Casinos report declines in August's slot revenue
A day after announcing the first mass layoffs in its 14-year history, Mohegan Sun reported this morning that its slot-machine "win" for August totaled $67 million, down 2.8 percent over the same month in 2009.
At Foxwoods Resort Casino and MGM Grand at Foxwoods, August's win was $59.2 million, down 6.3 percent.
Both Mohegan Sun and Foxwoods had reported slight year-over-year increases in their July wins, the first time both had reported gains in the same month in more than two years.
On Tuesday, Mohegan Sun announced it was eliminating 475 positions, a move that will leave 355 employees without jobs. Some 120 workers whose positions were eliminated will transition into other jobs at the casino, Mohegan Sun executives said.
The recession's effect on revenues was blamed for the cutbacks.
In a statement, William Sherlock, Foxwoods' interim president, said:
"Our August results are a reflection of prolonged economic conditions and the challenges they present to our, and just about every other, business."
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