Borgata revenues decline, laying off workers

Borgata says it will cut 3% of workforce

Atlantic City's most profitable casino announced Tuesday that it was reducing its workforce by 3 percent, equivalent to about 200 employees.

The reduction comes as the Shore gambling mecca's casinos dig in for their slowest time of the year and as they continue to struggle from gambling competition from Pennsylvania.

Although the Borgata generated $52 million in total gambling revenues last month - the most among A.C.'s 11 casinos - the figure represented a 16.1 percent decline for the vertical, golden-hued casino from a year ago.

It was also the second largest decrease among the town's casinos. Only Resorts, which reported a 20.9 percent decline in year-over-year revenues, was higher.

The Borgata's parent company, Boyd Gaming Corp. of Las Vegas, reported Monday that Borgata's net revenue shrank to $207.7 million in the third quarter, or a nearly 7 percent decline from a year ago. Boyd is currently reviewing a bid from an interested buyer in MGM Resorts International's 50 percent stake in the Borgata. - Suzette Parmley