Stratosphere, Arizona Charlie’s undergo cutbacks
The company that operates the Stratosphere, the two Arizona Charlie’s casinos, and the Aquarius in Laughlin, laid off an undetermined number of workers this week and undertook several other cost-cutting measures.
American Casino & Entertainment Properties said Wednesday the cutbacks were due to “economic conditions.” A spokesman said the company wouldn’t go into details as to how many employees were impacted by the moves.
The company said it was also suspending its 401(k) match program, effective April 5, and salary increases scheduled for July were also suspended.
“The current economic conditions affecting Las Vegas and the gaming industry have made it necessary for ACEP to adjust staffing levels and expenses to reflect the business demand we are experiencing,” company CEO Frank Riolo said in a statement. “We held out as long as possible. Our goal is that the expense reductions will help us to maintain as many jobs as possible as we move forward.”
The cutbacks impacted all four of the company’s hotel-casinos.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
