LAS VEGAS – Wynn Resorts Ltd. said Tuesday it is cutting wages for all salaried workers at its Wynn Las Vegas casino and reducing work weeks for full-time hourly employees in an effort to save about $75 million to $100 million a year.
As the economic downturn keeps would-be gamblers at home, casino operators have struggled to cut costs and shore up their cash positions. Wynn said the new initiatives also include eliminating 2009 bonus accruals and suspending its 401(k) matching contributions.
"We will make decisions that protect and preserve the stability of the employees and allow the company to optimize its performance," said Steven A. Wynn, chairman and chief executive, in a statement.
Wynn Resorts said its balance sheet remains strong, with more than $1 billion of cash on hand and only $375 million worth of debt due to be repaid over the next two years.
Wynn shares fell 91 cents, or 3 percent, to close earlier at $28.82. A year ago the stock traded as high as $124.77, but plunged as low as $28.06 in late 2008 amid the global market meltdown and credit crunch.