MGM Resorts has announced that they would be downsizing their workforce and would decrease its staff number. The US gaming and gambling giant has said that they would be letting off 2100 workers from across the vertical in one year.
The company has already shown doors to 1000 workers in the past two months. In his statement to the press MGM CEO Jim Murren said: “We have taken strides to ensure our impacted colleagues were offered other options if those existed and we have provided a non-working notice period were health benefits will continue and severance to try and ease a life-changing transition. I stand behind the decisions we have made and believe them necessary to assure our future, but I deeply regret the impacts they have on individuals and their families.”
The staff-reduction has come as a part of MGM’s strategic decision to increase the returns on investment.
“We want to transform the way we operate and leverage the most effective operational architecture for our company. We have decided to lay off about 2100 people within a year,” added Murren.
Murren has said that the cost-cutting measures will help the company increase its EBITDA. It has set a self-goal of increasing the EBITDA by $300m for 2021.
Recently MGM also partnered with ORIX in Japan as it is applying for a Casino IR license. The company has also got better ratings from analysts.