It's Getting Bad When Casinos Are Laying Off
More tough news in the casino industry this morning.
Boyd Gaming’s (BYD) Borgata Hotel Casino & Spa confirmed yesterday that it laid off about 400 of its staff this week. The Borgata layoffs follow Harrah’s Entertainment Inc.’s announcement last Friday that it was cutting hundreds of employees at its four Atlantic City casinos: Bally’s, Showboat, Harrah’s Resort and Caesars.
We have seen bad news out of other companies such as MGM Mirage (MGM) and Las Vegas Sands (LVS) . Many of the casino companies rely on the credit markets and carry lots of debt. That is the ultimate bout of double trouble these days.
The Bottom Line
None of the companies mentioned above are paying dividends at this time. As many times that you hear casinos are recession-resistant, you are seeing the proof at this current time that makes that statement as erroneous as real estate prices almost never go down.
So what businesses are doing well?
Detective Krum Investigates:
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Detective Krum Investigates:
http://victory1project.wordpress.com/
Mississippi Gulf Coast
Beau Rivage owned by MGM (the most upscale casino on the coast) and its neighbor Hard Rock have just finished a second round of lay-offs and have initiated hiring freezes..Part time people (in table games) are being given 1 day a week...At the Beau--part timers are shaved from a four-five day work week, down to three.
All other casinos are currently starting hiring freezes and the few jobs available are being scooped up by those who are laid off.
Sad.
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If Casinos are having sucha rough time
then why is Pennsylvania issuing licenses for them all over the place?!??
This is ridiculous! They're planning to put a 24-hour slots parlor on top of a mall in the heart of the city of Philadelphia where hundreds of teenagers hang out after school.
They'll be dishing out booze and free food to patrons, but the City Council seems to think it won't adversely affect Chinatown's economy or quality of life , which is only a block away.
the confusing issue here is the state granting a license to Foxwoods for a casino, and the mayor passing an ordinance that no casino can exist within 1500 ft. of a residential neighborhood.
Philadelphia's tried-and failed- to pass legislation before that defies the State's policies
(for stricter Gun Control) but in this case, i wish the Mayor had the final say.
DEFLATION***DEFLATION***DEFLATION
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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government of the people, by the people, for the people
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Deflation in non essentials,
Deflation in non essentials, inflation in essentials
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Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken
Get Prepared!
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End The Fat
70 pounds lost and counting! Get in shape for the revolution!
Get Prepared!
Go to
foxwoods in conn, and you will get a front row parking spot. Usually you have to walk a mile from where you park
Hey Tom
Are you local? I am about 10 min from foxwoods. Going to see YES o Sunday!
Colchester, New London County, Connecticut