LAS VEGAS – 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 254 layoffs announced Thursday $ 1 million cutoff labor costs $ 100 million
In a letter to employees, CEO Jim Murren calls the 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
The company has about 77,000 employees and is the largest employer in Nevada.
It's under investor pressure to improve earnings after share prices have fallen 1
MGM shares closed Thursday at $ 27.75, down 14 cents.