Hotel and Casino Weekly Wrap-Up

(MoneyWatch)  It's been a disappointing week for those in the hospitality industry with several big players announcing financial difficulties and losses.

Harrah's Entertainment, although announcing no layoffs, announced it will no longer contribute to employee 401ks and will cut management salaries by 5 percent. The struggling company is also is seeking its last $740 million from its $2 billion credit line.

Wyndham Worldwide Corp. lost about $1.38 billion in the last three months of 2008, which comes after the company gutted its timeshare business. The company, which announced 4,000 job cuts last year, said it is still terminating the last of the employees.

Sunstone Hotel Investors Inc., a San Clemente, Calif.-based company that owns 44 hotels nationally, also posted a $11 million loss in the fourth quarter and reported it was trying to rework a $200 million line of credit because it can't make the agreed payments.

Marriott International Inc. also posted a $10 million loss for the last three months of 2008 and said it would continue to cut costs. No word on what would be cut, however.

And as a bellwether for the industry -- in Loveland, Colo., more than 1,000 people showed up for a chance at 160 full- and part-time jobs at the new Embassy Suites Hotel, Spa and Conference Center at The Ranch. Among the jobseekers were career-changers and recent college graduates.