Atlantic City’s casinos are struggling to deal with the aftermath of Superstorm Sandy by laying off workers and cutting back the hours of others.
The city’s 12 casinos had to close due to the storm for five to seven days in late October and early November. Even after they reopened, business slowed considerably.
The Atlantic Club turned to layoffs to help deal with the downturn. The two Trump casinos are making salaried workers take a week of unpaid time off, and barring hourly workers from using vacation days for time they were off during the storm.
Moody’s Investors Service predicts Atlantic City casino revenue could be down 25 percent for the next six months and earnings down 40 to 50 percent over that same period due to the storm. By contrast, casino companies outside New Jersey should see less than a 2 percent impact to their business through the first quarter of 2013, the firm said.
The storm hurt business levels at each of the 12 casinos, said Tony Rodio, president of the Casino Association of New Jersey as well as the Tropicana Casino and Resort…
Choosen excerpts by JMM from
via Layoffs, furloughs at AC casinos after superstorm | The Daily Journal | thedailyjournal.com.
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