Las Vegas Sands cutting 200 Vegas casino workers

Dec 12, 2008 10:54 PM
Staff & Wire Reports |

International casino owner Las Vegas Sands Corp. is cutting more than 200 workers from its Venetian and Palazzo casino-hotels on the Las Vegas Strip as part of an effort to save $100 million annually companywide.

Sands spokesman Ron Reese says the company will announce the layoffs, which amount to about 2 percent of the two casinos' 10,000-strong work force, on Friday.

Reese says the company, which laid off 50 other workers three weeks ago, has not ruled out more cuts later. He would not say how much the cuts would save.

When the company suspended construction on casino projects around the world in November, about 11,000 workers lost their jobs, most in the Chinese island enclave of Macau. Friday's cuts affect only Las Vegas properties.

Sands shares have plummeted from a 52-week high of $120.24 to close Thursday at $5.81.

Related Articles:
Gaming stocks now on the rebound?
Las Vegas billionaires: riches to rags?
Las Vegas Sands gets OK on apartment-hotel sales
Las Vegas billionaire loses billions this year