LAS VEGAS (KLAS) — The Las Vegas Convention and Visitors Authority announced major cuts Tuesday, including 80 layoffs and 270 furloughs.

With resorts, restaurants and bars closed across the valley, the LVCVA predicts a massive drop in tax revenue which helps fund its budget.

The LVCVA approved $79 million in cuts during a morning board member meeting via telephone.

There are 11 areas where cuts will be made. That includes the elimination of performance bonuses for managers and executives, a hiring freeze, a furlough for temporary and on-call workers and voluntary early retirement for some employees.

Layoffs and furloughs were announced within the organization’s 455 employees.

The LVCVA is also ending $9 million worth of contracts for tourism ambassadors and another $12 million in miscellaneous changes to operations. A two-year, $540 million renovation of the convention centers older exhibition halls, that was supposed to start next year, will be on hold indefinitely.

However, two of its most visible projects are not on the chopping block. The nearly $1 billion expansion project and the $53 million underground people mover are still on schedule to wrap up later this year.

“The second tunnel is about half done, currently underneath station two. This is the station that is being built under our main entrance. We anticipate that tunnel to be complete in a period of time that is quicker. We are certainly at a faster pace than they were to complete,” said LVCVA Chairman Larry Brown.

More cuts could be needed for the next fiscal year, which starts in July. That budget will be proposed next month.