32 to lose jobs in office closure

Friday, Feb. 21, 2003 | 9:25 a.m.

A Las Vegas-based timeshare developer is closing its land sales division and will lay off 32 employees.

Leisure Industries Corp. of America, which developed the Ramada Vacation Suites and last year announced plans for a $450 million renovation of its 18.5-acre Leisure Resorts Las Vegas flagship property just east of the Imperial Palace hotel-casino, announced this week that it would contract out sales.

Floyd Kephart, chief executive officer of the company, formerly known as Mego Financial Corp., said in a statement that the move is a bid to cut costs and return the company to profitability.

"The decision to close a division composed of professional employees is never an easy one, but Leisure Industries' objective is to create value for our customers, shareholders and employees, not just maintain the status quo or historical operations," Kephart said.

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