Caesars Entertainment Plans To Offset Labor Costs With Cuts In Comps
Caesars Entertainment Corp. said it expects to offset $80 million in increased labor costs this year with corporate layoffs and fewer comps and giveaways.
Caesars has already cut property level employment by 12 percent since 2014.
In an earnings call with Wall Street analysts, CFO Eric Hession said the company anticipates being able to successfully offset the $80 million in labor headwinds.
Strip operators are facing rising costs as revenue growth remains sluggish. MGM Resorts International announced earlier this week it will eliminate 1,000 jobs by June as it tries to boost profit.