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US – Foxwoods slashes hours and jobs
By Lewis - 22 May 2014
Foxwoods is set to make some big changes to one of its gambling areas and is set to turn off slot machines and shut down some table games in the Rainmaker Casino from early 4am on Mondays until 9am on Fridays. The Rainmaker Casino is one of six gaming areas at Foxwoods. The change will commence on June 9 with 70 dealer jobs will be lost due to the changes.
The announcement of the closing came just days before the casino reported a significant drop in earnings. Foxwoods’ net revenue for the quarter that ended Mar. 31, $235.1m, a decline of 8.9 per cent year-over-year.
Foxwoods said it was able to partially offset the revenue declines by lowering its operating expenses. In the quarter that ended Mar. 31, its payroll costs were down by $3.1m, or 3.5 per cent, over the same quarter the previous year.
Increased gambling in the region is likely to blame for revenue drops. Several states, including Massachusetts and New York, are in the midst of gambling expansion initiatives.
