by Ray Poirier | That’s what the operators of Foxwoods Resort Casino in Connecticut did last week when they announced they were laying off 700 employees.
The first one cut was the chief executive officer.
In a rare performance of recognizing that one of the world’s largest casinos could operate better without Patricia Irvin as the CEO, the Mashantucket Pequot Nation, owner of the casino, decided to bite the bullet.
"It was a difficult decision," said Michael Thomas, tribal chairman, "but we felt a necessary one given our recent decision to realign our expense structure in response to the current economic environment."
Irvin, a Wall Street lawyer with connections to Washington, D.C., had only been on the job since last December.
With the move, the tribe eliminated the CEO job and ordered its duties to be shared by the acting president of Foxwoods and the general manager of the newly-opened MGM Grand facility.
Like casinos throughout the country, Foxwoods Resort and its nearby neighbor, Mohegan Sun, have seen their revenues fall dramatically since the spring.
Foxwoods Resort lays off 700 after big expansion
Business crumbling for Connecticut casinos
It's slow in Connecticut, also