USA – It has been reported today that American gaming firm based in Paradise, Nevada with an estimated revenue of 2 billion dollars; Boyd Gaming, has announced that it is implementing furloughs on staff from Saturday 11th April 2020 as part of a series of measures to ‘mitigate the financial impact of the COVID-19 pandemic, which resulted in the closure of all of the Company’s properties in mid-March’.
Furlough is a temporary leave of employees due to special needs of a company or employer, which may be due to economic conditions at the specific employer or in the economy as a whole.
President and Chief Executive Officer of Boyd Gaming Keith Smith commented on the announcement:
“This is by far the most difficult decision we have ever made. 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.”
Boyd Gaming also announced that its executive leadership team will be taking significant salary reductions, while the Company’s Board of Directors has agreed to suspend the Board’s compensation. Additionally, all non-furloughed members of the Company’s corporate and property management teams will take a salary cut.
Smith, who first joined Boyd Gaming Corporation in 1990 added:
“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. We will continue to carefully review our operations and expenditures during the closure period and make additional adjustments as necessary.”
Along with taking the decision to furlough employees, Boyd Gaming, one of the nation’s leading casino entertainment companies, has said that it is postponing all non-essential spending indefinitely, suspending and re-evaluating all capital projects and suspending the firm’s cash dividend program.
Boyd Gaming was established in 1975 and is one of the largest and most successful casino entertainment companies in the United States that currently owns and operates more than 25 gaming properties in ten states.