Caesars Palace generic

An undated photo of Caesars Palace in Las Vegas.

LAS VEGAS (FOX5) -- Caesars Entertainment announced on Thursday it was planning to reduce expenses by laying off part of its corporate workforce.

The company said by cutting the corporate workforce, it would be able to save $40 million annually. Caesars also mentioned it would eliminate the number of open positions, as well as reduce consultation expenses.

"Long term, Caesars will be hiring employees to support new revenue-generating projects, such as the Caesars FORUM meeting center, scheduled to open early next year," the company said in a statement. "All affected employees have been offered severance and company-paid career counseling."

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