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

Eight alleged dealers face charges for Surrey-Langley drug ring

Police say the group is linked to the ongoing gang conflicts in Metro Vancouver

Today Surrey residents to learn what city will reveal about controversial policing plan

First ‘public engagement’ meeting on plan to swap out the RCMP for a city-made police force in Cloverdale Thursday

Cloverdale students honour veterans at inaugural luncheon

Hold High the Torch hosted 30 veterans at Salish Secondary luncheon

Surrey Veterans Village groundbreaking ‘monumental’

$312-million project to house Canada’s first ‘centre of excellence’ for PTSD and mental health

Surrey councillor calls proposed policing transition plan ‘shocking’

Councillor Linda Annis says taxpayers deserve to see the report they paid for

600 new campsites coming to provincial parks and recreation sites across B.C.

Tourism Minister announced half of the new spots to 13 most popular provincial parks

Metro Vancouver mayors ask public to lobby feds for annual $375M transit fund

Mayors renewing their call for transit funding as federal election looms

B.C. woman left ‘black and blue’ after being pushed off 40-foot cliff at lake

West Shore RCMP looking for witnesses as investigation continues

BC Ferries asks boaters to learn signals and be careful around vessels

BC Ferries responded to 15 marine emergencies in 2018

VIDEO: Suspected arson sends five to Abbotsford hospital with smoke inhalation

Man seen throwing flammable substance in van, lighting it on fire next to home

Thunderstorms to bring heavy rain, risk of flash floods in the southern Interior

Ten to 30 millimetres of rain to fall over the early weekend

Unbe-leaf-able: Agassiz man finds more than 200 four-leaf clovers in a month

Walt Hardinge has found more than 219 four-or-more leaf clovers this spring alone

Mother bear, three cubs relocated from Maple Ridge

Silver Valley residents calling for ‘no-kill’ zone.

VIDEO: TransLink to roll out battery-powered bus pilot this summer

Four buses will run a 2.5 year pilot along Marine Drive

Most Read