Foxwoods CEO announces resignation

"While it saddens me not to be with Foxwoods on a full-time basis," Butera said in a statement, "I am very proud of what has been accomplished both financially and operationally."

The company did not elaborate on Butera's "rare opportunity."

Butera came to Foxwoods on December 2010 as president and chief executive officer. He has been at the helm of the massive casino complex in Mashantucket during a tumultuous period for gambling in the Northeast. New gaming venues have opened up and others have expanded, eroding business for several years at both of Connecticut's casinos, as well as those in Atlantic City, N.J.

Increasing competition has taken a toll on Foxwoods' workforce. The casino had 7,558 employees at the end of its fiscal year on Sept. 30, 2013, down from 8,584 a year earlier. In May, Foxwoods told its employees that it plans to close a portion of its Rainmaker Casino during weekdays as an efficiency measure.

In July 2013, Foxwoods completed its plan to reorganize debt, exchanging $2.2 billion in outstanding debt for new instruments valued at $1.7 billion.

Foxwoods attempted to get a casino license in Massachusetts, but voters in the host town of Milford rejected the plan in November 2013. Foxwoods also hoped to build a casino at the iconic Borscht Belt venue Grossinger's in the Catskills region of New York, but scrapped those plans in June because of potential competition from casinos in Orange County, N.Y.

To differentiate itself from ever increasing competition, Foxwoods is investing heavily in its Connecticut facility. Next spring, the $120 million Tanger Outlets Foxwoods is set to open. It will compete with a $50 million expansion plan to add retailers to nearby casino rival Mohegan Sun.

Foxwoods now has a strong executive team and a solid plan that I believe will result in great success in the near future," Butera said in a statement. "In addition, the many improvements to Foxwoods Resort including new rooms, retail, and food and beverage venues, as well as the ultimate opening of the Tanger mall in May 2015, provide world class amenities for our loyal patrons and team members."

Mashantucket Pequot Tribal Chairman Rodney Butler thanked Butera in a statement.

"He stabilized our financial footing through successful restructuring of debt, rebuilt our core management team and executed a deal with Tanger outlets that is expected to draw three million visitors annually to the property," Butler said. "Scott's efforts have repositioned Foxwoods as one of the Northeast's most dynamic Gaming Resorts."