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AC casino jobs cuts continue for sixth straight month4 February 2009
ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "Nearly 600 casino employees lost their jobs last month as the recession continues to shrink the work force of Atlantic City's dominant industry to the lowest level since the late 1980s.
"All 11 casinos trimmed their payrolls in January, the sixth straight month that employment declined, according to figures released Tuesday by the New Jersey Casino Control Commission.
"Overall, 566 jobs were lost in January, reducing the total casino work force to 38,019 employees, the lowest figure since early 1988. Employment peaked at 51,560 jobs in July 1997.
"Resorts Atlantic City led the industry in January by shedding 122 workers. Other casinos each cut fewer than 100 jobs during the month. Resorts, the city's oldest casino, is facing possible foreclosure by its main lender after falling behind on its mortgage payments the past three months.
"Casinos have eliminated 2,700 jobs through layoffs, attrition and seasonal adjustments in the past 12 months. That is a 6.6 percent decline in employment, about equal to the 7.6 percent drop in casino revenue in 2008.
"As the recession deepens, the job cuts have spread to other sectors of the local economy, including the construction industry. Revel Entertainment Group, the developer of a $2 billion megaresort scheduled to open in 2010, announced 400 layoffs last week. Revel is slowing construction while it searches for long-term financing to complete the project.
"One analyst predicted the casino job market will bottom out in February, followed by an uptick in employment as Atlantic City emerges from the traditionally slow winter months to draw more tourists in the spring and summer..."
copyrighted material written for and appeared exclusively in The Press of Atlantic City