International edition
September 26, 2020

Recession should last until the middle of 2009

Las Vegas casinos adjust for economy

(US).- According to an announcement last Monday by the National Bureau of Economic Research, the US economy went into a recession in December 2007. This downturn has forced hotel owners to make cutbacks, with some additional reductions likely still on the way.

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rom the outside they look virtually unchanged, but inside many Valley hotel-casinos - the changes are noticeable. By the end of September, casino officials said 3,200 employees had been let go along the Strip, and the numbers for October and November have not been released yet.

In an effort to keep layoffs to a minimum, officials from Harrah’s Entertainment said they have restructured some of their departments. And, according to the Review-Journal, Station casinos have stopped the 401K-match program for its employees to save money.

Station’s Communications Director Lori Nelson issued a statement in response to the paper’s article: "As we continue to navigate through difficult economic conditions, we have put in place a number of cost-saving measures, including a temporary suspension of the match portion of our 401K program. Team members are still able to participate in the program. The decision to temporarily suspend the company’s 401K match will be re-evaluated on a regular basis based on economic conditions."

According to the announcement from the National Bureau of Economic Research, the recession should last until the middle of 2009.

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