Connecticut Tribal Casino to Lay Off More Workers
The Foxwoods Resort Casino announced it is preparing to lay off 67 employees in another round of cost-cutting for the tribal casino. The number only represents about 1 percent of the casino workforce, but comes after several more severe cutbacks have already stripped the worker pool of many members.Almost 2000 employees have been released in the last ten months by Foxwoods and MGM Grand Foxwoods. This adds up to 18 percent of all employees for the casino.
Spin released by representatives of Manshantucket Pequot Gaming Enterprises, the tribal arm overseeing the casino, said the layoffs were as much about "organizational restructuring" as poor economic performance.
Michael Speller, president of the Pequot company, told the Hartford Courant the moves were necessary to achieve a "more fluid, agile and efficient operation." Previous streamlining layoffs included the CEO at Foxwoods.
The casino noted that June gaming revenue was down 9 percent from the same month last year, continuing a downward trend begun almost a year ago.
Recent Comments
| Posted by: Diogenes | When: 08/17/2009 10:43:28 PM EST |
| Foxwoods isn't cutting more jobs simply because their revenue is reduced by a few percentage points. Actually, Foxwoods is still generating close to $2,000,000 each and every day from their slot machines alone. That is not only more income than every other Casino has ever reported, (other than themselves and the Mohegan Sun) it is more income than Foxwoods themselves made for the first 8-10 years they were open. A time, by the way, when that self same revenue was being reported as record breaking and media outlets proclaimed that Foxwoods was then, the most successful Casino in history. The same income. So Foxwoods isn't cutting jobs because the revenue is reduced. Management and the tribe are slicing to the bone and beyond because their debt load is out of control. Their credit rating and borrowing power has been slashed based on market leverage and a weak economy for 2009. Loan payments are due on bad corporate investments that have produced little or no return to date. The troubled financial market has made it almost impossible to roll over any of their debt. All issues clearly beyond the control of every Foxwoods employee who is losing his or her job. Yet, Foxwoods still throws HUNDREDS of MILLIONS into Philadelphia, the Royal Oasis in the Grand Bahamas, a casino development in Witchita, the Pauma tribe casino in California, ETC, ETC. Their poor choices haunt the employees they fire. | |
| Posted by: James | When: 08/18/2009 05:55:48 AM EST |
| ? Did the employees borrow the money? No! Did the tribe borrow the money? Yes! ? Do the employees owe the money? No! Does the tribe owe the money? Yes! ? Were the loans for the benefit of the employees? No! Were the loans for the benefit of the tribe? Yes! ? Is the current situation due to employee mismanagement and lack of oversight? No! Is the current situation due to the tribes? mismanagement and lack of oversight? Yes! Is the current situation due to the tribes? management team?s misfeasance? Yes! ? Is any of the current mess the responsibility of the employees? No! Is all of the current mess the responsibility of the tribe? Yes! Furthermore, I have read nowhere in the press or heard anything in the cafeteria about the tribes? being in danger of defaulting on any of their loans. Until the tribe owns up to its responsibilities and sets its stipends at $0.00 until this supposed financial crisis is over they have no moral right to ask the employees to sacrifice one nickel. It?s their bed, they made it, and now they should be forced to lay in it. | |
