CFO out, more workers laid off

Monday, March 20, 2000 | 10:36 a.m.

Alliance Gaming Corp. of Las Vegas today announced the departure of its chief financial officer, as well as further layoffs designed to improve the company's financial performance.

Scott Schweinfurth, Alliance's CFO, resigned "to pursue other interests," the company said. Schweinfurth was immediately replaced by Robert Saxton, senior vice president of Alliance and president of the company's casino group and Louisiana slot route operations. Saxton will retain both positions.

Alliance also announced it will take a $1 million restructuring charge in the first quarter of 2000 as the result of layoffs over the past several weeks.

Saxton said more than 100 jobs have been cut over the past several weeks, primarily in Las Vegas. That represents about 5 percent of Alliance's work force. The cuts occurred primarily at the corporate level and within the company's Bally Gaming division, Saxton said.

"We are about concluded (with restructuring), but we're not going to let everything sit where it is," Saxton said. "We will continue to re-examine our operations."

The company anticipates saving about $2.2 million per year from its most recent layoffs. Alliance said it expects to save more than $10 million per year from restructuring moves made since November.

archive