Wynn Resorts announced a cost-cutting program that included shortened work weeks, reduced salaries, the elimination of bonuses and the suspension of the company match to employee 401(k) plans.

While corporate-level executives have already taken a pay cut, other salaried employees will see their pay drop 10 percent to 15 percent.

All together, the moves are expected to save the company up to $100 million a year.

Steve Wynn said the reductions were the alternative to large-scale layoffs.

“Everybody makes a little less money, but everybody keeps their job,” he said. “We don’t want anybody on unemployment here—or without insurance.”

Wynn’s announcement came during a conference call, during which he also said that his company has money to burn. Profits are down, but Wynn Resorts still has $1.1 billion in cash on hand and only $375 million in loans coming due over the next couple years.

By Casino Connection Staff