Foxwoods Brings Las Vegas Strip, Disney-Style Fun to East Coast
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Foxwoods Resort Casino opened in 1992 in rural Connecticut. It is the largest resort casino in North America with seven casinos, multiple hotels and every type of restaurant. CEO Jason Guyot started with the resort in 1995 and will take over in March 2021. He is a member of the Mashantucket Pequot Tribe. Guyots talks about the future of Foxwoods as a family resort destination and a world-class casino.
Foxwoods Brings Las Vegas Strip, Disney-Style Fun to East Coast.
Daniel Kline asks his employer if he planned that his competition would expand.
Foxwoods was a monopoly in 1992. It was still Atlantic City and Las Vegas. In the late 1990s and early 2000s, states started to legalize gaming. Foxwoods didn't have a long-term master plan until 2005-2006. The financial crisis in 2008 impacted everyone. Jason Guyot has been working on the latest masterplan since 2012.
Guyot explains the development of Foxwoods from a casino to an integrated resort destination. The land the tribe owns is one of the biggest assets. The future developments will include a waterpark and RV park. Fox Woods is in the heart of New England. It is within a two-hour drive of Boston. There is a different experience for guests every day.
Guyout is looking for a combination of different integrated resorts to create a unique destination. He doesn't want to compete with Disney World or Universal. The increase in flight costs is keeping people more regional. Kline has been to Vegas three or four times in the past few months. Gas prices are high, flights are difficult to get to Las Vegas and it's hard to fly direct. Klines is not going to jump on a plane and go somewhere else. It's still 90 minutes from his house. Guyot believes people will drive 90 miles instead of taking a flight. They are looking into the analytics of where their visitation is coming from.
Kline is a gambler in Las Vegas. Caesars gives him free rooms and other perks. He believes that value breeds loyalty. The only way to get more guests is to offer them value in resort and in their rewards program. Once they have that, it's very hard to shift their loyalties. It's a congested market. Everyone is trying similar tactics. There are traditional giveaways, gaming promotions, and events and galas.
Mohegan Sun is Foxwoods' main competitor. New York will open up full gaming licenses within the next few years. It's important for Foxwood to differentiate itself from them and other major players in the market. It looks like New Yorkers will push the opening of gaming licences forward to late this year or early next year.
Guyot is looking for opportunities to expand the Foxwoods brand outside of Connecticut. He is considering a casino in Las Vegas. He also wants to bring the experience of Foxwood's to Atlantic City. The future of the company is uncertain.
