February 11, 2009

The hits keep coming

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.


Anonymous said...

I feel for you both. Even though I work in higher education we have seen cuts and are to receive no raise this year but we are seeing added responsibilities too. Unfortunately I have many years left to go before looking at retirement.
My husband and I were hoping to go to Las Vegas this year with a couple who have never been but with everything going up, no raise, taxes galore it looks as if it will be nixed. Maybe next year. So in the meantime I get to enjoy your blog and wish.

Kellee said...

It seems like everyone is being pinched. It's a shame. As soon as we think we're getting ahead something else pops up. It'll work out, it's just not as fun when you have to count pennies. I hope you're able to get to Vegas soon.