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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

About one-sixth of students in School District 83 choose to ‘restart’ June 1

Superintendent of schools expects numbers may increase as word of safety protocols spreads

Drugs, machete found in truck with stolen plate driven by Salmon Arm man

Chase RCMP arrest driver and have vehicle towed

Column: Shuswap Emergency Program an important asset for region

Council Report by City of Salmon Arm Councillor Kevin Flynn

Trial of accused in Salmon Arm church shooting expected to be brief

Crown won’t dispute not criminally responsible by way of a mental disorder defence

Okanagan home sales increase over last month, still below 2019 numbers: OMREB

Sales, listings see increase over May’s numbers but dwindle in comparison to 2019

B.C. records four new COVID-19 cases, Abbotsford hospital outbreak cleared

Four senior home outbreaks also declared over, eight still active

Princeton RCMP sergeant kills cougar threatening residential neighborhood

An RCMP officer shot and killed a cougar, close to a residential… Continue reading

Pilot project approved: Penticton to allow alcohol in outdoor spaces

For almost two hours, council debated the proposed pilot project, before eventually passing it 4-2

RCMP, coroner investigate murder-suicide on Salt Spring Island

Two dead, police say there is no risk to the public

About 30% of B.C. students return to schools as in-class teaching restarts amid pandemic

Education minister noted that in-class instruction remains optional

Trudeau avoids questions about anti-racism protesters dispersed for Trump photo-op

Prime minister says racism is an issue Canadians must tackle at home, too

Top cop calls video of Kelowna Mountie striking suspect ‘concerning’

A video allegedly shows a Kelowna Mountie striking a man several times

B.C.’s Law Enforcement Torch Run for Special Olympics goes virtual

The annual event partnering RCMP with Special Olympians is dramatically altered by COVID-19

HERGOTT: Can you get money back if COVID-19 disrupts plans?

Paul Hergott is a personal injury lawyer based in West Kelowna

Most Read