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Old 02-03-2009, 10:20 PM
 
289 posts, read 1,040,031 times
Reputation: 85

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Wynn scales back on salaries, work hours to cut costs

Feb. 3, 2009

SAN FRANCISCO (MarketWatch) -- Wynn Resorts Ltd. said late Tuesday it needs to cut salaries of Las Vegas workers and take other measures to reduce costs. Wynn also said it needs to reduce work weeks for full-time hourly employees, eliminate 2009 bonus accruals and suspend employer match of 401(k) contributions. The company expects to save about $75 million to $100 million a year.


article:
http://www.marketwatch.com/news/story/Wynn-scales-back-salaries-work/story.aspx?guid={3D0915B3-7111-42AD-9CF9-9DD57BA5791D}&dist=hplatest
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Old 02-04-2009, 08:52 AM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,507,035 times
Reputation: 7615
Probably due to the last minute cancellation by Wells Fargo!
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Old 02-04-2009, 01:06 PM
 
Location: Here and there, you decide.
12,908 posts, read 28,004,431 times
Reputation: 5057
Quote:
Originally Posted by jfkIII View Post
Probably due to the last minute cancellation by Wells Fargo!
thats for sure.. plus wynn is getting ready for the big divorce..
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Old 02-04-2009, 01:14 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,507,035 times
Reputation: 7615
Quote:
Originally Posted by airics View Post
thats for sure.. plus wynn is getting ready for the big divorce..
The wife is hoping she'll "Win Las Vegas" by the time that one is done!
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Old 02-04-2009, 01:25 PM
 
Location: Here and there, you decide.
12,908 posts, read 28,004,431 times
Reputation: 5057
he should have just seen a hooker from vegas to keep the economy rolling.. sheesh, even steve wynn outsourced.
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Old 02-04-2009, 03:38 PM
 
Location: Las Vegas, NV
2,990 posts, read 8,715,185 times
Reputation: 1516
Those type of cuts are better than full out layoffs. Did you hear Macy's is in trouble and will lay off 7K!
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Old 02-04-2009, 04:01 PM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 10,689,706 times
Reputation: 637
Macy's keeps on closing stores too...except not here in Vegas yet...
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Old 02-04-2009, 06:53 PM
 
Location: Las Vegas, NV
2,990 posts, read 8,715,185 times
Reputation: 1516
My mom works for Macy's at Meadows Mall. She thinks they are closing the one in the Boulevard Mall, but no one is for sure. Panasonic just announced they are laying off 15000 in Japan, so it shows how bad it is in the global picture. Japanese people are not spending, but saving and thus falling demand for consumer items like TV's and electronics in Japan and the rest of its world market.
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Old 02-04-2009, 07:23 PM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 10,689,706 times
Reputation: 637
the Macys at the Boulevard is always so busy, i can't imagine them closing that one, plus then the mall would be done for, so sad, more jobs would be lost there...
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Old 02-04-2009, 08:05 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,507,035 times
Reputation: 7615
Quote:
Originally Posted by lvkewlkid View Post
Macy's keeps on closing stores too...except not here in Vegas yet...
None up here yet, either.
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