industry. When he joined Tropicana in March 2008, the Company had just been denied a gaming license renewal in New Jersey and was overleveraged and in danger of liquidation. Mr. Butera achieved a number offinancial and operational accomplishments that created a healthy and competitive company. These included navigating the Company through an efficient Chapter 11 restructuring, eliminating approximately $2.5 billion in indebtedness, securingapproximately $67 million in debtor-in-possession financing and raising $150million of exit financing. In addition, Mr. Butera attracted new financially stable ownership through extensive negotiations with creditors.
Provide a brief (up to 125 words) biography about the nominee:
Scott Butera serves as President and CEO of Foxwoods Resort Casino, a position he has held since December 2010. The largest resort casino in the United States, Foxwoods earns $1.2 billion in annual revenue, with 2,230 hotel rooms, 150,000 sq. ft. of meeting space, more than 6,300 slot machines, 350 table games and 8,000 employees. In his role, Butera oversees all aspects of resort business including gaming, hospitality, retail and entertainment operations. Prior to joining Foxwoods, Butera was President and CEO of Tropicana Entertainment where he led the company out of Chapter 11 and successfully guided restructuring programs as an executive at Cosmopolitan and Trump Entertainment. Butera was also a leader in gaming, real estate and investment banking operations at UBS and Bear Stearns.
Connecticut may not have regulated online sports betting yet but local stakeholders are setting out their stall in preparation.
DraftKings announced on Monday it has entered into a multi-channel deal with the Mashantucket Pequot Tribal Nation – the owner of Foxwoods Resort Casino.
Under the agreement, DraftKings will run sports betting for the tribe, pending state-wide legalization.
Exclusive rights to CT sports betting?
Foxwoods Resort Casino Website
In a statement, DraftKings noted the Mashantucket Pequot and Mohegan tribes had exclusive rights to operate gaming within Connecticut's borders.
The tribes have argued in the past that their exclusivity on casino games extends to sports betting.
And they have warned if their exclusivity is breached, they would file a lawsuit against the state and cease making $250 million in annual revenue-sharing payments.
However, stakeholders like Sportech, which runs off-track horse racing betting parlors in the state, argue they should be cut in to sports betting also.
Any legalization bill would have to address that issue. But in the meantime, it looks like DraftKings has chosen its horse, and is one less political opponent for the tribes to fight.
Landmark deal for Connecticut sports betting
'This is a landmark deal in collaboration with the Mashantucket Pequot Tribal Nation as well as a critical next step to bringing America's top-rated sportsbook app to sports fans in Connecticut,' said Matt Kalish, co-founder and president of DraftKings North America.
'The national expansion of regulated sports betting is among our top strategic priorities. DraftKings today is live with mobile sports betting in 10 states, more than any other operator in the US. Teaming up with the tribe will allow us to extend our reach even further.'
DraftKings will also become Foxwoods' first-ever daily fantasy sports partner, starting Dec. 13.
The two will offer online promotions and contests to enhance fan engagement.
Still hurdles to clear
'Partnering with DraftKings, the most prominent name in sports betting, reinforces the Mashantucket Pequot Tribe's position as a leader in the gaming and entertainment industry,' said tribal chairman Rodney Butler.
'We've proven our ability to shape the future of gaming time and time again. And now we're ready to drive sports wagering and online gaming for the state of Connecticut. Working through the tribal gaming compacts, we will help bolster our economy with much-needed revenue and virtual entertainment.'
The tribal compacts would need to be expanded to include sports betting. Foxwoods and Mohegan Sun currently pay 25% of their slot revenue to the state.
Who else wants to get into CT sports betting?
Foxwoods Resort Casino Annual Report Template
The deal shifts the onus to CT's other tribe, the Mohegan Tribe. They partnered with Kambi back in 2019, suggesting they may look to operate sports betting under their own brand. Will the DraftKings deal change their plans?
Foxwoods Resort Casino Annual Report 2020
MGM Resorts International and the tribes have also hoped to build a casino in Bridgeport, an effort that has been tied up in the courts. MGM, which operates a casino in Massachusetts and is making a play for sports betting everywhere it is available, would obviously like to be involved in Connecticut sports betting.
