Summary:
- Resorts World Las Vegas has announced its plans to restructure some of its operations.
- The decision has led to roughly 50 employees being laid off, according to a company statement.
- Resorts World currently faces a $10.5 million fine for allegedly accepting bets from convicted felons and illegal bookmakers.
The first integrated resort to make its way on the Las Vegas Strip in the last 10 years, Resorts World Las Vegas, has announced its plans to “enhance efficiency and maintain the high-quality experience it premises its guests” in a statement made on Wednesday.
This translates to the iconic resort’s decision to let go of roughly 50 employees. While the text of the statement announced the layoffs, it failed to provide any actual details on the specific positions of the individuals who were affected by the decision or the reasoning behind it.
The Resort Will Restructure “a Portion” Of Its Operations
To best position the company, we have made the difficult decision to restructure a portion of our operations.
explained the resort that combines “elite dining, casino thrills, and spa bliss”
The company, therefore, chose to frame the move as part of its broader efforts to boost its efficiency while continuing to provide the same premium experiences to all patrons.
Part of our ongoing efforts to optimize efficiency and maximize the exceptional experience we seek to deliver to our guests
The announcement comes shortly after parent company Genting Berhad published its financial results for fiscal year 2024 at the end of February.
While revenue increased by 2.2% to $5.82 billion from $5.69 billion in the previous year, net income took a hit.
Profitability dropped 5%, from $195 million to $185.5 million, as rising operational costs squeezed margins, lowering them from 3.4% to 3.2%.
Despite the layoffs, the company acknowledged the contributions of those affected. “We appreciate the contributions all affected team members have made” the statement concluded.
Turbulent Times at Resorts World
The layoffs come at a particularly sensitive time for the resort. Less than a day after the job cuts, Resorts World and Genting Berhad are set to face the Nevada Gaming Commission over a 10-count disciplinary complaint filed on March 20 by the Nevada Gaming Control Board (NGCB). This amended an earlier 12-count complaint from August.
The NGCB accuses Resorts World, under the leadership of former President Scott Sibella, of allowing convicted felons and individuals linked to illegal bookmaking to gamble at the casino between 2021 and 2023.
As part of a settlement with gaming regulators, Resorts World and its affiliated entities have agreed to pay a $10.5 million fine.
The penalty would represent the second-largest in the state’s history, trailing only the $41 million fine that Wynn Resorts was slapped with in 2019 when it failed to address sexual misconduct allegations against former chief executive officer Steve Wynn.
About the Author
