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Published: December 03, 2008 12:22 am
CASINOS: Seneca Gaming Corp. to cut 210 jobs; struggling economy blamed
By Mark Scheer
E-mail Mark
Greater Niagara Newspapers
The struggling economy has evidently caught up with the local gaming industry.
The Seneca Gaming Corp. announced on Tuesday plans to lay off a total of 210 of the 4,800 employees who work at its casino operations in Niagara Falls, Buffalo and Salamanca. In addition, the company plans to suspend its year-end bonus program and implement salary reductions for members of its board of directors and senior management. Salaried employees earning more than $70,000 will also have their wages frozen. The corporation said it will provide severance to employees, depending on their position and levels of seniority.
In a statement issued Tuesday by the Gaming Corp.’s public relations firm, Travers Collins & Co., Seneca Gaming Chairman and Seneca Nation President Barry E. Snyder Sr. said the workforce cutbacks were in response to a continued decrease in recent months in the company’s net revenues, which he said have been impacted by the current negative economic climate.
“We are confident in the strength of our long-term business model but have to be realistic about what is happening in the economy locally, regionally and nationally and how that impacts discretionary spending,” Snyder said. “Our net revenues have decreased over the past several months. We’ve been monitoring the situation daily and have had to make these difficult decisions in order to preserve as many jobs as possible.”
Snyder said he has asked all members of the board of directors and senior management to take pay cuts from 5 percent to 15 percent in an effort to avoid additional layoffs.
Officials from the Gaming Corp. claimed the measures they took were “not unusual” in today’s economic climate and noted that gaming operations throughout the country have announced significant layoffs or have postponed development plans in recent months.
Seneca Gaming Corp. President and Chief Executive Officer Brian Hansberry said the company has attempted to be proactive during the previous six months in an effort to keep operating costs under control. Unfortunately, he said, the company had to move forward with the layoffs and wage adjustments which senior managers were hoping to avoid.
“I believe we will weather this economic downturn,” Hansberry said.
Contact reporter Mark Scheer at 282-2311, ext. 2250
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