According to a report by recordonline.com, Empire Resorts senior vice president Charles Degliomini has said "practically all" of the 344 employees of Monticello Gaming and Raceway have taken a five per cent cut in salary.
The move relates to Empire Resorts trying to stave of bankruptcy. The report states that to avoid bankruptcy, Empire must pay off or renegotiate with its creditors. A false move likely will push the company into a Chapter 11 proceeding, under which Empire would attempt to reorganize while staying in business. On Friday, May 29, the Bank of Scotland could demand payment of $7.1 million.
"It is everyone, from top to bottom," Degliomini, referring to the pay cuts, was quoted as saying. The report states that Degliomini has said the company has resisted laying off people in favor of wage decreases, so far saving jobs.
Click here to read the report in its entirety.
(With files from recordonline.com)
Yes the "working man" amd
Yes the "working man" amd woman can now only plan for what perectage of pay cut and or job loss is ahead isn't it lovely!!