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Monday, October 8, 2012

The Region Shudders Again

Mohegan Sun, Uncasville
This hits especially hard right before the holidays.    Perhaps the recent layoffs of 300 workers at Mohegan Sun Casino shouldn't come as a complete surprise.    Nonetheless, it is a big blow to an already struggling eastern Connecticut economy.       Revenue is down as out of state casinos and a shaky recovery take their toll, but I can't help but wonder whether massive layoffs should always be the first option.   There is no doubt this region has historically depended far too much on a few giant companies like EB and Pfizer.   This leaves us susceptible to the decisions of too few.    New London County is not a remote market; it is halfway between New York and Boston with a great harbor and tourist attractions.     There is no reason why this region can't diversify.     If I ran a major financial or tech company, I'd prefer New London and vicinity over the traffic and costs that choke growth in places downstate like Fairfield County.    How big a wakeup call do we need?      I appreciate what our resort casinos offer; They are two of the finest in the world and I hope they can thrive for workers and the tribal owners.    That doesn't mean we should bet everything on them.

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