Layoffs hit Twin River as new Boston casino steals customers

Layoffs hit Twin River as new Boston casino steals customers


(HE) WE’RE FOLLOWING UP TONIGHT — …ON TWIN RIVER’S PLANNED JOB CUTS. (MM) IT WAS FIRST BREAKING LAST NIGHT AT TEN AND 11 —- AND FOLLOWS THE CASINO’S ADMISSION THAT—- THE NEW ENCORE BOSTON HARBOR TOOK A SIGNIFICANT BITE OUT OF THEIR TABLE GAME REVENUE LAST MONTH. (HE) NOW TWIN RIVER IS ASKING FOR TABLE GAME SUPERVISORS TO VOLUNTEER TO BE LAID OFF. THE CASINO IS GIVING EMPLOYEES UNTIL TOMORROW NIGHT AT 8 O-CLOCK TO EXPRESS INTEREST. EYEWITNESS NEWS REPORTER KIM KALUNIAN IS HERE TO BREAK DOWN WHAT WE KNOW ABOUT THE CASINO’S FINANCES, KIM? MIKE, SHANNON – THE HOUSE SPEAKER AND SENATE PRESIDENT TODAY SAY THEY HAVE CONFIDENCE THAT TWIN RIVER WILL BE ABLE TO ADAPT TO THIS NEW COMPETITION IN BOSTON – BUT WILL MONITOR THE SITUATION CAREFULLY. MEANWHILE ONE ANALYST SAYS, THIS IS ALL FAR FROM A SURPRISE. LAYOFFS COMING TO TWIN RIVER — EYEWITNESS NEWS CONFIRMING THE CASINO EXPECTS TO LAY OFF 30 TABLE GAME SUPERVISORS… IN THE WAKE OF THE OPENING OF THE NEW ENCORE CASINO IN BOSTON It’s not surprising at all PROVIDENCE COLLEGE PROFESSOR OF ACCOUNTANCY DR PATRICK KELLY STUDIES CASINOS… HE TELLS US OVER THE PHONE TWIN RIVER HAS KNOWN ABOUT THE IMPENDING COMPETITION FROM ACROSS THE BORDER FOR YEARS – As many as 50 percent of the visitors at Twin River have been coming from Massachusetts now that those folks are going to deicded to stay home, that;s going to present challenged to Twin River. JULY MARKS THE FIRST FULL MONTH OF OPERATIONS AT ENCORE – TWIN RIVER’S COO SAYING IN A STATEMENT: “The new competition had a greater than expected negative impact on our table games at Lincoln in July 2019, while our slots performance for the same period was in line with expectations.” TABLE GAME REVENUES LAST MONTH WERE DOWN 34 PERCENT COMPARED WITH LAST YEAR – A MAJOR BLOW THAT KELLY SAYS MIGHT HAVE BEEN SOFTENED BY THE CASINO’S EXPANSION TO TIVERTON THE ADDITION OF A HOTEL AND THE LAUNCH OF SPORTS BETTING. AND WHILE THIS WILL HAVE A DIRECT IMPACT ON EMPLOYMENT RIGHT NOW IT COULD ALSO HAVE A TRICKLE DOWN EFFECT ON THE STATE’S BUDGET – THE LOTTERY AND CASINO GAMING ARE THE STATE’S THIRD LARGEST SOURCE OF REVENUE – WITH TWIN RIVER ALONE SET TO CONTRIBUTE MORE THAN 330 MILLION DOLLARS THIS FISCAL YEAR. I’M

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