More Las Vegas casino jobs will soon be lost as a large corporation sheds employees.
Las Vegas Sands Corp. recently announced its plan to cut 216 full-time employees. The jobs to be cut are at the company’s Las Vegas properties, according to an article by The Wall Street Journal, and the cuts are part of an effort to help reduce costs amidst the current state of the economy.
The company also plans to eliminate $6.5 million in management bonuses this year. Officials said the cuts will affect all departments and are mainly positions that don’t interact with hotel or casino guests.
“It won’t impact the customer experience at our properties,” Spokesman Ron Reese said in the article.
The company currently employs about 10,000 workers at two different properties in Las Vegas, the Venetian and the Palazzo. The forthcoming round of job cuts follows a move to cut 50 employees last month.
Sands, like many other casino companies, is facing billions of dollars in debt in debt from expansion plans. The company’s stock also has fallen, and CEO Sheldon Adelson contributed almost $1 billion of his personal cash to keep the company afloat.
Las Vegas as a whole has seen a drastic decrease in its consumer base as revenues have continued to decline every month since the end of 2007. Most recently, Nevada gambling regulators said gambling revenue on the Las Vegas Strip dropped to $475 million during October, a 26 percent loss compared to last year.
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