Las Vegas-based casino company announces 254 layoffs

MGM Resorts announces 254 layoffs, says more job cuts coming

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 labour 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 some 77,000 employees and is the largest employer in Nevada.

It’s under investor pressure to improve earnings after share prices have fallen 12 per cent since August.

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

READ MORE: Small plane crash lands on top of Idaho tree, pilot rescued

READ MORE: Budget watchdog says carbon rebate will be more than carbon tax for most Canadians

The Associated Press

Like us on Facebook and follow us on Twitter.

Just Posted

VIDEO: RCMP unveil new, state-of-the-art forensics lab in Surrey

The laboratory is expected to handle thousands of forensic services from across Canada annually

Family of South Surrey stabbing victim to make public appeal

Paul Prestbakmo died in the early morning hours of Aug. 16

Surrey Board of Trade calls for ‘level playing field’ for taxi industry, ride hailing

SBOT pleased to see B.C. set no municipal boundaries for ride hailing, calls for same in taxi industry

Surrey date for Scottish comedian Danny Bhoy on ‘Age of Fools’ tour of Canada

Bell theatre date on Just For Laughs-presented tour of Canada

Son of slain former Hells Angel is one of two men sentenced for crime spree

Pair’s 2017 series of Lower Mainland robberies stretched from Surrey to Mission

Scheer promises EI tax credit for new parents if Conservatives form government

The government currently taxes employment insurance benefits for new parents

Border agents carry out raid at Hastings Racecourse

Dozens were spoken to, witnesses say

B.C. seizes 1.5M grams contraband tobacco, down from 5.75M grams the year prior

The 2019-2020 seizures were a sharp drop compared to the 2018-2019 year,

B.C. Speaker tight-lipped about aide’s legislature security tour

B.C. Liberals question Alan Mullen’s drive across Canada, U.S.

B.C. mom mourns 14-year-old son whose fatal overdose was posted online

Chantell Griffiths misses the son she hadn’t seen much in recent years

B.C. sets rules for ride hailing, same minimum fee as taxis

Larger operating areas seen as threat by cab companies

B.C. manhunt suspects left cellphone video before they died: family

Family member says Kam McLeod, Bryer Schmegelsky recorded final wishes

Most Read