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

Woman stabbed in downtown Nelson

Victim is in hospital, suspect is in police custody

Kootenay-Columbia incumbent MP responds to Trudeau brownface scandal

Stetski proud of NDP leader Singh’s reaction, which focused on people not power

Mystery illness killing Kootenay bees

Samples being sent to laboratories for analysis

Marathon variety show for peace starts Friday

“Like the old love-ins and sit-ins.”

Castlegar Rotary fundraiser to feature fashion and prizes

Tickets are still available for the September 26 event.

VIDEO: Trudeau asks Canada to look to current, not past, actions on race

Liberal leader says he never spoke about the racist photo because he was embarrassed

Horvat paces Canucks to 6-1 pre-season win over Oilers

Vancouver improves to 3-1 in NHL exhibition action

Legislature gifts, clothing, travel need better control, B.C. auditor says

Audit follows suspensions of managers by Speaker Darryl Plecas

‘Really disturbing:’ Trudeau’s racist photos worry B.C. First Nation chief

Wet’suwet’en Chief concerned the photos will sow fear in Indigenous communities

‘Unacceptable’: What politicians have to say about Trudeau in blackface

Calgary Mayor Naheed Nenshi: ‘When I saw that picture last night, certainly it was a sucker-punch’

‘He’s trying to kill me’: Victoria police commandeer boats to reach screaming woman

No charges laid and civilians to be awarded honours after incident on Gorge Waterway

VIDEO: B.C. man accused of assaulting sex worker loses temper in interrogation

Defence lawyer says statements made by accused Curtis Sagmoen should be deemed inadmissible

John Horgan promises action after fatal mid-Island bus crash

Premier cites students, local Indigneous community as reason to repair the road

Teens charged in stabbing death of B.C. man in strip mall parking lot

Two youths, aged 15 and 16, charged in Aug. 16 killing of South Surrey’s Paul Prestbakmo

Most Read