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Arnold M. Knightly


Harrah's suspending 401(k) contributions

13 Feb 2009

By Arnold M. Knightly

LAS VEGAS, Nevada -- Harrah's Entertainment on Wednesday revealed that the company will suspend matching employees' 401(k) contributions.

The company also confirmed that it was cutting managers' salaries in an effort to help the company navigate the economic downturn.

Harrah's joins Wynn Resorts Ltd. and Station Casinos as large casino operators that have cut 401(k) payments as visitor numbers and revenues continue to decline.

Boyd Gaming Corp. announced in December it would cut its contributions by half.

Today's announcement is the latest cost-saving measure by the world's largest casino operator this year.

In mid-January, Harrah's Entertainment announced it was postponing completion of the 660-room Octavius Tower at Caesars Palace "until a period of stronger demand."

Las Vegas visitation declined 10.9 percent in December and 4.4 percent last year, the Las Vegas Convention and Visitors Authority reported Tuesday.

Casino revenues on the Strip declined 10.6 percent in 2008, according to figures released today by the Gaming Control Board.

Harrah's, which posted a third-quarter revenue decline of 6.8 percent, will release its 2008 revenues on March 13.

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