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Layoffs, Cutbacks and More Bad News


I hate being the bearer of bad news, but there was a ton of it this morning from all around the country.

• Steve Wynn's Encore Resort opened just a month ago, and yesterday the design affiliate Wynn Design and Development laid off 53 workers according to this story.

• In Virginia the news was Interstate Hotels & Resorts will eliminate 45 corporate jobs and cut senior management's pay by 10 percent.

• Walt Disney Co. has offered voluntary buyout packages—better than layoffs, at least—to about 600 execs at its domestic theme park and resort divisoins, according to an LA Times story.

• The Wall Street Journal has a story this morning about many hotel chains cutting guest amenities and reducing staff and the hours restaurants and spas are open.

• Yesterday the WSJ had a short story on commercial mortgage-backed securities loan delinquencies on the rise and how it would likely continue throughout the year.

The sad thing is I could go on. Times are tough for the hotel industry and companies are doing what they can to survive.

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