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When the casinos came to town, a new type of shoobies did as well.
Visitors arrived by car or bus for the day, mostly to play the slot machines.
But as gambling venues on the East Coast multiplied, it became clearer that Atlantic City needed to differentiate itself as a destination resort.
Las Vegas, which had transitioned to the era of megaresorts, became a source of envy rather than scorn.
One problem facing the local industry was that 90 percent of revenues came from gambling, in contrast with Nevada, where approximately half of the dollars spent went toward rooms, food, and entertainment.
And, given the economic squeeze that middle-class Americans were facing, they had less and less disposable income for gambling.
To survive, Atlantic City had to attract new customers.
Convention business, which had shriveled up following the 1964 Democratic National Convention debacle, was actively solicited, and visit web page by building sprees to add hotel rooms to accommodate larger groups.
There is economic logic behind this strategy.
Any student studying supply and demand in introductory microeconomics will tell you that an increase in the number of suppliers in a market puts downward pressure on equilibrium prices.
Lower prices are supposed to boost the quantity demanded for your product.
The product that the casinos sell, however, is extremely intangible.
The sunk costs in capital equipment are incredibly high.
Minimum bets on table games can be lowered as a marketing ploy.
Whether such price changes boost revenue depends upon a concept that economists call demand elasticity.
If consumer demand is elastic, a small change in price will cause a significant increase or decrease in their willingness to buy.
In this case, lowering the price will draw in new customers.
But if demand is inelastic, consumer demand is relatively stable and inflexible, so price decreases will not motivate buyers; instead, a price decrease will reduce total revenue.
At least one study indicates that demand for casino gambling is, in fact, inelastic.
Prices can be sticky, especially in a highly regulated industry where new firms have to be licensed in order to enter the market and casino operations are subject to review.
The licensing requirements serve as barriers to entry.
An alternate economic strategy for larger firms is to try to increase the demand curve itself, keeping prices stable while attracting new customers.
Political economists have long studied the ways in which businesses attempt to shift demand and increase their market power using strategies other than price adjustments.
As casino management is increasingly coordinated by large corporations or hedge funds with multiple holdings, the market structure is more clearly that of an oligopoly, that is, dominated by a few firms.
Oligopolies are also cemented by differentiating products so that customers make choices on factors other than the cheapest deal that is, price.
Customer loyalty and brand identification are critical in this process.
In effect, they make player demand more inelastic, since they are more likely to return to the same casinos.
Lifestyle branding emerged as an identifiable trend in the United States and other postindustrial countries during the 1990s.
A more important motivation is that the products we use—and people see us using—signal the type of person we are or aspire to become.
Branding is a perfect match for casino gaming since the industry has always marketed fantasies and experiences rather than tangible products.
Several casinos, for new casino in cherokee county kansas, market to Asian American communities with familiar amenities including pits focusing on specific games such as Pai Gow and Pai Gow poker and noodle bars and other appealing food options; they have also recruited Asian dealers.
Other casinos opt for less specific symbols of luxury, from marble columns to ornate chandeliers.
In recent years, as we describe below, such segmented marketing has increased.
As part of their branding strategy, two newly constructed casinos Borgata in 2003 and Revel in 2012 as well as several existing properties have targeted new demographics, especially upscale consumers with greater disposable income.
Entertainment, nightclubs, beach bars, and dining have been redirected toward a youthful market.
The new marketing strategies make sense in an era of increased income polarization.
Documented by Robert Frank in his book Luxury Fever, rising incomes for the wealthy combined with stagnant incomes for the middle class have contributed to a surge in consumption and marketing of luxury goods and services.
Managers have also sought to retain the customers they have.
In economic terms, they have tried to reduce demand elasticity for their own house, making demand for their casino more inelastic.
This chapter will explore these efforts in more detail.
On the supply side of the picture, another possibility is to concentrate on cutting costs and crossing your fingers that you do not lose customers.
Competitors in the same industry may merge to try to lower costs through economies of scale.
Businesses can cut costs in a labor-intensive industry by 1 incorporating labor-saving technologies, 2 reducing customer service in order to cut down on the number of employees, and 3 reducing labor costs by cutting wages and benefits.
Deregulation is another cost-cutting tactic, since regulations intended to keep the games honest or to assure quality in other ways can increase the cost of operations.
In casino gaming, market saturation and pressures from debt holders have led casino management, in critical instances, to shorten their time horizons.
The problem with this strategy is that it may restore profitability to the corporations and private equity interests that own the casinos without improving the well-being of the employees and the local community.
Chapters 4 and 5, which focus on the characteristics of frontline jobs, elaborate on the impact of these cost-cutting efforts.
Chapter 6 examines the pushback from organized labor, specifically the two unions representing frontline casino employees in Atlantic City.
Politically connected business leaders have other ways of restoring profitability that cannot be neatly categorized as supply or demand factors.
Government helps provide the physical and social infrastructure that enables businesses to function.
The difficulty comes in discerning the difference between appropriate public initiatives to improve broadly shared economic well-being, on the one hand, and corporate welfare or bailouts, on the other.
One of the critical attributes of government, from this perspective, is that it enables corporate interests to lobby for subsidies, regulations, and other policies that externalize their costs, meaning the public pays some of the costs of doing business.
When underpaid workers collect food stamps, when the Environmental Protection Agency cleans up toxic waste sites, or when banks pay zero interest on funds from the Federal Reserve, government is absorbing some of the costs that businesses would otherwise pay.
All three of these types of strategies—product differentiation, cost cutting, and externalizing costs—have been adopted in Atlantic City.
The relative balance and the way https://cetsolarstore.com/casino/casino-in-lake-charles-lsu-store.html are implemented varies by property and property owner.
And the composition of the mix has a profound effect on the workforce and the surrounding community.
Policy makers and political leaders are being pressured to pick sides.
Both are coherent strategies, both can conceivably work.
For example, declines in the real value of the minimum wage, policies that make unionization difficult, and a tattered social safety net since the 1970s have signaled a new set of institutional structures in the U.
In an era in which financial markets respond favorably to labor discipline, individual corporations face shareholder pressure to cut labor costs.
Efforts to implement the first strategy, product differentiation to attract new customers, are explored in more detail in this chapter, as we examine the peaks and troughs of the casino economy starting in 2003.
We identify two waves of efforts to rebuild Atlantic City in the image of Las Vegas.
The first swell crested in the period immediately following the opening of the Borgata, but crashed along with the rest of atlantic city casino employment statistics global economy by 2008.
By 2014, however, few of the copycats could claim the kind of success that Borgata enjoyed.
Much excitement ensued during construction of a fresh new property.
Borgata emphasized table games over slot machines.
Because a player can lose money quickly at the tables, they tend to draw higher-income customers.
Borgata also pioneered completely cash-free and coin-free slots.
Las Vegas had already become known for fine dining.
Like the other two properties that are in the back bay Marina District rather than on the famous Boardwalk, Borgata does not have a program for gamblers to arrive by bus.
While older casinos lured regular customers with comps—freebies such as buffets, show tickets, or prizes based on how much the player had gambled—Borgata drastically cut back on such marketing.
The casino looked beyond day-trippers.
Starting a trend, Borgata was one of the first Atlantic City properties to incorporate a spa offering massages and other treatments, as well as a small set of luxury shops.
Commercials for the newly opened casino showed a group of stylish twenty-somethings arriving on motor scooters.
According to Nora, a fresh college graduate who started at the Borgata as her first full-time job, the casino recruited a younger labor force in customer service positions.
Over time, marketing utilized Facebook and other social media tools.
Borgata was deluged with employment applications from experienced staff at other casinos, quickly developing a reputation as a relatively good place to work.
Patrice, a dual rate floorperson at one of the Trump properties, applied for a job when Borgata opened.
At the time, she was forty-two years old, with fifteen years in the industry.
She brought photocopies of her employee-of-the-month certificates and other recognitions.
Lily, a twenty-something college student paying her way through school by working as a Babe, described her first attempt to audition for a better position in a different club—one with bottle service.
She compared the elimination of candidates in various rounds to the television show American Idol.
I just want to serve drinks.
It was like a judge panel—judging who I am.
I gave them the usual B.
And it was interesting because after all the girls had done that, they came back and asked two girls to leave.
So right off the bat, just from more info telling their names.
I can only imagine that they did it only based on appearance.
At its tenth anniversary in 2013, it was still 1 atop the revenue charts.
As the busiest casino, its toke tip rate is also the highest.
Borgata initially built and still holds the largest poker room in the city.
Other casinos tried to rebrand and remarket themselves to set themselves apart from the competition.
Over time, more casino marketing departments incorporated use of Facebook and other social media tools.
Once the Atlantic City Council passed an atlantic city casino employment statistics ordinance in 2002, several Boardwalk casinos set up beach bars during the summer months, finally capitalizing in a big way on their oceanfront locations.
Restaurants were reconfigured to add windows offering ocean views.
Non-gaming attractions were added outside, as well as inside, the casino walls.
The first stage of the Walk, an outlet mall owned by Tanger Factory Outlet Centers, opened the same year as Borgata.
The Walk has been praised for bringing tourists out of the casinos to walk the streets of downtown Atlantic City, while giving locals access to reasonably priced retail shops as well as entry-level retail jobs.
A record number of visitors, 34.
And 2006 was the twenty-ninth consecutive year 1978—2006 of positive revenue growth for Atlantic City gaming.
However, the rate of change in the increase in revenue had been decreasing pechanga human resources some time.
That means gaming revenues were growing, the slope was still positive, but it was leveling off.
While not yet saturated, the Atlantic City casino industry was maturing.
Plans for more new casinos, however, were in the works.
By mid-2008, there were click to see more that Coastal Marina and Jimmy Buffett were planning to purchase the Trump Marina and convert it into a Margaritaville-themed casino.
Another international company, Penn National Gaming, investigated property on the outskirts of the city, either on one of the causeways onto Absecon Island or the former municipal airport, Bader Field.
Perhaps the most critical project involved MGM Mirage, under the helm of pioneering Atlantic City developer Steve Wynn.
It was anticipated to have article source hotel rooms and the largest casino floor in the city, as well as upscale shops, restaurants, and entertainment.
If successful, the project would have eventually incorporated on-site condominiums, a unique feature for the city.
Competition from Pennsylvania, coinciding with the onset of the Great Recession, proved lethal.
Pennsylvania regulators granted permanent casino licenses to six racing facilities in 2006.
Further, four stand-alone casinos were licensed and opened in Pennsylvania, spanning from Philadelphia to Pittsburgh, between 2007 and 2010.
Then came the worst recession in the United States since the Great Depression.
Consumers held onto their wallets.
And the associated financial crisis triggered a credit crunch in late 2008, strangling most of the new development on which gaming advocates had pinned their hopes for a revival.
At first, it was difficult to disentangle the impact of short-term cyclical economic fluctuations—the recession—from longer-term, secular trends like market saturation.
Then, the casinos registered a revenue decline of 9.
The skid continued in the second quarter, suggesting that the first annual decline in history was likely.
Summer business was no help.
Competition from neighboring states and a slowing national economy began to take their toll.
Sands became the first East Coast casino to be imploded.
Both gambling revenue and casino profits dipped in 2007.
As the United States plunged into the Great Recession, gambling revenues continued steady annual declines.
Gaming revenue fell by 8.
Atlantic City was not alone.
As a result, from 2007 to 2009, for the first time ever, U.
Casino stock prices dropped.
The industry saw bankruptcy filings followed by restructurings, consolidations, and mergers.
Locally, casinos laid off employees or cut their workforces through attrition.
Thousands of Atlantic City casino workers lost their jobs, about 10,000 from 2006 to 2013, despite a slight uptick following the opening of Revel in 2012 see table 3.
If we look at employment per house, it peaked in 1997 and has fallen dramatically.
Casino hotels were closing off some of their rooms and services mid-week.
The impact was broad—a ripple effect—as casino vendors saw their business dwindle.
New Jersey Casino Employment and Employees per House Year Casinos Casino Employment Employees per House 1978 1 3,226 3,226 1979 3 11,301 3,767 1980 6 21,151 3,525 1981 9 27,842 3,094 1982 9 28,093 3,121 1983 9 30,197 3,355 1984 10 35,968 3,597 1985 11 37,004 3,364 1986 11 37,262 3,387 1987 12 38,829 3,236 1988 12 42,134 3,511 1989 12 41,627 3,469 1990 12 45,241 3,770 1991 12 43,910 atlantic city casino employment statistics 1992 12 44,240 3,687 1993 12 44,111 3,676 1994 12 44,894 3,741 1995 12 47,286 3,941 1996 12 48,956 4,080 1997 12 49,123 4,094 1998 12 48,542 4,045 1999 12 47,366 3,947 2000 12 47,426 3,937 2001 12 45,592 3,799 2002 12 44,820 3,735 2003 13 46,159 3,551 2004 13 45,501 3,500 2005 13 44,542 3,426 2006 12 42,456 3,538 2007 11 40,788 3,708 2008 11 38,585 3,508 2009 11 36,082 3,280 2010 11 34,145 3,104 2011 11 32,823 2,984 2012 12 34,726 2,894 2013 12 32,427 2,702 2014 March 11 30,380 2,762 Note: Data is as of December 31 each year, except as noted.
Sources: New Jersey Casino Control Commission, annual reports until 2011; thereafter, New Jersey Division of Gaming Enforcement website, casino hotel employment statistics.
As Pinnacle, the owners of the gigantic hole where Sands once stood, announced delay after delay in breaking ground on the new casino that was supposed to rise from the dust, the empty lot seemed to taunt the local community.
They buy it, crush it and take all the jobs away.
The bargaining power of the workers at the remaining casinos diminished.
No one wanted to risk joining the burgeoning ranks of job hunters.
One floor manager we spoke with in 2009 described the chill brought about by a combination of limbo over ownership changes, a spate of firings, and increased supervisory responsibilities for remaining staff.
What was even worse news is that in the AGA report—for the first time ever—New Jersey fell out of second place in terms of gross gaming revenue.
Instead of being second to Nevada, Pennsylvania was second and New Jersey was now third.
By 2013, eleven casinos operated in Pennsylvania, with two more planned.
Delaware had three with two more planned.
New York had fourteen nine racetrack and five Native American.
Annual visits to Atlantic City casino properties had fallen off.
The winning streak was over.
The crisis intensified underlying weaknesses in the local gaming industry as the short-term recession undermined efforts to turn around the longer-term problems.
Economic conditions weakened the incentives for would-be casino ventures by entrepreneurs.
Gradually, most of the projects—Pinnacle, Bader Field, and the MGM Mirage complex—dried up along with their financing.
The profits for the industry in Atlantic City no longer seemed to justify the high cost of capital attributable to building and maintaining a new casino.
The Revel project, whose financing was hamstrung by the credit crisis, was the only new casino to emerge from the rubble.
In late 2012, Atlantic City casinos, still hemorrhaging from a weak economy and competition from neighboring states, suffered another severe blow—this time from Mother Nature.
Hurricane Sandy, a Category 3 hurricane, battered the Eastern Seaboard for two days, affecting twenty-four states from Florida to Maine.
Atlantic City was in the large eye of the superstorm at landfall on Monday, October 29, 2012.
Governor Chris Christie ordered the casinos closed the day before as Absecon Island was evacuated.
Five days later, the order was lifted, but the casinos were left with cleanup and remained closed for a week.
Hourly workers were laid off and were not allowed to use their vacation time during the closing.
Salaried workers sustained days or even a week without pay.
Even upon reopening after Sandy, casino business was slow to recover.
And less than two years after Revel opened, the Atlantic Club Casino—the property that once housed the much admired Golden Nugget—went into bankruptcy and closed its doors, sending 1,600 workers scrambling for jobs.
As of mid-2014, there are eleven casinos operating in Atlantic City.
By the time this book is published, there are likely to be fewer.
The current properties are listed in table 3.
Borgata is in many ways the market leader, with over a fifth of total casino revenue, not just gaming revenue.
The third Trump-named property was sold off and given the revived name Golden Nugget.
How dominant are the top firms?
Economists and antitrust lawyers use two measures to assess how competitive or anti-competitive an industry is: the concentration ratio CR and the Herfindahl-Hirschman Index HHI.
These two measures shed light on the nature of a market.
Isolating the Atlantic City market, the four-firm concentration ratio is 84.
Such a high CR means that the Atlantic City casino industry is one of most concentrated markets in the United States, on par with beverages Coca Cola as leader and tobacco Philip Morris as leader.
A weakness of the CR as a measure is that it does not give us information about the competitiveness of the rest of the industry.
Beyond the big players, are there only a few other firms think Atlantic City or hundreds of other small firms that would give consumers a choice think Las Vegas casinos?
The Herfindahl-Hirschman Index HHI named after its developers, economists Orris Herfindahl and Albert Hirschman, is a more sophisticated measure of market power and thus possible anti-competitive behavior.
It is the sum of the squares of the market shares of the fifty largest firms, or all of the firms if the number is less than fifty.
This measure better accounts for the relative sizes of firms in the industry.
The HHI can theoretically range from 0 to 10,000 with 10,000 for a monopoly: 1 firm with 100 percent of the market, 100 x 100 or 100 2.
Department of Justice Antitrust Division uses the HHI to evaluate proposed mergers for possible anti-competitive effects.
This means that the casino market in Atlantic City is highly concentrated.
Eleven casinos have only five owners.
The arithmetic of the HHI is driven by Caesars, by far the dominant firm.
Caesars and Tropicana swooped in and bought the closed Atlantic Club, with Caesars purchasing the building and physical assets.
Then Caesars turned around and sold the building with a deed restriction that prevents it from being used as a casino in the future.
But Caesars is not exactly a firm, in the conventional sense.
As noted by Eileen Appelbaum and Rosemary Batt, authors of Private Equity at Work, the primary shareholder in Caesars Entertainment is a fund controlled by two private equity firms, TPG Capital and Apollo Global Management.
The buyout of Caesars was one of the largest in the history of private equity, and burdened the company with billions of dollars in debt.
We chose to complete this mathematical exercise for the Continue reading City gaming market.
If we were to perform the same calculations for another jurisdiction—a city or region—we would find that the gaming marketplace is similarly concentrated, even when measured nationally or internationally.
Excluding casinos owned and operated by Native American tribes, the global gaming market is comprised of oligopolies.
In other words, large firms under few corporate owners are the market leaders here powerhouses.
Many of these efforts overtly focused on marketing strategies to appeal to a more affluent customer base.
Economic revitalization needed a spark.
Yet policy makers rarely mention the underlying political economy forces driving the strategy of appealing to young, hip consumers in their twenties, thirties, and even their forties who have higher levels of disposable income.
Casinos are not the only U.
Income inequality in the United States has been rising since 1979.
Incomes stagnated for the wealthy as well as the middle class during the 1970s, according to Noah.
The Great Divergence, a term coined by Nobel-winning economist and New York Times columnist Paul Krugman, brought the income share of the top 1 percent back to 24 percent by 2007, the onset of the Great Recession.
Stagnant wages, erosion of the social safety net, outsourcing of living wage jobs held by those with less education, lower union density, and other trends slowly undermined middle-class incomes.
During the same period, financial bubbles and favorable tax policies concentrated income and wealth at the top of the ladder.
Conspicuous consumption, including glitzy décor, lavish buffets, and the affectation of carelessness with money were always part of the image that casinos and their customers projected.
But the new expansion wave has amped up the signifiers of luxury.
High-income consumers need to be attracted by more than the dream of hitting it big at the slots.
Atlantic City has tried to give them what they want.
Marketing of the pool was separated from general marketing of the casino property in order to draw a younger crowd.
Casino houses also tried offering indoor surfing, trapeze lessons, and other attractions to draw customers.
Gomes had started his career in Las Vegas working for the Nevada Gaming Control Board as a regulator; his major case investigating organized crime was the basis for the 1995 Martin Scorsese film Casino.
Female cocktail servers wearing plunging backless flapper costumes became a prime feature of casino marketing on billboards and other advertising.
They were following the trend set by the Borgata Babes.
Hundreds of former employees lost their jobs or took pay cuts.
Nine of the waitresses charged that they lost their jobs when they had to audition with a modeling agency to wear the skimpy new uniform.
The waitresses were offered alternative positions in the company but declined to take them, opting to initiate an age and gender discrimination lawsuit.
On a more positive note, the new Resorts also broke new ground by being the first casino to explicitly target the gay, lesbian, bisexual, and transgender GLBT community.
Atlantic City had once had a lively gay bar scene centered around New York Avenue, dating back to the 1920s, but the casino era along with other trends had displaced the once-thriving culture.
Resorts opened the first GLBT-oriented dance club inside a casino, then added a drag show that attracted straight audiences as well and a piano bar.
Other casinos have also sponsored drag bingo events to raise money for the South Jersey See more Alliance or hosted special weekends with circuit parties.
The two developments are, in a sense, intertwined.
As the casino deliberately sought to market itself as a hot destination, it signaled this by ramping up markers of sexuality, both heterosexuality skimpier costumes on waitresses and homosexuality.
Gay men are viewed as trendsetters by some heterosexual consumers.
The deal gave Mohegan Sun its first inroad into the Atlantic City market and marked another step toward industry consolidation.
Loyalty points earned at any of the three Mohegan Sun casinos in Connecticut, Pennsylvania, and Atlantic City are transferable.
Less than one week after the agreement was made public, the new management team announced its intention to construct a major expansion in front of Resorts, where the old Steeplechase Pier once existed.
Ribbon cutting was Memorial Day weekend in 2013.
A portion of the Resorts casino floor is now bright turquoise.
Palm trees and surfboards abound.
Roughly one year later, Resorts announced that it would stick to one principal theme: the Roaring Twenties was out, including the flapper uniforms, and Margaritaville was in.
The struggling Atlantic Club, in a last gasp before its demise, heavily marketed to locals starting in 2012; they lowered prices on meals, offered free parking, and gave gamblers comps they could use at local small businesses.
Customers have the option of click the following article their comps at shops at the Walk, local restaurants, and even a nearby grocery store.
The idea is to bring in customers from the surrounding suburban and exurban communities, especially on weeknights.
Convenience gambling is undermining the usual emphasis of a tourism economy on bringing in money from other locations.
This scenario has implications beyond Atlantic City, raising questions about the viability of casinos as a local economic development strategy.
As casinos proliferate, each locality is more and more likely to draw its customer base from a smaller and smaller geographic radius.
In a telephone conversation we had with John, a Massachusetts activist who worked to oppose the establishment of casinos in Holyoke and Springfield, he shared concerns that casinos located a mere sixty miles apart would primarily draw upon a radius of only thirty miles.
Rather than bringing money into any particular local economy, the fear among gambling opponents like John is that casinos will be likely to divert local consumer spending to the corporate coffers of the casinos—to then possibly be reinvested elsewhere, anywhere but the community.
When the Atlantic City Sands Casino was imploded on October 18, 2007, it was a figurative ending of an era in Atlantic City.
It took just less than twenty seconds.
Then it was dust.
Gone with it were the entertainment venues that hosted Frank Sinatra, Sammy Davis Jr.
One strategic response has been an upsurge in branding, especially marketing to younger and more prosperous customers or other niche markets.
With assistance from the Casino Reinvestment Development Authority and state officials, Atlantic City is trying to rebrand itself, with efforts to draw visitors to leave the casinos for shopping, clubbing, dining—and even to spend time on the beach and famous Boardwalk.
Some of these economic development strategies seem to be successful, especially the non-gaming ventures.
While the specific strategies and approaches have varied across houses, owners, and management teams, the general trend has been a reduction in job security, hours, and benefits, especially for employees without union representation.
As we will see in the upcoming chapters, even workers who loved their own jobs are increasingly wary of recommending the casinos as good places to work for the next generation.
The promise of first-class jobs that would allow workers to support themselves and their families seems to be slipping through their fingers like sand.
In the long run, cost cutting may restore profitability to the powerful owners.
But without good jobs, we argue, this will not constitute an economic success story.
The well-being of communities and the provisioning of its members is at risk.
Tyrrell and Israel Posner Margate, NJ: ComteQ, 200945.
Vogel, Entertainment Industry Economics: A Guide for Financial Analysis, 8th ed.
Cambridge, UK: Cambridge University Press, 2011.
American Gaming Association, U.
Commercial Casino Industry: Facts at Your Fingertips Washington, DC: AGA, 2009.
Naomi Klein, No Logo: Taking Aim at the Brand Bullies New York: Picador, 2002.
Frank, Luxury Fever: Money and Happiness in an Era of Excess Princeton, NJ: Princeton University Press, 1999.
For an analysis of increased pressures on management by financial markets, see David Weil, The Fissured Workplace: Why Work Became So Bad for So Many and What Can Be Done to Improve It Cambridge, MA: Harvard University Press, 201444—45.
Dean Baker, Taking Economics Seriously Cambridge, MA: MIT Press, 20102—3.
Gordon, Fat and Mean: The Corporate Squeeze of Working Americans and the Myth of Managerial Downsizing New York: Free Press, 1996144.
The atlantic city casino employment statistics equity firms that own Caesars Entertainment TPG Capital and Apollo Global Management both describe a wide range of investments on their web sites, from financial services to media, from chemicals to health care, and from retail to technology.
But it also owns the Downtown Aquarium in Houston, an entertainment complex with amusement rides and midway games.
In contrast, Boyd Gaming, parking brisbane casino secure of the successful Borgata, operates casinos in Las Vegas, Illinois, Indiana, Iowa, Kansas, Louisiana, and Mississippi, as well as New Jersey.
Eileen Appelbaum and Rosemary Batt, Private Equity at Work: When Wall Street Manages Main Street New York: Russell Sage Foundation, 201481, 98, and 266.
This is confirmed by two key industry read more by a private consulting firm, Datamonitor.
See Congressional Budget Office, Trends in the Distribution of Household Income Between 1979 and 2007 Washington, DC: CBO, October 20113.
Noah, The Great Divergence, 23—25; emphasis in original.
For an overview of these trends, see Arthur MacEwan and John Miller, Economic Collapse, Economic Change: Getting to the Roots of the Crisis Armonk, NY: Sharpe, 2011 and Paul Krugman, The Conscience of a Liberal:Reclaiming America from the Right New York: Norton, 2009.
Frank, Luxury Fever, 18—19 and 33.
https://cetsolarstore.com/casino/tricks-with-casino-chips.html Badgett, Money Myths, and Change: The Economic Lives of Lesbians and Gay Men Chicago: University of Chicago Press, 2001.
Ken is a Day-Oner, meaning he started at one of the casinos when it first opened during the boom years.
A white male from one of the suburban towns on the mainland near Atlantic City, being a dealer was always a full-time job with benefits for him, and he was able to work his way up into a supervisory position.
Marlene, in contrast, is the daughter of Korean immigrants who started working as a dealer just before the recession hit in 2008.
She and her husband both have part-time casino jobs; he has two of them and she has one in order make ends meet.
Their casino jobs do not provide a sustainable livelihood.
Ken explains that he actually backed into his career in the gaming industry.
Fresh out of college, he daydreamed about a placement with the Federal Bureau of Investigation FBI.
He had an idea.
With his baccalaureate degree in hand, he was eligible for a job with the Casino Control Commission CCCand the CCC counted as law enforcement.
This would be his stepping-stone to the FBI, he thought.
Sitting at the dining table of a mutual friend, he describes a lengthy written application and a series of interviews as if it were yesterday.
Then Ken was suddenly informed that he could not be hired because of a conflict of interest.
It turned out that there had to be a two-year lapse between what was termed a casino job at Caesars and a civil service position at the CCC, even though he was only doing security on a construction site.
And he was bored.
School was a breeze for Ken.
He tried for an in-house transfer to deal within Caesars but actually landed a job at an even newer casino in town, Claridge.
Thirty-plus years later, Ken is still there, but now he is managing gaming pits in a dual rate position.
Riding through the changes, he was promoted, got married, had children, divorced his first wife, shared child custody, remarried, and sent children off to college.
Three decades of working weekends, holidays, and unsocial hours has taken its toll on normal family life.
A decade later, he would be promoted again to dual rate pit manager, the position he still holds today.
Take the demographics of the labor force, for one.
Then came workers from India.
Then the rest of the Pacific Rim: Vietnamese, Thai, Cambodians, Koreans, and Chinese.
There are dozens of languages spoken by casino workers.
The workforce has changed markedly in other ways, too.
So a lot of the—we have part-time dealers, we have seasonal dealers, we have part-time supervisors that only work two days.
They pay them a little higher rate, but they pay them no benefits at all.
Anything that could possibly be trimmed to pare costs was cut.
Ken speculates that such actions by top management helped usher in an environment that was more hospitable for union organizing.
And, in fact, dealers at his casino voted in favor of representation by the United Automobile Workers UAW in 2007.
Workplaces have their office politics as well.
Casinos are no different and may even be worse.
Women employees, in particular, would be urged to play along and sleep their way up the career ladder.
They are also expected to staff casino-sponsored events such as blood drives.
Ken welcomes being tapped out for assignments such as staff training away from the casino floor.
One time, he was asked to help test fellow supervisors.
People can forget about normal rules of decorum when they are hooked on the gaming tables.
He was also a friend of mine.
And patrons around were acting—they still wanted to play on the games next to him while the EMTs were working on him, trying to get—he had a heart attack—trying to get his heart started.
This is how I get my paycheck?
This is my livelihood?
These new employees often do not have the same opportunities as the first wave of workers.
Marlene, a thin, serious young woman with long black hair, has spent three years on the job as a part-time dealer.
She went to dealer school to learn the games and started dealing when she was twenty-one years of age.
Joy pushed her daughter into dealing to earn decent money that she could apply toward a college education.
The family is from South Korea, with a mix of Chinese ethnicity.
So Marlene works ten to fifteen hours a week on a grave shift at the Trump Taj Mahal, and attends college in the daytime, squeezing in naps and homework as much as she can in the remaining daily hours.
Like other novice dealers, she started in blackjack.
In her audition and interview, she also expressed an interest in dealing craps precisely because it was more difficult for women dealers to break into craps.
Not only is Marlene ambitious, but she is a quick learner.
Within a year, the casino moved her to baccarat.
Marlene loves the pace of the work and the excitement of meeting new people—including her husband Chin, an older casino employee with about twenty years on the job.
But, as with so many of the folks we interviewed, the patina of an exciting new job wore off after a while.
All three were playing with his bankroll, but he was grabbing at their assorted body parts and pulling their hair.
He cut back on everything.
Luckily for Marlene, she is pursuing higher education.
She recognizes that those jobs are hard to find.
When we met with her, she was concentrating on finishing up the last two courses to complete her undergraduate degree.
And then she stopped dealing when she had a newborn baby.
No more second-hand smoke.
Her husband, Chin, still holds two thirty-hour-per-week jobs to support the family.
She wishes he could work one forty-hour-a-week job instead.
While Chin and Ken seem to be stuck, Marlene is working on moving into real estate and looking into teaching as an alternative to going back to the casino.
She is still cobbling together part-time employment, but now it is outside the casino economy.
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