The parties "mutually" agreed on a dissolution of the Foxwoods-MGM license, and a six-month "transition" period for Foxwoods to divorce from the brand, including the MGM logo of a roaring lion's head.
"Neither party expects a material impact due to the end of the agreement," the Mashantucket Pequot Tribe, which owns Foxwoods, said in a statement released October 25.
Scott Butera, Foxwoods president and chief executive officer, told courant.com the decision concerns Foxwoods' brand consolidation after its recent expansion, including the renovation of its Grand Pequot Tower, the overhaul of the casino's main concourse, and the upcoming addition of the Tanger Outlets at Foxwoods. "It made sense to focus our marketing dollars on one brand as opposed to two," he said.
"When we looked at the master plan for the resort and our current opportunities, it was obvious that the iconic brand of Foxwoods needed to be at the forefront of our transformation," Butera added.
The parties came together when both were eager to pursue gaming opportunities in the Northeast, but no projects materialized. Now MGM is vying for the only Western Massachusetts license to develop a resort casino in Springfield, Massachusetts, which is less than 80 miles from Foxwoods in Mashantucket, Connecticut. Meanwhile, Foxwoods is competing for the sole Greater Boston license, proposing a $1 billion project in Milford, Massachusetts, reported hartfordbusiness.com.
"With MGM working toward a significant presence on the East Coast, it was the opportune time to review our relationship (with Foxwoods) and dissolve the licensing agreement," Clark Dumont, an MGM spokesman, told courant.com.
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