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Foxwoods Laid off Two Percent of their Employees
On July 15th, 2008, the tribe that owns the Foxwoods Resort Casino in Connecticut commented that they have laid off around two percent of their employees due to rising gasoline prices and food prices. The Mashantucket Pequots commented that the layoffs of the middle managers and some part-time employees are part of their organizational reorganization that started on January 2008. Lori Potter, a tribal spokesperson said that the job cut represents around two percent of the ten thousand casino employees.
The laid off employees will receive 2 weeks severance payment for each year they were working for the casino, up to 13 years and health benefits. Foxwoods President Barry Cregan commented that it has been difficult week for them. It is always disheartening to see fellow employees lose their work. But they have to make a difficult decision because of the rising gasoline prices, food and payroll expenses.
The jobs cut come just a month after the grand opening of the MGM Grand casino by Foxwoods, which is not affected by the jobs cuts. The brand new casino helped Foxwoods improved their net slot win in May 2008 by eight percent from the same period a year ago to $73 million.
The jobs cut happened as a Key Banc Capital Markets analysts scaled down their estimates on three casino gaming operators, saying that players are scaling down on their spending in Las Vegas because of rising gasoline prices and a weakening economy.
Tuesday, August 05 , 2008
Brian Letendre