Wynn Resorts Las Vegas cutbacks impact both Wynn and Encore Las Vegas hotels. Reductions include hotel casino employee salaries, hours, bonuses and 401(k) retirement plan contributions by Wynn Resorts.
This week Steve Wynn has made a financially stable decision to cutback expenditures insuring that employee’s will keep their jobs and insurance benefits. This will affect thousands of his Las Vegas hotel employees.
His neighboring Palazzo and Venetian hotels have recently announced layoffs and tightening of their budget due to a decline in visitors and disposable income.
Reductions will become effective February 16, 2009. Smaller floral arrangements and energy conservation will assist in the financial cut. Cuts will apply to 9,500 full-time employees and save $75 million to $100 million annually.
Wynn Resorts expect to cut:
- Suspend employer match to 401(k) accounts.
- Reduce pay 15 percent for salaried employees making more than $150,000 and a 10 percent reduction for making less than $150,000.
- Cancel 2009 bonus accruals
- Reduce workweek for full-time hourly employees to 32 hours.
Six weeks ago Wynn opened the $2.2 billion Encore Las Vegas. A huge amount of funds were spent on advertising and a smooth opening. Declining visitors have pushed room rates to sub $200 per night with comps. Something that hasn’t been seen for years. These rates are affecting the rest of the hotels in Las Vegas, Nevada.
Wynn Resorts Las Vegas cutbacks impact both Wynn and Encore Las Vegas hotels.