MGM Resorts announces 254 layoffs and other job cuts



[ad_1]

Las Vegas-based MGM Resorts International, a casino company, announced an initial phase of layoffs as part of a cost-saving operational shift to boost profits.

The Las Vegas Review-Journal reports that the 254 layoffs announced Thursday will reduce labor costs by $ 100 million.

In a letter to employees, Chief Executive Officer Jim Murren calls for streamlining and says more jobs will be eliminated in the coming weeks.

In January, MGM Resorts announced its MGM 2020 plan to increase profits by $ 200 million by next year.

He says that current cuts affect managers, not unionized workers.

The company has approximately 77,000 employees and is the largest employer in Nevada.

Investors are under pressure to improve their profits after falling 12% of stock prices since August.

MGM shares closed Thursday at $ 27.75, down 14 cents.

[ad_2]

Source link