ATLANTIC CITY — Trump Entertainment Resorts Inc. laid off about 250 employees Wednesday as part of its post-bankruptcy restructuring under new owners, the company’s chief executive officer said.
Bob Griffin, who took charge as Trump’s new CEO last month, said the layoffs included executive staff and hourly employees at Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino.
Griffin said it is expected to be the last wave of job cuts in the company’s restructuring, which is now finished. Trump Entertainment has been trimming costs and shaking up its management ranks since it emerged from Chapter 11 bankruptcy protection in July under the new ownership of corporate bondholders led by New York billionaire investor Marc Lasry.
“Our reduction in force is complete,” Griffin said. “We recognize the effects it has on the employees and the families who lost positions. It is a tough thing to do at a tough time of the year, but it was absolutely necessary.”
Griffin said Trump Entertainment now has the type of leaner organization it needs to compete in the Atlantic City marketplace. The company has been cutting labor costs in hopes of turning a profit at the same time gaming revenues have been declining in the sluggish economy.
Last month, the Trump casinos laid off 50 managers. Prior to that, other senior executives left over from Trump Entertainment’s old regime were bought out from their employment contracts. Mark Juliano, the company’s former CEO, headed that group.
Griffin, who was appointed by bondholders to replace Juliano, said he promised employees he would take “swift and decisive action” to complete the restructuring. Although he said no other layoffs are planned at this time, he left the door open for more cuts if the company believes they are needed.
“I would never say never,” he said.
Contact Donald Wittkowski: