Full-time staff at Wynn Las Vegas learned on Tuesday that salaries and hours will be cut back due to cost-efficiency measures.
In a statement from Wynn Resorts Ltd., the company said that in order to keep full-time staff employed during “these uncertain times,” the company is going to reduce pay for salaried employees and work-week hours, eliminate bonuses for 2009 and suspend 401K contributions.
The casino operator hopes to save $75 to $100 million annually with the measures.
However, according to the Associated Press, this cost-saving action has led one analyst to lower Wynn’s price target and another to decrease the Las Vegas company’s rating.