On December 1, the National Bureau for Economic Research announced what many of us already knew: the U.S. economy has been in a recession for the last year.
Nearly every industry, including Indian gaming, is feeling the effects of the recession. Even the "big players," like the highly profitable Foxwoods Resort Casino in Connecticut, owned by the Mashantucket Pequots, announced in September that it was laying off 700 workers. This year, the tribe has cut 900 casino jobs and 200 tribal government jobs. The tribe reportedly has offered buyouts to all of its tribal employees, with the exception of the seven-member tribal council.
Just recently, the Seneca Indian Nation announced 210 layoffs at its three casinos in western New York state. The Senecas also will freeze some employee salaries and cut others'.
It seems like similar stories are coming fast and furious. Read more on the recession and the gaming industry:
Mohegan Sun Profits Lower, Job Cuts at Foxwoods, Hartford Courant
Gambler's Blues, Salt Lake Tribune
Chancy Times for Casino Companies, Business Week
Labels: Revenue; Recession