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

Cowichan transgender woman hosting Gender Identity Expression Day

“We need to have a public conversation about this.”

Andrea Rondeau column: Chemainus Theatre Festival a unique, surprising venue

Not many towns the size of Chemainus can boast a year-round professional theatre

Sarah Simpson Column: Perfect road trip features flat tire and lost wallet

My husband is a loser. Not a loser in the dead-beat, good-for-nothin’… Continue reading

Are you 55 or older? Try 5 sports for free

June 5 event promotes BC 55+ Games and active living

Outlaws make statement in first spring hockey tourney

2011 team takes bronze in brilliant debut

VIDEO: Protesters in Penticton gather to rally against sleeping-on-sidewalk bylaw

The proposed bylaw would outlaw sitting or lying on the city’s downtown sidewalks

Coming up in Cowichan: From bike rodeo to ‘A Word About Consent’, lots on the calendar

Christian Science event coming to Duncan Saturday, May 25 “Breaking News: Freedom… Continue reading

Raptors beat Bucks 100-94 to advance to franchise’s first-ever NBA Finals

Leonard has 27 points, 17 boards to lead Toronto past Milwaukee

Third person charged in death of B.C. teen Bhavkiran Dhesi

Inderdeep Kaur Deo facing charge of accessory after the fact to murder

Kamloops girl, 9, recovering from carbon monoxide poisoning now out of ICU

Her mother who was sleeping in the same tent with her did not survive

‘I think he’s still alive’: B.C. mom pleads for help finding son last seen a month ago

Family offering $5,000 reward for information leading to the safe return of Tim Delahaye

New poll suggests one-third don’t want politicians to wear religious symbols

Local politicians shouldn’t be allowed to wear hijabs, crucifixes or turbans on the job, survey suggests

Raptors fans far from home adjust plans to watch pivotal playoff game

Raptors currently lead the playoff series 3-2, and a win Saturday would vault them into NBA finals

PHOTOS: First responders in Fernie rescue baby owl who fell from nest

The baby owl’s inability to fly back to its nest prompted a rescue by first responders

Most Read