Mohegan Sun to pay up to $10M in job cuts

AP / October 3, 2012

UNCASVILLE, Conn. (AP) — The parent company of the Mohegan Sun casinos says it will pay between $8 million and $10 million in severance costs as it cuts 282 jobs in Connecticut immediately and another 46 at the end of the month.

The Mohegan Tribal Gaming Authority said in a regulatory filing that most of the costs will be recorded in its fourth quarter in cash payments.

The company, which operates Indian-run casinos in Uncasville, Conn., and Pocono Downs, Pa., said the job cuts are in response to the weak market.

Revenue of $8.37 billion in the budget year that ended June 30 was down 7 percent from the previous year due to the weak economy and increased competition, particularly from the Aqueduct race track in New York City.

http://www.boston.com/news/local/connecticut/2012/10/03/mohegan-sun-pay-job-cuts/0y4NaBipC0JkgAYHyvbftO/story.html

NECN video:
320 job cuts by Mohegan Sun Casino

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