MGM Resorts announces more job cuts, calls layoffs complete
LAS VEGAS (AP) — Casino giant MGM Resorts International says it’s completing planned layoffs with 779 job cuts, mostly in Las Vegas.
CEO Jim Murren told employees the last affected workers would learn Thursday their positions were eliminated.
Company spokeswoman Debra DeShong says the job cuts overwhelmingly affect managers.
A total of 1,070 company employees lost jobs since the first 254 layoffs were announced in April to cut costs and boost earnings by next year.
MGM Resorts has about 77,000 employees and is the largest employer in Nevada. The company says almost all cuts have been in Las Vegas.
It has reported first-quarter revenue up 12.6% this year compared with the same period in 2018, but cash flow in Las Vegas was down 10%.
Company stock was trading Thursday at $25.24, down 12 cents.