MGM Resorts (MGM) Announces Job Cuts, Aims To Boost Earnings
Zacks Investment Research | May 31, 2019 08:07AM ET
MGM Resorts International (NYSE:MGM) has reportedly followed up on its prior plans of job cuts. Per a report by Associated Press, the company has announced that it is completing 779 employee layoffs, most of which will be from its Las Vegas operations.
In April, MGM Resorts announced the first phase of job cuts, which was aimed to control costs and improve operational efficiency. The company lay off 254 employees and cut labor costs by $100 million.
The move resonates with MGM Resorts’ consistent effort to reduce costs of operations as well as boost earnings and returns. Due to high costs of operations and debt burden, shares of MGM Resorts have lost 20.3% in the past year compared with the Zacks Investment Research
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