Foxwoods CEO: Online gambling may be spurred by competition
FIERCE competition may force Indian-run casinos in eastern Connecticut to think about and consider online gambling. The chief executive of Foxwoods Resort Casino says they may need to consider keeping up with the industry to possibly survive.
Scott Butera, in an online discussion with The Day of New London, said supply in the casino business is outpacing demand. Gambling has been legalized in Massachusetts, though casinos are not expected to open for a few years. Casinos in New York also are taking a greater share of the market. “We clearly believe that supply growth is outpacing demand,” Butera said. “As a result, we will need to adjust our businesses accordingly.”
He said he expects additional venues and online gambling to be a part of Foxwoods’ future, though not immediately. Butera also said Foxwoods has concluded negotiations with its creditors and is focusing on completing the transaction.
The parent company of the Mohegan Sun casinos in Connecticut and Pennsylvania announced last month it has refinanced debt of about $1 billion.
Foxwoods has posted revenue of $5.53 billion since the start of the state’s 2012 budget year, down 5 percent from the same period last year.
