Mohegan Sun Cutbacks Hit Employees Hard
UNCASVILLE, Connecticut -- As reported by The Hartford Courant: "Mohegan Sun is unilaterally reducing employee pay and benefits in the face of 'unprecedented market conditions' that have cut into
The Mohegan Sun in Uncasville, Connecticut. revenue at the 3.1 million square foot casino.
"The Mohegan Tribal Gaming Authority announced Sunday that effective Feb. 1 it will cut pay for all employees, with salary rollbacks of 10 percent for vice presidents and above, 7.5 percent for middle managers and 4 percent for all line and hourly employees.
"In addition, it will eliminate annual raises and merit-based salary increases and is scrapping its matching contribution to employee 401(k) plans.
"...The announcement comes a month after the casino's parent company reported a double-digit percentage decline in net earnings, primarily due to a drop in gambling revenue. For the year ending Sept. 30, Mohegan Sun reported $1.36 billion in net revenue, down about $68 million from the previous year.
"That revenue decline came despite the August 2007 opening of Sunrise Square, a $16.7 million expansion that included an 8,500-square-foot Asian-themed gambling area, a 5,000-square-foot bus lobby and a 4,000-square-foot "Hong Kong" street food outlet..."
Uncasville, CT 06382
Website: www.mohegansun.com
| Mohegan Sun, owned by the Mohegan Tribe, is one of the largest, most distinctive entertainment, gaming, shopping and meeting destinations in the United States. What began with the Casino of the Earth in 1996 has evolved into a destination that now includes: the Casino of the Sky and over 300,000 square feet of total gaming space; The Shops at Mohegan Sun, featuring more than 60 retail shops and dining venues; the 10,000-seat Mohegan Sun Arena for world-class sporting events and concerts, an intimate Cabaret Theatre; and a 34-story luxury hotel, featuring 1,200 guestrooms and suites, premier meeting and convention space and a world-class spa. |