MGM Resorts Layoffs Could Reach 1,000 By June
MGM Resorts International said Monday that its total workforce reduction will cover roughly 1,000 employees by June.
That figure is almost four times the number of positions the company said it eliminated last week.
The announcement came in a first-quarter earnings conference call.
CDC Gaming Reports says MGM expects to save $100 million in labor costs as part of the package of cost-reduction efforts known as MGM 2020, which the company expects to lead to an additional $300 million in cash flow by 2021.
Chief Financial Officer Cory Sanders said 35 company executives took part in a voluntary retirement program, and other officials said the anticipated cuts will be companywide.
Most of last week’s announced job cuts were in Las Vegas.
Chairman and CEO Jim Murren said MGM 2020 would also help the company reduce its long-term debt, which is currently $14.9 billion.