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Competition hits Atlantic City workforce24 August 2007ATLANTIC CITY, News Jersey -- As reported by the New Jersey Star-Ledger: "Competition from surrounding states and a partial smoking ban has taken a toll on the Atlantic City casinos. And now it's hitting the workforce. "Resorts and the Hilton, both owned by Colony Capital, confirmed yesterday they were offering buyouts to managers in an effort to avoid layoffs. Employees are being offered one week's pay for every year of service, with a minimum of two weeks and a maximum of 26 weeks, as well as accrued vacation time and medical benefits through Oct. 31. "The news comes less than a week after the New Jersey Casino Control Commission released second quarter results that showed gross operating profits -- a widely watched figure in the industry -- plunged 19 percent. "All 11 casinos reported year-over-year declines, but Hilton was hit hardest, with a whopping 44.9 percent drop. At Resorts, gross operating profit fell 15.5 percent..." |