By Deena Beasley
LOS ANGELES, Feb 3 (Reuters) - Casino operator Wynn Resorts Inc (WYNN.O) said on Tuesday it would cut the wages of its salaried workers in Las Vegas and reduce work weeks for its full-time hourly employees to avoid cutting jobs.
"In effect, everybody makes a little bit less money, but everyone keeps their job," Chairman and Chief Executive Steven Wynn said on a conference call with analysts and investors. "We don't want anybody on unemployment here."
Competitors like MGM Mirage (MGM.N), Las Vegas Sands Corp (LVS.N) and Harrah's Entertainment [HAMLEH.UL] have been laying off workers as recession-weary consumers and businesses cut back on extras like travel and gambling.
Wynn, which recently opened a second casino on the Las Vegas Strip, said it would eliminate 2009 bonuses and suspend its program of matching 401-K retirement plan contributions.
Wynn expects to save $75 million to $100 million annually.
In December, the company opened the $2.3 billion, 2,000-room Encore, which is adjacent to Wynn Las Vegas, the company's 3-year-old luxury casino hotel.
"We spent a ton of money in November, December and January getting this place off the ground," Wynn said. "These expenses occurred, of course, at a time when the economy of America, and Las Vegas in particular, was softening."
http://uk.reuters.com/article/bondsNews/idUKN0354442320090204
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