MGM Resorts Announces 254 Layoffs, Says More Job Cuts Coming
LAS VEGAS (AP) — Las Vegas-based casino company MGM Resorts International has announced a first phase of layoffs in a cost-cutting operational shift as it aims to boost earnings.
The Las Vegas Review-Journal reports the 254 layoffs announced Thursday will cut labor costs by $100 million.
In a letter to employees, CEO Jim Murren calls it streamlining and says more positions will be eliminated in coming weeks.
MGM Resorts in January announced its MGM 2020 plan to boost earnings by $200 million by next year.
It says the current cuts affect managers, not union workers.
The company has about 77,000 employees and is the largest employer in Nevada.
It's under investor pressure to improve earnings after share prices have fallen 12 percent since August.
MGM shares closed Thursday at $27.75, down 14 cents.