Wynn Resorts laid off 261 employees from Wynn Las Vegas and Encore in Las Vegas. The layoffs will allow the company to restore a 40-hour workweek for around 2,300 hourly employees who have been working 32-hour workweeks. In February 2009, Wynn Resorts implemented a hiring freeze and eliminated 401(k) matches.
Las Vegas casino mogul Steve Wynn has extended his contract with Wynn Resorts through October 2020. Wynn received $11.2 million in compensation from the company in 2007, and his total compensation in 2006 was $10 million.
For one hotel writer, the distinctions of boutique, select-service and lifestyle hotels can be baffling and inexact. Hotels that try too hard to corner themselves into a specific category could eventually see adverse effects, he warns.
Wynn Resorts says the cost of developing its planned Encore resort adjacent to its main Las Vegas casino complex has risen from an estimated $1.4 billion to about $1.74 billion. Costs involved with the planned 2,054-room hotel tower and casino include about $70 million for a new employee parking garage.