Gambling Drop In U.S. Costs 700 Foxwoods Casino Workers Their Jobs

When the biggest casino in the country starts to lay people off, it is a sign of just how bad the economy has become in the United States. Casino companies continued to act quickly in response to a struggling economy.

Foxwoods Resort Casino has unveiled a plan in which 700 of their employees will be laid off. The move does not come as much of a surprise considering the current state of the economy in the United States.

Casino companies have rarely been affected by the state of the economy. Even in difficult times, they have survived on the basis of people still spending money gambling. That is not the case this time around, however.

People are not spending their money in casinos and it may have nothing to do with the casinos themselves. Fuel prices have soared to never before seen heights, prompting people to stay close to home instead of traveling to casinos.

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

The job cuts come at an unusual time for Foxwoods. They just unveiled a newly renovated area to their property that took $700 million to build. Now,just months after that, they are claiming they simply cannot afford to keep all of their employees.

"People are gambling less. It's been sudden," said Lori Potter, the Tribe's Spokeswoman.

October 2, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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