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While Wynn Resorts has tried to avoid layoffs, Steve Wynn announced on Tuesday that, at the employees request, full time work schedules will be restored for some while 261 others will lose their jobs.
CEO Steve Wynn said that some workers expressed support for layoffs instead of wage and hour reductions and that one employee told him he may lose his home because of the cutbacks.
The struggles of the employees prompted a review of the company’s payroll which ultimately led to the 3% workforce reduction.
18 months ago, 2,300 employees had their hours reduced and 1,400 employees earning less than $200,000 per year took 15% pay cuts, with the 220 hourly employees and 41 salaried employees laid off, those workers will have their hours and pay restored.
The reduced hours and pay cuts helped to eliminate nearly $10 million from the company’s payroll, temporarily, however with the restored hours and salaries, $7.7 million will be added back.
“It became a morale issue,” Wynn said “We did the best we can and that’s the end of the conversation.”
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