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Posted At : February 12, 2009 10:38 AM | Posted By : D McKee
Related Categories:
Station Casinos,Economy,Harrah's,Steve Wynn,Labor
Our local newspaper has dispatched its resident anti-union correspondent to gnash out more propaganda about "forced union membership." Had this person any sense, they might realize that, were the Las Vegas Review-Journal a union shop, its employees wouldn't have been summarily subjected to a 401(k) suspension ...
... just like non-union employees at Harrah's Entertainment. As with their opposite numbers at Station Casinos, leaders of Harrah's probably wouldn't have gotten into this pickle were it not for a near-insane LBO. At the time of both management-led buyouts, the question of how these companies were to exponentially increase their indebtedness, pay it down, build all the new projects they were touting and generate positive ROI was simply begged. We were loftily assured that it could be done, although in my head I could always hear my Mom's voice, asking her favorite rhetorical question: "Using what for money?"
At least some of that "what" is now going to come from the 401(k) kitty. Oh, there'll be some give-backs at the managerial level, too. (Update: Said to be numbering in the "thousands." At least Harrah's did the right thing and told workers first, then the media -- unlike Wynn Resorts, which did it the other way around.)
CEO Gary Loveman made out like a bandit on the LBO, to the tune of nearly $100 million. So perhaps he could emulate Chuck Mathewson's old example at IGT and work for a dollar a year, plus performance-based bonuses. I'll even donate the dollar. Just tell me where to send the check.
At least I'm not enough of a cynic to think that Harrah's and Station screwed the pooch deliberately. Not yet, anyway.
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Let's all go back to 1930, when we could buy an apple on any corner for 5 cents!