No one is a stranger to the cries over current economic troubles, including Las Vegas. The city has been feeling the affects the last few months. People are still visiting, who can resist the deals? but they’re spending less. Many casinos are turning good profits but insane debt payments and/or substantial construction costs have them over their heads. Layoffs, restructuring, and budget cuts have been the buzz words of late.
At the end of last year, Frank was able to dodge the bullet and keep his job. He stepped into a new position with more responsibility, the understanding that it was a lateral move and no bonuses would be awarded in 2009. Bonuses are figured into salary so that was a pay cut – more work, less pay - pretty typical of corporations' pinching pennies.
Another round of layoffs are rumored; it’s been quite stressful. He got word that he’s safe so far, but he’ll no longer be matched for any 401k contributions and he is forced to take a 5% cut in pay. Not great circumstances, but he keeps his job. That’s what’s important.
My only hope is that things turn around soon. I’m not too confident that he’ll be safe the next time they’re looking to cut costs.