Five (5) of the eleven (11) casinos in Atlantic City, New Jersey are in serious financial scrapes. That coupled with the performance of March and it is quite troublesome.
The three (3) casinos that bear the Trump name have filed for bankruptcy. The Resorts Casino is behind in it's debt payments. The Tropicana is supposedly close to being in bankruptcy, too.
The numbers for March, 2009 are not good. In fact, since the casinos were legalized in New Jersey in 1978, this is the worst monthly decline in the history of the casinos. The eleven (11) casinos showed a total win of $318.4 million, a 19.4% decrease compared to March, 2008. it breaks down like this, slot machines were $218.1 million a decrease of 21.3% and table games of $100.3 million for a decrease of 14.7% compared to the same month the year before.
The state of Nevada had a 18.1% decline in revenues comparing March 2009 with March 2008. Casinos on the Las Vegas strip had a decrease in business from March 2009 compared to March 2008 of 23.5%.
Dan Heneghan, a spokesperson for the New Jersey Casino Control Commission said, "Results were also impacted by having one less Saturday this March than last March. A big snow storm early in the month also depressed revenues a bit. I don't know about the casinos financial situation is having as much of an effect as news about the economy in general. And people who see folks round them getting laid off are cutting back on spending as well."
The Mohegan Sun Casino and Foxwood Resorts Casino and MGM Grand at Foxwoods have not reported their performance for March, 2009, yet. The Connecticut casinos revenues should be out next week.
If Atlantic City and Nevada are any indications, then the performance at the Mohegan Sun Casino will not be good either. We (the Mohegan Tribe) should expect a decline in revenues for March 2009 compared to March 2008.
Tribal Members should unite in wanting better performance form our casino. Things can not be allowed to continue the way they are going. In my opinion, if things do not pick up, and economists are not predicting a quick fix, then the next thing will happen is your benefits and other things will either be decreased or taken away.
Is it time for change? Is it time for new management? Is it time for new members on the Tribal Council (MTGA)? What can be done to fix this situation? Do you know? Does management know? Does the tribal government know? Is it time for change? What do you think?
The ultimate question, that should be asked of the Mohegan Tribal Council is what have you done for us (the Mohegan Tribe) lately?
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