Steve Wynn announced on Tuesday that his company plans to cut hours, salaries, bonuses and 401(k) contributions for thousands of his Las Vegas employees in an effort to stave off layoffs.

According to a written statement, the company plans to:

— Reduce pay for all salaried employees by 10 percent to 15 percent.

— Reduce workweek hours for full-time, hourly employees to 32 hours weekly.

— Suspend the employer match to 401(k) accounts.

— Eliminate 2009 bonus accruals.

Wynn estimated that the cuts would save the company $75 million to $100 million annually.

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