In a surprising move, the Pechanga Casino is laying off a considerable chunk of employees. 400 of their 4700 staff are to be cut. This is located in the Inland Empire where we've already seen massive housing revaluation towards sanity. Sanity is still not quite there yet, but progressing until these types of stories break.
Miles away from high paying jobs to support a high grade debt on an upcoming option ARM interest only reset will not be an easy sell for a real estate professional. With 400 cut and only restaurants and retail to work at, or a home improvement store, there is likely to be more devaluations to come. With these plugged into that vicious cycle the retail and consumer will suffer.
Pechanga is located in Temecula CA.
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