Foxwoods Resorts Casino‘s financial problems could hardly be called “solved,” but CEO Scott “Woody” Butera plans to leave next month anyway for a non-gaming job. He will continue to advise Foxwoods from his new perch, though, even dickering with the casino’s creditors. Butera hasn’t disclosed what his “rare opportunity outside of the gaming industry” is. Perhaps, having converted $2.2 billion in old debt into $1.7 billion in new debt, Butera feels his work is done. Said Woody, “Foxwoods now has a strong executive team and a solid plan that I believe will result in great success in the near future.”
Among the unfinished business Butera leaves is the casino’s attempt to penetrate southeastern Massachusetts. It’s been mulling sites in Fall River and is expected to make a strong push for Continued >>
Donald Trump is posturing as the potential rescuer of Trump Plaza and Trump Taj Mahal, provided he can get them dirt cheap. (Principal creditor Carl Icahn will have a thing or two to say about that.) In true Trump fashion, he is blaming all their ills on “funds” and let’s forget all the years when he talked big but never did anything — like building something to replace Trump World’s Fair. Trump is described by a close associate as looking at the matter “cautiously,” although he seems to have achieved his prime objective: being seen in the media as Atlantic City‘s savior.
All this is very odd coming from a man who keeps loudly congratulating himself on having gotten out at the right time. Also, the poor performance of his Continued >>
If you need any evidence of the increasing American acceptance of casino gambling as an everyday activity, just look to Iowa. Two years ago, 69% of Iowans had gambled in the previous year. Now it’s up to 78%. Mind you, it’s not all casino-driven: Casino revenues gained 4% while the lottery leapt 20%. According to the University of Northern Iowa’s Center for Social & Behavioral Research, “factors for the increase in gambling activity could be the improving national economy or an increased public awareness of the types of activities that are considered gambling for the study’s purposes.”
The news wasn’t entirely good: 8,000 Iowans were quantified as problem gamblers, with another Continued >>