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250 Trump Casino Employees Laid Off

Posted on December 5th, 2010

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250 executive staff and employees had been given a permanent Christmas vacation by the Trump Entertainment Resorts Inc. this Wednesday in accordance with the plans of restructuring the company. According to Robert “Bob” F. Griffin, the present Director, Chief Executive Officer, and General Manager of Trump Entertainment Resorts Inc., the laid off workers are comprised of executives of different departments and hourly employees who work at the Casino Resorts owned by Trump Entertainment Resorts Inc namely: Trump Taj Mahal Casino Resort, Trump Marina Hotel Casino and Trump Plaza Hotel and Casino all located in Atlantic City, New Jersey.

Bob Griffin added that their laying off of workers or what he calls ‘workforce reduction’ is in its final stage. He acknowledges that this procedure will have a consequence to the laid off employees and staff. He feels that this is the year’s roughest days and expressed that though it was painful, it was a necessary move in order for the company to continue functioning for the sake of the rest of the workers. He extends his sentiments to the affected employees and assures the rest that further workforce reduction is unlikely.

This is expected to be the last wave of workforce reduction, thus these 250 exmplyees will be the last ex-Trump workers to change their employment status to unemployed. The company’s new CEO has started adopting a few cost cutting methods—this worforce reduction being one such method. Moreover, the company is reorganizing so they will be able to function more efficiently after the Chapter 11 bankruptcy protection which was awarded to the fresh owners of thje company—a significant shareholder of whiich is American billionaire, Marc Lasry.

Marc Lasry together with the bondholders replaced Mark Juliano, Trump Entertainment Resorts Inc former chief executive officer with Robert “Bob” F. Griffin. This young chief executive officer guarantees workers that he would be a proactive leader, employing swift and decisive actions that would ensure a successful company restructure. On the other hand, he left a doubtful notation about further workforce reduction if that’s what the company needed.

Due to the intense competition in Atlantic City, Griffin aims to build a better face for Trump Entertainment Resorts Inc. by making it a leaner company. He hopes that he will be able to reduce workforce costs so that in return it will improve the company’s profit. Before laying off almost 250 executive staffs and employees, Trump Entertainment Resort Inc had already laid off 50 casinos managers this past few weeks. Moreover, leftover executives, those employed before the new regime had estabslihed itself, were also laid off. This was the same time Mark Juliano was replaced by Bob Griffin.

The company surfaced after their July Chapter 11 bankruptcy protection, due to Trump Entertainment Resorts’ fresh owners and corporate bondholders’ efforts. In 2004, the company filed a bankruptcy report; together with the renaming of the Trump Hotels and Casino Resort to Trump Entertainment Resorts. It was also publicized that on May 18 2007, the company had initiated plans to be bougt out by several public and private firms. However, the company reported that none of the negotiatons for the buyout pushed through. Trump Entertainment Resorts had to wade through the economic mess without outside aid, and as a result, had to lay off a part of its workforce.

Faced with debts amounting to billions, the company had no choice but to file for Chapter 11 Bankruptcy. Trump Entertainment Resorts, together with its affiliates which includes Trump Plaza Associates, Trump Marina Associates, and Trump Taj Mahal Associates , did so on February 17, 2009.

Trump Entertainment Resorts currently manages Trump Plaza casino hotels, Trump Marina casino hotels and Trump Taj Mahal. The company boasts of “unabashed luxury”, the amenities of which includes, 3600 rooms, 350 gaming tables and 6000+ slot machines. They employ an almost 9000-strong workforce, which is one major source of employment in Atlantic City, New Jersey. The company has continually given job opportunities to people who specialize in hotel operations, food and beverage, marketing and customer service.