Outlet Mall is Part of Foxwoods Diversification

Foxwoods is hoping that diversification will help it resist an assault by competition from just about every direction in New England. The Connecticut tribe will soon open the Tanger Outlet next to its existing casino resort.

Foxwoods in Mashantucket, Connecticut is hopeful that the soon-to-open Tanger Outlet will help ameliorate recent hits to casino revenue.

The tribe is joining many other casinos in adding non-gaming amenities to their quiver. The 80-store outlet will open in weeks.

According to Foxwoods CEO Felix Rappaport, “Any business that doesn’t evolve becomes stagnant. It’s just part of the evolution.”

Some sort of evolution is obviously needed for Foxwoods and its erstwhile rival the Mohegan Sun, which have both seen declining profits, and now face strong competition from just about every direction, but especially from Massachusetts.

The Mohegans, for their part, have invested in a professional lacrosse team, the New England Black Wolves.

Rappaport noted that even Las Vegas has transitioned to many other types of entertainment, which he calls “more of a balanced approach.”

Foxwoods is doing the same, he said, adding that Foxwoods now attracts nearly 9 million visitors annually. He thinks the outlet stores will add four million visitors a year once they open on May 21.