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Salaries and Work Week Slashed to Save Cash at Wynn ResortsFebruary 5, 2009 By: Mark Rogers
For months now Sin City has had a bad run at the tables. As further evidence of the economic downturn’s severity, Wynn Resorts Ltd. has announced that it will cut wages for all salaried workers at its Wynn Las Vegas casino as well as reduce work weeks for full-time hourly employees. The cuts are an effort to save the company $75 million to $100 million a year. The new initiatives also include eliminating 2009 bonus accruals and suspending its 401(k) matching contributions.
In a statement, Steve Wynn announced that, "We will make decisions that protect and preserve the stability of the employees and allow the company to optimize its performance."