MGM Resorts plans to eliminate about 1,000 jobs by June
LAS VEGAS (AP) — Las Vegas-based casino company MGM Resorts International says it expects to cut about 1,000 jobs by June.
The layoffs announced Monday include 254 jobs the company said last week it would cut as it works to reduce costs and boost earnings.
Chief Financial Officer Corey Sanders says 35 executives have already taken voluntary retirement as part of the MGM 2020 plan. It’s an effort to increase annual earnings by $300 million by 2021.
The company reported revenue was 12.6% higher during this year’s first quarter than for the same period in 2018 but that its cash flow in Las Vegas dropped by 10%.
MGM Chairman and CEO Jim Murren says the company’s regional properties reported improved performance.