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Casino Without A Name In Atlantic City Lays Off 150 Employees
The owners of what was formerly known as the Atlantic City Hilton wasted no time putting their new financial strategy to work this week. On Wednesday, the New Jersey Casino Control Commission granted a one year extension for the casino to stay open and deal with its financial debt.By today, Colony Capital LLC, the owner of the casino, sliced its payroll by 150 employees. The workers were fired from many different divisions within the casino, and the company claims the layoffs were part of the restructuring plan over the next twelve months. The casino had employed over 2,000 workers before the over seven percent employee cut this morning.”It’s not a decision we ever make lightly,” said CEO Michael Frawley, when asked by The Associated Press about the layoffs. The casino has had decreasing revenue for the past several years, and keeping the staff they had employed was not financially beneficial moving forward.The workers may have a hard time finding work in the near future at Atlantic City casinos. The gaming facilities have been dealing with the losses accrued during the economic recession for the past couple of years, and competition from neighboring states has been growing within the gaming industry. Pennsylvania has become the most immediate threat to New Jersey, with Pennsylvania casinos racking in revenue that is expected to make them the top gaming destination on the East Coast by the end of 2012.As for the plan for the former Atlantic City Hilton, the renaming of the facility is expected to come before the end of the month. Along with that announcement will come a changed approach to the operating procedure, most notably with more cost affordable entertainment for their customers. Frawley emphasized that the casino could operate with a much lower bankroll and still be competitive and efficient in the future.The casino had to go before the casino commission to show that they had a solid economic plan in place after the commission wrote a letter to the casinos’ owner, informing them that the casino could not continue on its current economic path. Colony Capital representatives were successful in convincing the commission that they had a viable plan moving forward, and the commission agreed to give the casino a one year extension to straighten out their finances. November 17, 2011Posted By April GardnerStaff Editor, CasinoGamblingWeb.comSubmit News!