Foxwoods Casino Tribe Seeks Economic Diversity, Acquires Consultancy Firm

The federation of tribes that owns Foxwoods Casino in CT has acquired a Florida-based government consultancy stiff that primarily contracts with the federal government.

The Mashantucket Pequot Tribal Nation announced this week it’s getting WWC Global. The Tampa contracting radical assists federal agencies inwards developing policies through and through research.

WWC clients include the US departments of Defense, State, Energy, and Homeland Security. The federal agency counts 350 employees, and bills itself as single of the 65 largest woman-owned contracting firms among US federal agencies.

WCC says it provides “innovative, short- and long-term solutions to a broad change of insurance and direction challenges.”

The Mashantucket Pequot Nation, one of deuce federally recognized tribes inwards Connecticut, the other being the Mohegan Tribe that owns and operates Mohegan Sun, is seeking to diversify its economical interests forth from gaming, hospitality, and entertainment. Tribal officials say investment inward industries non as prostrate to recessions and pandemics is critical to the tribe’s self-sufficiency inwards the decades ahead.

Terms of the WWC deal were non disclosed, but the folk said the consultancy generates near $100 million each year in revenue.

New Bets

The Great Recession and COVID-19 pandemic were a one-two slug for both Connecticut casinos. The 2008 financial disaster and then the whip virus outbreak the world’s seen since the Spanish flu caused practically fiscal harm to Foxwoods and Mohegan Sun.

The Mashantucket federation of tribes preponderantly relies on Foxwoods to reenforcement its tribal community and 2,500-acre reservation. The Mashantuckets taking o'er WCC Global, tribal officials say, testament facilitate cut back its trust on Foxwoods.

Until last-place fall, the Mashantuckets did non operate gaming outdoors Connecticut. That changed when the federation of tribes acquired the operating rights to the gambling casino inside the Fairmont Hotel in Puerto Rico. After outlay $15 trillion to update the facility, Foxwoods El San Juan Casino opened inward November 2021.

The Mohegan Tribe is a much larger gaming federation of tribes and has some non-gaming investments. The Mohegans possess and/or control octet casinos across Frederick North America, and are edifice a nearly $1.6 1000000000000 structured gambling casino holiday resort inward South Korean Peninsula at Incheon International Airport. The Mohegan folk also owns the WNBA Nutmeg State Sun, VII Jersey Mike’s subs locations, and sixer Pasta Vita restaurants.

Gaming Losses

Foxwoods opened in 1986 as a bingo hall. After receiving Class III gaming privileges through and through a thick with the state, Las Vegas-style expansion slot machines and tabularize games arrived at the readiness inwards 1992. The resort hotel has since undergone major expansions, and propped upwardly the federation of tribes into 1 of the nation’s wealthiest.

But ongoing encroaching contention — today casinos found inwards Connecticut’s terzetto neighboring states of Massachusetts, Rhode Island, and New House of York — Foxwoods has seen a real slump inward gaming.

Under their Class III compacts, the Mashantuckets percentage 25% of their one-year expansion slot win with the state. The folk keeps all of its tabular array gamey revenue.

In 2006, Foxwoods won around $820 jillion on its slot machines. By 2019, that figure had dropped to $452 million. The pandemic worsened things further, as Foxwoods terminals won only if around $342 million in 2020. Slot political machine win totaled $327 trillion endure year.