The owner of South Point, Michael Gaughan, has announced that he will be giving employees an extra $1 million this year because of President Donald Trump's tax reform bill.
“Las Vegas has experienced a significant amount of growth over the past few years, and this tax reform will continue to drive the economy for the city,” said Gaughan. “The new bill will have a monumental effect on our economy and, in turn, our property. We want to be sure that our extended family is taken care of.”
He also said that employee bonuses will double this year. In addition, he is rescinding the price increase for employee health insurance.
The amount of money will vary among the property’s 2,500 plus employees. With the additional bonus and insurance combined, it will be approximately $450 per employee.
RELATED: The Tax Cuts and Jobs Act explained
The South Point is located on Las Vegas Boulevard, a couple of miles south of the Las Vegas Strip. The property is known for its equestrian event facility and also has a multi-million dollar professional bowling tournament facility.
The Gaughan family has been instrumental in the development of Las Vegas. Jackie Gaughan, Michael's father, was an early casino owner and is best known for his ownership of the El Cortez in Downtown Las Vegas. Jackie Gaughan also owned the Las Vegas Club and The Plaza.
Michael Gaughan is also the former owner of a NASCAR team and the South Point remains very involved in racing. The hotel-casino recently announced that it is the main sponsor of the 2018 NASCAR Cup playoff race. Michael is also the operator of the slot machines at McCarran International Airport.
