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

UPDATED: Police looking at other collisions linked to impaired driver who allegedly struck Langley 12-year-old

One of two Friday hit-and-runs the driver is believed to be part of, Langley police say

VIDEO: World Lacrosse Men’s Indoor Championship begins in Langley

Opening ceremony marks start of fifth edition of the championship, which is held every four years.

Late hockey player to be remembered forever with jersey retirement

Jersey wall at the Aldergrove Credit Union Community Centre rink will honour Coleton Nelson

Mystery Langley lands needed for pipeline project left off records for years

The tiny slivers of land were lost due to some kind of error

Sip ‘n’ Dip returns again for adults only at Aldergrove water park

It is the third event of its kind in partnership with Trading Post Brewery

‘I shouldn’t have done it,’ Trudeau says of brownface photo

Trudeau says he also wore makeup while performing a version of a Harry Belafonte song

35 of 87 dogs in 2018 Williams Lake seizure were euthanized due to behavioural issues, BCSPCA confirm

The dogs did not respond to the behaviour modification and remained terrified of humans

‘We still did not get answers’: Vancouver parents demand expulsion after students’ racist video

‘We were unable to get confirmation from the VSB, but he hasn’t returned as of yet,’ says Marie Tate

B.C. drug dealers arrested after traffic stop near Banff turns into helicopter pursuit

Antonio Nolasco-Padia, 23, and Dina Anthony, 55, both well-known to Chilliwack law enforcement

B.C. ‘tent city’ disputes spark call for local government autonomy

UBCM backs Maple Ridge after province overrules city

‘What goes up will come down’: Gas prices spike in Metro Vancouver

Petroleum analyst Dan McTeague says prices will fall Thursday

B.C. MLA calls on province to restrict vaping as first related illness appears in Canada

Todd Stone, Liberal MLA for Kamloops-South Thompson, introduced an anti-vaping bill in April

Most Read