The Foxwoods Resort Casino recently announced its partnership with Victory Square Venture Capital Inc., in a bid to change the face of interactive entertainment with a proprietary suite of innovative digital gaming experiences. The two companies will collaborate to create new technology solutions focussed on betting and gaming the world.
Launching as the Foxwoods and Victory Square Ventures Living Lab, this partnership heralds the initial foray into the casino industry for the venture capital firm – which has a history in gambling areas such as online and social gaming, daily fantasy sports, lottery, and virtual and augmented reality. The Living Lab will be offering a number of options for interactive solutions. It will utilise skills and expertise of Foxwoods and Victory Square Ventures to develop and market innovative technology for gaming and betting solutions.
Felix Rappaport, President and CEO of Foxwoods Resort Casino, stated: “Foxwoods is thrilled to partner with Victory Square Ventures, joining two of the most innovative minds in the gaming industry. The Living Lab is an exciting enterprise that represents not only the next step in Foxwoods’ gaming evolution, but our commitment to leading the transformation of the industry as a whole and continuously giving guests unique experiences that excite. This is the future of gaming.”
In tandem with this news, Foxwoods has recently revealed its first Video Game Gambling Machines in partnership with GameCo, Inc. This makes it the second gaming U.S. jurisdiction to offer this skill-based gaming platform.
Managing Partner at Victory Square Venture Capital Inc., Ray Walia remarked: "At Victory Square Ventures, we are actively on the lookout for new products, services, and platforms that engage and entertain today's Millennial and Gen Z audiences. It is really exciting for us to be able to partner with a forward-thinking group like Foxwoods and not only work alongside their experienced team but also entertain and engage their current and future guests. We can't wait to tap into our international pool of entrepreneurs and engineers and start deploying interactive solutions into the Living Lab.”
Victory Square Ventures has previously had experience with technology such as virtual and augmented reality, so, if they are looking to innovate and transform the industry further, it is likely that the companies will be exploring the benefits that are possible from implementing blockchain technology and artificial intelligence. There are already a number of examples of these technologies being applied to the gambling industry. Blockchain could be used to provide security to casino systems and transparent, immutable records for audit purposes, or to provide provably fair gambling. Artificial intelligence could automate processes in order to reduce time or cost involved.
The adoption of new technology such as artificial intelligence and blockchain is likely to put the casinos that implement it ahead of the competition though the efficiency and improved services that they offer. If one casino, especially an established one, implements these style of solutions it is likely to kick off a race in other casinos to catch up and enjoy the benefits and draw more customers.