LAS VEGAS (FOX5) -- Boyd Gaming Corporation announced the company will be furloughing "most of its team members" beginning April 11.
The decision was announced in a release Wednesday due to the widespread financial impact caused by COVID-19.
Those impacted with face unpaid furlough, but those enrolled in the company's healthcare system will be covered through June 30, the release stated.
"This is by far the most difficult decision we have ever made," Boyd Gaming President and CEO Keith Smith said. "We care deeply about the well-being of our team members, which is why we maintained full pay and benefits through April 10. Implementing furloughs was a last resort for us, but a necessary step to protect our Company, especially given the current lack of visibility regarding property re-openings."
According to the release, a limited number of "essential team members" will stay on the payroll during this period.
In Las Vegas, ten resorts are part of the Boyd Gaming family, including: Aliante Casino, The Orleans, Gold Coast Hotel & Casino, Suncoast Hotel & Casino, Sam's Town, Eastside Cannery, Cannery Casino Hotel, California Hotel Casino, Fremont Hotel & Casino and Main Street Station.
In addition, Boyd Gaming announced its executive leadership would be facing "significant salary reductions." The board of directors have also suspended compensation, the release stated.
- all non-essential spending postponed indefinitely
- all capital projects suspended for re-evaluation by board
- cash dividend program suspended
"As a result of these difficult but necessary actions, we are confident Boyd Gaming will have sufficient liquidity and resources to sustain itself until we are able to re-open for business," Smith said in a statement. "We will continue to carefully review our operations and expenditures during the closure period and make additional adjustments as necessary."