“I’ve been down to the crossroads….” (Cream, with Eric Clapton on vocals)
Nearing the end of a massive debt-restructuring and having completed a mostly voluntary downsizing of its workforce, Foxwoods finds itself at a crossroads.
It just doesn’t seem that the Mashentuckets are making a circle of trust for their $1 billion casino project – it may or may not fly with the locals in Milford, Mass., an eastern Bay State town that a would-be casino developer has been courting for years and with whom Foxwoods is now partnered.
At a meeting last week in Milford, members of the town’s Board of Selectmen panned as short on specifics a presentation by FCX Massachusetts LLC, the entity Scott Butera, Foxwoods’ president and chief executive officer, has formed to carry the proposal forward.
But being so late to the party is never a good thing. First, Foxwoods barely made the first deadline to register for the party buy teaming up with Colorado-based developer David Nunes. Then, FCX picked up a baton seemingly dropped by Crossroads Massachusetts LLC and Nunes, who first proposed a Milford casino in 2008, Warner Gaming of Las Vegas, businessman Robert Potamkin and others.
However, not much has been done since while they have been finishing a massive debt restructuring and downsizing their workforce. First impressions a real important at parties – is this the impression their want to have before they start courting the people of Milford for that casino?
I wish them well, but, even if it clears those hurdles, Foxwoods could face competition for a casino license from Wynn Resorts and Caesars Entertainment, Las Vegas-based giants proposing casinos in Everett and in partnership with Suffolk Downs in East Boston respectively.
That’s all for now – but. Think this is just the beginning of the drama in store.