Zona de Azar USA – Caesars Cutting Corporate Jobs to Save More Than US$40 Million

USA.- March 18th 2019 www.zonadeazar.com The company did not say how many people will lose their positions, adding that the percentage would be in the single digits.

As part of a plan to reduce corporate expenses by more than US$40 million annually, Caesars Entertainment Corp. communicated it will be cutting jobs at its Las Vegas headquarters, in the US. The majority of the savings, though, will come from eliminating open job positions and reducing consulting expenses.

The corporation employs about 3,000 people in corporate positions around the US, including in legal, information technology, marketing, analytics, human resources and finance departments. The company did not say how many people will lose their positions, adding that the percentage would be in the single digits. Besides, Caesars explained all affected employees will be offered severance and company-paid career counseling.

The announcement comes two months after Caesars’ largest competitor, MGM Resorts International, said it would cut corporate positions to save US$100 million annually. Las Vegas casino operators are facing rising costs, including for wages and security, when visitation is stagnating and competition increasing with the spread of sports betting.

Caesars forecasts its Strip revenue will grow only about 2.5 percent this year even as its extensive room renovation program approaches the finish line, enabling the company to offer tens of thousands more room nights this year compared with last year. Las Vegas visitation has fallen the past two years, only the third back-to-back decline in nearly half a century.

Edited by: Zona de Azar Press www.zonadeazar.com