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

PHOTOS: Children’s Christmas Shopping Party

Helpful elves: The Children’s Christmas Shopping Party, sponsored by the Ponoka and… Continue reading

REFLECTIONS: They came from Nova Scotia to the pristine countryside near Ponoka

By Mike Rainone for the News The rugged, challenging, and colourful saga… Continue reading

Proposed health care changes would be “devastating” to rural family practice: president of AMA

AHS, AMA and MLA Ron Orr chime in on recent health care announcements

There’s still time to stamp your Passport to Christmas

There are 50 Ponoka businesses participating

Photos: 2019 Ponoka CP Holiday Train stop

Featuring Madeline Merlo and Scott Helman

‘Kind of lacking:’ Injured Bronco wonders why Canada won’t fund spinal surgery

“I think if Canada can step in and advance this program”

Online ‘direct threats’ lead to cancellation of school dance in Blackfalds

Threats resulted from Grade 4 social studies class discussing energy sector

Blackfalds RCMP warn of poor driving conditions on QEII

Vehicles have been involved in collisions and are in the ditch

MP Blaine Calkins: Alberta left behind in Speech from the Throne

Liberal course does nothing for Alberta economy, crime

Would you leave your baby alone to go to the gym? This Canadian dad did

The man identifies just as a divorced dad with a nine-month-old baby

Ponoka RCMP seeking public assistance in locating missing person

Ponoka RCMP is seeking the public’s assistance in locating 35 year old… Continue reading

Lawyer competence includes knowledge of Indigenous-Crown history: B.C. law society

All practising lawyers in B.C. will be required to take a six-hour online course covering these areas

Wealth of Canadians divided along racial lines, says report on income inequality

One interesting finding was that racialized men have a higher employment rate than non-racialized men

Conservatives urge Morneau to deliver ‘urgent’ fall economic update

Morneau says the first thing the Liberals plan to do is bring in their promised tax cut for the middle class

Most Read