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U.S. markets recover from steep losses
MASHANTUCKET, Conn., Oct. 1 (UPI) -- A Connecticut casino says it is cutting 700 jobs as people pull back their chips in the face of a soft economy.
Michael Thomas, chairman of the tribal council that operates Foxwoods, one of Connecticut's two gambling operations, acknowledges the economic issues facing the country and the regional consumer economy have "negatively impacted" the casino, WNTH-TV in New Haven reported Wednesday.
"Although it has taken a few months, the recession's impact can now be clearly seen in our industry," Thomas said.
Foxwoods said the layoffs announced Tuesday would go into effect next week.
"If you are running a business and you are not making a profit you have to trim where you have to trim," hotel worker Michael Wood said. "Look at Wall Street, the economy. They are going down the tube. I knew it had to be coming."
Foxwoods and the MGM Grand have about 11,000 workers.
Mohegan Sun, the state's other casino, said last week it was holding off on some of its expansion plans.
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