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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Rebates increase for Cowichan residents replacing old woodstoves

Extra incentive provided to make the switch to heat pumps

LNG not the bad guy in caribou decimation

The Greens seem prepared to bankrupt Canada in their quest for instant results

Students cash in on awards for Legion Literary and Poster Contest

Chemainus branch rewards exceptional artistic work and writing

Snowy scenes

The white stuff makes a dramatic appearance

What happens in the Cowichan Valley when an earthquake strikes

When an earthquake does happen, will the Cowichan Valley be ready for it?

‘It was just so fast’: B.C. teen recalls 150-metre fall down Oregon mountain

Surrey’s Gurbaz Singh broke his leg on Mount Hood on Dec. 30

Vancouver Island Pride weekend returns to Mount Washington Alpine Resort

Building on the success of last year’s family-friendly pride festival on Vancouver… Continue reading

Scarlett Point lighthouse keeper wins a million bucks playing the lottery

“I usually just get a quick pick, so I didn’t expect to win a big prize”

Poll suggests some don’t think Canada should send troops to stop genocide

The findings are being released just before the 75th anniversary of the liberation of Auschwitz

B.C. woman crowned the fastest female marathon runner in Canadian history

Malindi Elmore ran an incredible 2:24:50 at the Houston Marathon

Alberta bulldog breeder ordered to give refund to B.C. buyer due to puppy’s behaviour

Tribunal ruled a verbal agreement to send a new dog superseded the written contract

UPDATED: Man dies in backcountry near Nelson’s Whitewater Ski Resort

The victim was found unresponsive in a tree well Friday

Cariboo Memorial Hospital on the mend after cold weather wreaks havoc

Burst pipes and water leaks cause three different incidents

Most Read