Mohegan Sun to pay up to $10M in job cuts
UNCASVILLE, Conn. -- 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.