Convention authority will offer buyouts

The Las Vegas Convention and Visitors Authority, in an effort to trim is operating budget, will offer buyouts to some of its senior employees.

The terms require that someone taking the buyout have been on the payroll for at least 10 years and that their time worked plus age equal at least 65. People who accept the deal will receive three months of health insurance coverage plus one week of pay for every year worked.

Vice President of Human Resources Mark Olson said 144 people would be eligible for buyouts, excluding CEO Rossi Ralenkotter. The current budget notes there are about 500 positions for the authority.

Olson estimated that the authority would save about $1.1 million during the current fiscal year, which ends June 30, based on $2.6 million less spending on salary and benefits partially offset by $1.5 million in severance costs. Even after hiring lower-salaried replacements next year, Olson said the authority would come out $1 million ahead.

The authority retains the final say on whether someone who asks for the buyout will be allowed to take it.