Las Vegas Sands Corporation’s Sheldon Adelson has announced to employees in Las Vegas that employees will continue to receive pay and benefits through the end of October. A letter was sent out on Wednesday, detailing the challenges of employees as the coronavirus began and has continued in Nevada. So, despite the company seeing a negative impact from the virus, Adelson will continue to help his staff members.
In the letter, Adelson talked about the challenges that employees are facing, such as caring for elderly relatives or job loss with a spouse. There is also uncertainty surrounding if kids will be returning to school. The mix of these challenges has made life difficult for many employees of the corporation.
The company is said to have paid the 10,000 staff members of the Venetian Resort in Las Vegas their full salaries and benefits during the state-wide closure in Nevada. The Las Vegas Sands Corporation owns the Venetian as well as Palazzo along with the Sands Expo & Convention Center.
Major Decline in Revenues:
The company provided for its employees at a time when most casinos were laying off or furloughing employees. For the Las Vegas Sands Corp., the company saw a 97% decline in revenues during the closure time frame. For three months ending in June, the company reported $98 million in revenues. This is much lower than the $3.3 billion earned during the same time period in 2019.
Employees as well as people in general were praising Adelson for the decision. Employees were happy to receive the payments and benefits as they were without work. Users on Twitter praised Adelson as well, calling him an honorable man. Many users said they would book a vacation to properties owned by Adelson once they started traveling again.