October 2nd, 2010 – by Glen Farmer
<img class="alignleft size-medium wp-image-7550" title="Atlantic City
Last Thursday, a memo was issued by the casino’s chief operating officer, John Pasqualoni. Pasqualoni informed employees that on Friday they will be receiving notices required under the Worker Adjustment and Notification Act, or WARN.
The notice showed that layoffs will occur on December 1st. It is unknown how many of the casino’s employees would be laid off. Currently, over 2,100 people are employed by the casino.
According to records, the casino is set to be purchased by Dennis Gomes and Morris Bailey, two big names in the casino industry. The layoff date is to coincide with the date that the two buyers are to be approved of by the Casino Control Commission.
The source of Atlantic City’s plight stems not only from the recession that has gripped the nation, but also Pennsylvania’s burgeoning casino industry. Caught in the throes of competition, Atlantic City’s casinos have been experiencing a financial free fall.
Some argue that USA online casinos and other forms of USA online gambling have helped contribute to Atlantic City’s failure.
Related posts:
- Atlantic City Casinos Hopeful As Losses Begin To Decline
- Atlantic City Casino Revenue Continues to Slip In May
- Atlantic City Casino Revenue Continues Cruising Downward
- Revel CEO To Bid On Morgan Stanley’s Stake Of New Atlantic City Casino
- A Summit Is Convened To Discuss Atlantic City Casino Sector
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