Sunday, August 03, 2014

Shore Tsunami : As 6,500 workers from three A.C. casinos await word on layoffs, a wider area braces for economic disaster.

The Philadelphia Inquirer reports:
The fallout over mass layoffs from three potential casino closings next month could have a severe impact on the Shore economy, as those whose livelihoods depend on a thriving casino industry brace for the worst.

Local retailers, restaurants, and other businesses that rely on casino workers are expecting a hit. Experts say the region could also see an exodus of laid-off workers, especially among those who live in Atlantic City, as they seek jobs and futures elsewhere.

About 6,500 workers from Showboat, Trump Plaza, and possibly Revel could all lose their jobs from Aug. 31 to Sept. 16 - adding to the 1,700 who were let go in January when the Atlantic Club casino-hotel closed.

The number of layoffs "will have a detrimental rippling effect upon the regional economy, especially along the Shore," said Don Moliver, dean of the business school at Monmouth University. "Even with unemployment benefits to soften the personal impact, there will be far less discretionary income in the households, resulting in greater difficulty in making ends meet.

The great moments of the Obama recovery.