LAS VEGAS (FOX5) -
A new sign will light up over the property formerly known as Las Vegas Hilton Wednesday. The Las Vegas Casino and Hotel has been dealing with financial problems since losing the Hilton name it carried since 1971.
LVCH will hold a commemorative lighting for the new sign at 7:30 p.m. Wednesday. Anni Gam, a 35-year employee of the resort who now serves as the director of the casino cage will flip the switch.
LVCH confirmed in July that it cut a number of jobs during a round of budgetary layoffs.
Kurt Ouchida, a spokesperson for the property said factors including the loss of the property's Hilton signage, declining gaming revenues and the seasonal slump of the summer led to the layoffs.
"The LVH has had no other choice but to adjust its current staffing levels to be commensurate with current business levels," Ouchida said in a July statement.
The number of layoffs was not disclosed.
The move was made after a turbulent first four months after its name change.
As reported by publication Vegas Inc., the hotel reported a loss of more than $5 million in revenue in the four months ending on May 31.
The hotel is also reeling from current foreclosure proceedings. This past February, Clark County District Court appointed a receiver to oversee the hotel's operations.
The property located on Paradise Road just a block east of the Las Vegas Strip originally opened as The International Hotel in 1969. It garnered the Hilton name in 1971.
Stay tuned to FOX5 for the latest on this ongoing story.
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