Las Vegas Sands Corp Cuts Jobs

The Las Vegas Sands Corporation is cutting more than 200 of it’s workers from both the Venetian and Palazzo properties. The move is part of an effort to save $100 million a year, and expected to be announced to employees sometime today. Representatives say that they will also be cutting $6.5 million in management bonuses for 2008.

The cuts come at a time when economic troubles have some of the strip properties cutting back. Revenues have been down every month since late last year. Gaming revenues on the Strip has dropped 26% in October, and analysts say there may be more to come.

The Sands Corp. laid off 50 workers three weeks ago and is not ruling out additional cuts at a later time.

Sands shares have collapsed from a 52-week high of $120.24 to close Thursday at $5.81.