MGM To Cut 1000 Jobs In Its Bid To Minimize Costs

MGM To Cut 1000 Jobs In Its Bid To Minimize Costs

In its bid to minimize costs, MGM Resorts International has announced that they would be cutting at least 1000 jobs across the US.

MGM operates multiple gambling and Integrated casinos in the country and also has operations in China.

Corey Sanders, MGM’s, Chief financial officer has confirmed that the company will cut 1000 jobs this month. The company had already announced 254 layoffs last month, and the announcement includes the number of top officials taking voluntary early retirement.

While the job cuts have been announced, the company has not revealed the specifics of the new move. It is still not clear what positions or which employees will be affected by the company’s latest announcements.

Earlier this week, MGM had recently released its financial results for the first quarter of 2019. Though the company has managed to gain around 13 percent year-on-year in revenues for the first quarter, it’s Vegas strip casinos have performed poorly.

Despite the poor performance of the Vegas strip casinos, the company’s regional performance has been up to the expectations. However, MGM’s regional casino revenues grew by 23 percent year-on-year for the first quarter, and it’s Chinese operations compensated for the poor performance of the strip casinos.

The company’s regional revenues increase has mainly been attributed to the performance of the Springfield casino and its acquisition of Empire City Casino in Yonkers, New York.

However, the job cuts announced by the gambling giant also includes cuts for its Springfield casino.

MGM is also aggressively campaigning for an Integrated casino license in Japan.

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