Foxwoods casino taps Tropicana Entertainment’s Scott Butera

By Steve Green

Friday, Nov. 5, 2010 | 3:02 p.m.

The owner of the big Foxwoods casino in Connecticut today said it hired Las Vegas gaming executive Scott Butera as CEO, bringing much-needed turnaround experience to the gaming operation that has been grappling with debt while trying to salvage a Philadelphia casino project.

Foxwoods is in default on a $700 million bank line of credit and has been trying to restructure more than $2 billion in debt, according to The Day newspaper in Connecticut. Some of the debt was accumulated in developing the Connecticut resort, which has some 6,600 slot machines and 360 table games and serves the Boston-New York corridor.

Pennsylvania regulators have threatened to revoke the license for the planned Foxwoods Philadelphia casino, but Foxwoods hopes Harrah's Entertainment Inc.'s recent agreement to develop and manage the property will salvage the deal for it and its partners.

The Mashantucket Pequot Tribal Council made the announcement about Butera today, one day after Tropicana Entertainment Inc. of Las Vegas announced Butera would be stepping down as CEO and as a board member.

"As North America’s largest resort casino, Foxwoods is a true industry leader, and I look forward to bringing my own experience and insight to the Mashantucket Pequot Tribal Nation, who has done so much for the state of Connecticut and this region" Butera said in a statement.

"We are thrilled to welcome Scott Butera as our new president and CEO of Foxwoods Resort Casino and MGM Grand at Foxwoods. Mr. Butera is recognized as one of the most innovative business leaders in the gaming industry today," Rodney Butler, chairman of the Mashantucket Pequot Tribal Council, said in a statement. "Mr. Butera is no stranger to economic adversity, and his track record of proven results will undoubtedly boost our team members with confidence as he steers Foxwoods and MGM Grand at Foxwoods into a profitable and prosperous future."

Butler said William Sherlock, who has been serving as interim president, was instrumental in identifying Butera for the position and will remain with the tribe through the end of the year and after that as an adviser as needed.