ATLANTIC CITY, NJ-The general hard times for casino operators here will mean specific layoffs at both Trump Taj Mahal and Trump Plaza, the company said Thursday – without specifying exactly how many jobs are in the offing.
Furthermore, Trump Entertainment Resorts has "recalibrated” pay levels for some part-time and on-call workers, according to company spokesman Brian Cahill.
Trump Entertainment said in a statement that full-time workers' pay will remain the same, and that post-Labor Day receipts are generally low for all shoreline businesses.
Atlantic City casinos at large have long been under siege by competition from New York and Pennsylvania facilities, with overall revenues declining for six straight years. Most recently, Taj Mahal and Trump Plaza each had particularly woeful second quarter reports: At Taj Mahal, receipts were off 73 % compared to last year and at Trump Plaza, the year-over-year decline was 98%.
Earlier this year Trump Plaza was set to be sold, but the deal fell through. Three years ago, Trump Entertainment sold a third Atlantic City casino, the Trump Marina, to Landry's Inc.
Now repositioned as the Golden Nugget Atlantic City, that casino is also on the market.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
