MGM Resorts announces 254 layoffs, says more job cuts coming

AP

Print Article

LAS VEGAS (AP) — 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 labor 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 about 77,000 employees and is the largest employer in Nevada.

It's under investor pressure to improve earnings after share prices have fallen 12 percent since August.

MGM shares closed Thursday at $27.75, down 14 cents.

Print Article

Read More Lifestyles

Milestone Announcements

May 19, 2019 at 5:00 am | Coeur d'Alene Press ANNIVERSARIES John and Nancy Runge 60th Anniversary John and Nancy (DeVoe) Runge were married at the First Christian Church in Coeur d’Alene on May 23, 1959. They have lived in the area for thos...

Comments

Read More

Blame it on Bieber: Iceland canyon too popular with visitors

AP

May 19, 2019 at 5:00 am | FJADRÁRGLJÚFUR, Iceland (AP) — A large sign warns motorists that Iceland's Fjadrárgljúfur canyon is closed to visitors but drivers keep on coming down the narrow gravel road. A ranger at a roadblock ...

Comments

Read More

Sikhs say Nordstrom apologized for turban, waiting for Gucci

AP

May 18, 2019 at 2:58 pm | PHOENIX (AP) — Nordstrom has apologized to Sikhs for selling a turban they found offensive, but a representative with the U.S. community's top civil rights organization said Saturday they are still w...

Comments

Read More

Bernie Sanders unveils plan to overhaul public education

AP

May 18, 2019 at 8:24 am | COLUMBIA, S.C. (AP) — Democratic presidential hopeful Bernie Sanders wants to suspend taxpayer funding of new charter schools and ban those that are for-profit as part of his plan to overhaul public ...

Comments

Read More

Contact Us

(208) 664-8176
215 N. Second St
Coeur d'Alene, Idaho 83814

©2019 The Coeur d'Alene Press Terms of Use Privacy Policy
X
X