Secrets of the Job Hunt


Thursday, October 02, 2008

Connecticut Jobs Lost in Gaming Industry

Economic problems have a had sever effect on the gaming industry. Already this year the development of two casinos in Las Vegas have been put on hold. Now the trouble is spreading and effecting Connecticut jobs.

Foxwoods Resort Casino recently announced that it will be laying off 700 employees, which is approximately 6 percent of its staff. The establishment is owned by the Mashantucket Pequot Indian tribe and is the largest casino in the Native American Gaming industry.

“As is happening to so many organization, the economic issues facing out nation and regional consumer economy have negatively impacted our revenue growth,” said Tribal Council Chairman Michael Thomas in a written statement.

The casinos 2007 nationwide gross revenues totaled more than $27 billion. The decision to cut jobs at Foxwoods was made only four months after it opened a new $700 million skyscraper adjacent to the main building. The MGM Grand at Foxwoods added 1,400 new slot machines in addition to the 7,200 already at the casino and a 4,000-seat theater.

"People are gambling less" said Lori Potter, who is the tribe’s spokesperson Lori Potter. "It's been sudden. There was a significant enough decline over just the past several weeks that we needed to make this adjustment,"

The Foxwoods Resort Casino is not the only gamin establishment in Connecticut that is experiencing stress from the fact that people now have less disposable income. The Mohegan tribe, owners of the Mohegan Sun casino, also recently announced that they will be scaling back its $734 million expansion project.

The tribe had planned to build a forty-story hotel that included several restaurants, shops and a 1500-seat House of Blues arena. The foundation has already been poured, but now that the casino is having trouble filling the already existing rooms, things are up in the air. Aside from the loss of jobs that would have came with the completion of the project, area employment in the construction industry will also be effected.

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