The labor market in Las Vegas is in collapse. Thousands of Americans, employed of the gambling industry over the seas, remained without work, after the reorganization of the casinos. The reductions began two years ago, but they still feel the effect. The working week has less hours from month to month, the salaries are reduced every day, and the certitude of the working place is the main concern of the employees.
The employees on Strip Boulevard have fallen victims to the increasing of the taxes and expenses. The employees of the casinos in Las Vegas were unfortunates, too. Many representatives of the gambling industry have announced a lot of lay offs on the last two years.
Good times, bad times
In the middle of June, Wynn Resorts Ltd rehired 3700 people on full time bases, but has dismissed 261 persons within two units on Strip Boulevard, the situation being overstaffed. According to Steve Wynn, Wynn Resorts CEO had added that reintroducing the 3700 employees would increase the salary level with 7.7 million dollars.
The increased price of gas and the economic issues kept the clients away from the city of lights. This is the explanation of Pechanga Resort & Casino for letting 400 employees go in July 2008.
Harrah’s Entertainment holds and operates units like Paris Las Vegas, Bally’s, Bill’s, Flamingo, Imperial Palace, Harrah’s or Caesars Palace. In 2008, the company dismissed around 1500 employees. The same year, MGM Mirage, that holds ten properties on Strip Boulevard, reduced 1500 workplaces. 440 of the employees were holding managerial positions within the units in Las Vegas, Michigan, Mississippi.
According to Forbes magazine, on January 29, 2009, International Game Technology restructured 200 positions within the manufacture area. The company is specialized in design, development, manufacturing, distribution and sales of the games and computer gaming systems
Asia was facing the same situation, at the end of 2008, the Asian subsidiary of Las Vegas Sands, Venetian Macao, dismissed 500 employees, and the others were asked to reduce the working time from 48 to 40 hours per week.
Hit by the financial crisis, the managers of the casinos didn’t consider the feelings of the employees. Before the Christmas holidays in 2008, 216 employees learned about being laid off. According to Thomas Drowley, the financial adviser, such an attitude shows the desperation of the representatives of Las Vegas Sands.