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 Associated Press reports.
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.
