Las Vegas-based casino company announces 254 layoffs

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

Forty-two residential properties in Oak Bay were assessed the speculation and vacancy tax in 2019 for a total of $693,000. (Travis Paterson/News Staff)
74 Oak Bay property owners paid $693,000 in spec tax

42 properties were assessed with the SVT in 2019

Sipili Molia, regional kettle manager, shows off the Salvation Army’s new contactless donation system for the 2020 Christmas Kettle Campaign. (Black Press Media file photo)
Greater Victoria raises record-breaking $350,000 for Salvation Army

The charity says it’s seen an increase in need since COVID-19 hit

Staff at Artemis Place Secondary were shocked to find that one of the student-built greenhouses on the campus was stolen overnight on Jan. 11. (Artemis Place Society/Facebook)
Saanich school hopes to catch greenhouse thief red-handed

Student-built greenhouses stolen from Artemis Place Secondary on Jan. 11

The Transportation Safety Board of Canada said a lack of experienced crew members and the inability to detect navigational errors is what led to a Sooke search and rescue boat running aground in February 2019. (Twitter / @VicJRCC_CCCOS)
TSB: Sooke search and rescue boat crash caused by ‘misinterpretation of navigational information’

Crew members were lacking experience and unable to detect navigational errors

A woman wears a face mask and shield to curb the spread of COVID-19 while walking in North Vancouver, B.C., on Wednesday, January 6, 2020. THE CANADIAN PRESS/Darryl Dyck
536 COVID cases, 7 deaths reported as B.C. find its first case of South African variant

Henry said 69,746 people have received their first dose of the COVID vaccine.

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Jan. 12

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

50 km/hr speed limit sign.
POLL: What do you think the speed limit should be on residential streets without a centre line?

Traffic on side streets around Greater Victoria could soon be travelling at… Continue reading

This weekend Amy Pye is holding a virtual book launch for her latest children’s book, <em>Bruce the Silly Goose</em>. (Photo courtesy Amy Pye)
Victoria writer and illustrator pens children’s book about COVID-19 safety

Amy Pye to hold online book launch for ‘Bruce the Silly Goose’

Luke Marston works on the seawolf mask for Canucks goalie Braden Holtby. (Mike Wavrecan photo)
B.C. Coast Salish artist designs new mask for Canucks goalie

Braden Holtby’s new mask features artwork by Luke Marston inspired by the legend of the seawolf

Alan Davidson was sentenced to almost six years for abusing seven boys in the late 1970s and early 1990s. (Canadian Press file)
Full parole granted to former Mountie, sports coach convicted of sex abuse of boys

Alan Davidson convicted of abusing boys in B.C. and Saskatchewan in late ’70s, early ’90s

The first COVID-19 vaccine arrives in B.C. in temperature-controlled containers, Dec. 13, 2020. (B.C. government)
More vaccine arrives as B.C. struggles with remote COVID-19 cases

Long-term care homes remain focus for public health

(Black Press Media file photo)
From arts to environment, nominate your West Shore hero

Nominations for the Goldstream Gazette’s Local Hero awards are open to Jan. 15

Most Read