Casinos Create Jobs, but also Cut Them

Gambling News - August 4th, 2009 - Written by Bonnie

The recession has helped some, but has hindered most. The American gambling market has been on a roller coaster ride, shooting up then down in rapid succession. To avoid bankruptcy, many have partnered with outside sources. MGM Mirage is one of the largest mergers, as they signed with Macau based casinos in order to stay afloat. With tough economic times, some purveyors of gambling have been building up to ride out the recession, while others are sinking and thus slashing rates and, unfortunately, employees.

The CityCenter Las Vegas, concocted by MGM Mirage, is set to create thousands of jobs. These jobs will help the weakened Vegas economy, and potentially rescue those who were left unemployed by recent casino closings. The CityCenter is due to be complete before 2010, and another wing will be added, creating more jobs, shortly into the first quarter of 2010.

Unfortunately, jobs have recently been cut in Foxwoods Resort Casino. Revenues have slipped over the last year, and thus they have decided to nix 67 employees, or approximately 1% of their workforce. Last October, 700 jobs were cut. While this year's layoffs were not quite as significant, this still represents a group of people who are now added to the rising unemployment percentage nationwide.

Most Casino layoffs have occurred within the management and executive enclaves. While some have lost their jobs out right, others had simply received pay cuts. The trade off is that they maintain employment, but at the reduced rate. This has allegedly saved some companies millions of dollars on a yearly basis.

Atlantic City casinos have been hurting the most. The possibility of a strike in July had served to weaken Atlantic City casinos even further. If the general atmosphere does not turn around, many casinos will be shutting down. Still, the big picture shows positives - smaller casinos, most notably the tribal casinos scattered throughout the nation, have continued to grow and flourish. Despite maintained success, many casino owners are hesitant to relax, as disaster can strike at any time.

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