FOXWOODS NAMES NEW VICE PRESIDENT

Foxwoods names Mississippi casino veteran as vice president of finance
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By William Sokolic
For The Norwich Bulletin
Posted Jun 24, 2009 @ 11:30 PM

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A former executive at casinos in Mississippi has joined Foxwoods Resort Casino as executive vice president of finance.

Edward Farrell will assist Mashantucket Pequot Gaming Enterprises President Michael Speller in directing the financial strategy of the company and analyzing opportunities for expansion. In this capacity, he will oversee all company accounting practices including preparing budgets, financial reports and tax and audit functions, and will direct the projection of future company growth.

“Foxwoods has long been a leader on the casino resort landscape,” Farrell said in a statement. “I’m thrilled to join a team that is so committed to providing its guests with the best possible gaming and hospitality experience.”

Farrell comes onboard during a challenging time for casinos throughout the Northeast, as a combination of a poor economy and growing competition have taken a toll. Foxwoods and Mohegan Sun continue to experience year-over-year slot revenue declines. Atlantic City, N.J., casinos have suffered a similar fate for about two years, while the Twin River slot parlor — Rhode Island’s largest — filed for bankruptcy protection this week.

Neither Farrell nor Speller were available for further comment Wednesday. In a press release, Speller said, “Ed Farrell’s proven track record of success and keen understanding of the gaming and hospitality industries makes him a great fit for our team.”

Farrell, who has a bachelor’s in business administration from the University of Nevada, Reno, arrived at Foxwoods from Harrah’s Entertainment in Tunica, Miss., where he had served as regional vice president of finance since 2005. He was responsible for overseeing the capital and operating budget process for Harrah’s Tunica and Horseshoe Casino-Hotel. He also worked as vice president of casino operations and vice president of finance and administration for Horseshoe Casino-Hotel.

Before joining Harrah’s, Farrell spent more than six years as executive vice president and CFO for Treasure Bay Resort Hotel and Casino in Biloxi, Miss.

EDITORIAL FOOTNOTE: The Mashantucket Pequot are taking their destiny into their own hands. They are hiring new people, and looking for new solutions, to the bad economic climate of the casino industry in Connecticut. This is a smart thing to do. How come the Mohegans Tribal Gaming Authority (the MTGA, the Mohegan Tribal Council), isn't doing something? Did they recently give the top executives at the Mohegan Sun Casino, new contracts? Are continuing losses acceptable? Should the MTGA be proactive? Is the MTGA, instead reactive? Could it be that the MTGA is sitting on their hands? Are these valid observations? What do you think?