MGM to cut down number of employees
The casino company has cut 254 positions and is planning more firings in the upcoming weeks.
US.- MGM Resorts International has reportedly decided to let 254 of its employees go last week. The company is expecting to continue this trend in May and cut more positions, Chairman and CEO Jim Murren said.
MGM Resorts’ corporate restructuring program is the reason why the positions are being cut. As part of it, the company is expecting to reduce its labour costs by US$100 million. This is expected to bring MGM an extra US$300 million in cash flow by 2021.
“We need to create a company that is streamlined, nimble and empowers leaders. I want to unleash innovation and support dynamic new ideas; we need a new way of operating,” said Murren.
“I know this day is going to be difficult for everyone. I also know that changes like this can be stressful and I regret the impacts on the individuals whose roles are being eliminated. We would not be taking these steps if we did not believe they were necessary to serve the long-term interests of the Company,” Murren said in a statement.
