MGM discharges 254 managers.
* As part of the Las Vegas-based casino firm's new cost-cutting program that would whack approximately 2,000 jobs from its labor force, or about 3% of its 71,000 employees.
MGM Resorts International announced Thursday a first phase of layoffs aimed at slashing labor costs by USD 100 M. This move is part of a cost-cutting operational shift in an attempt to boost earnings, the New York Times reports.
The current cuts affect managers, not union workers. http://bit.ly/2J4Od1I
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Quote: darkozSo MGM spends $850 million purchasing a racino in NY, then claims they have to lay off people.
How do you think they got the money to buy the racino?
254 is a huge number of non-union managers, especially in an environment like this where low-level front line managers are actually a part of the union(s). They must have just gutted corporate shared services positions (HR, procurement, finance, accounting, etc.) to get to this number.
Quote: rdw4potusThese things always make me nervous. More than once I've been offered jobs where the incumbent had been laid off and declined to take the job back when it became obvious that their position actually mattered. I can't imagine saying yes to that offer. How long could I expect to last? Why would I work for an employer who treats their staff like that?
Why not just ask for a contract? If you do that and they let you go, you will still get paid.
Quote: darkozSo MGM spends $850 million purchasing a racino in NY, then claims they have to lay off people.
It's not improbable that they simply had too many manager positions to begin with.
Quote: DRichWhy not just ask for a contract? If you do that and they let you go, you will still get paid.
Because chances are near zero that a corporation will give a contract for any management position below VP.
Quote: michael99000Was anyone at Borgata let go ?
What is Borgata let go?
Quote: MrCasinoGamesWhat is Borgata let go?
Was anyone at the Borgata fired.
Quote: MrCasinoGamesWhat is Borgata let go?
Let go, meaning fired.
* MGM Resorts International said Monday its total workforce reduction will cover roughly 1,000 employees by June – almost four times the number of positions the company said it eliminated last week.
The Las Vegas-based casino giant spent a good portion of first quarter earnings conference call discussing the MGM 2020 cost reduction efforts, which the company believes will lead to an additional $300 million in cash flow by 2021. http://bit.ly/2vsJgrp
* After sending a letter to employees announcing 254 managers had been made redundant and more positions would be eliminated in coming weeks, CEO Jim Murren said the first quarter came 'slightly better than expected,' with consolidated net revenues up by 13% and Adjusted EBITDA up 5%.
MGM Resorts International reported Monday financial and operating results for the quarter ended March 31, 2019.
While consolidated net revenues increased 13% compared to the prior year quarter to $3.2 billion and consolidated operating income increased 3% compared to the prior year quarter to $370 million, net income attributable to MGM Resorts was $31 million, compared to net income attributable to MGM Resorts of $223 million in the prior year quarter; http://bit.ly/2UQPGdY
Quote: AZDuffmanBecause chances are near zero that a corporation will give a contract for any management position below VP.
I can attest to the fact that this is not true. I am below VP level with a contract.
Quote: FCBLComishI can attest to the fact that this is not true. I am below VP level with a contract.
You work at a casino. You should know darn well that "near 0" odds aren't 0% odds:-)
Quote: FCBLComishI can attest to the fact that this is not true. I am below VP level with a contract.
Is it a "contract" or a generic "employment agreement?" Many people are under the later. They are nothing special.
* MGM Growth Properties officials celebrated acquisitions (Empire City) improvements (Park MGM and NoMad) and a sale of operations (MGM Northfield Park) during its first-quarter earnings report. The REIT also said revenue rose from a year earlier, but it and a key cash flow measure missed Wall Street forecasts.
Company officials would not directly address a potential transactional elephant in the room — The Cosmopolitan of Las Vegas, which may eventually be up for sale. Sources told the Wall Street Journal this month that Cosmopolitan owner Blackstone Group has retained Deutsche Bank AG and PJT Partners to explore the property’s options, including a sale. http://bit.ly/2VEheb4
Quote: MrCasinoGamesMGM Growth Properties’ first-quarter results miss forecasts; REIT mum on Cosmopolitan. http://bit.ly/2VEheb4
* MGM Growth Properties officials celebrated acquisitions (Empire City) improvements (Park MGM and NoMad) and a sale of operations (MGM Northfield Park) during its first-quarter earnings report. The REIT also said revenue rose from a year earlier, but it and a key cash flow measure missed Wall Street forecasts.
Company officials would not directly address a potential transactional elephant in the room — The Cosmopolitan of Las Vegas, which may eventually be up for sale. Sources told the Wall Street Journal this month that Cosmopolitan owner Blackstone Group has retained Deutsche Bank AG and PJT Partners to explore the property’s options, including a sale. http://bit.ly/2VEheb4
Oh well now we can understand why they are spending billions while laying off workers cause their broke.
Deutsche bank is involved we probably have some money laundering scheme involved
Quote: MrCoachRentzIf you work in corporate America and are in a job that is a "cost" and not revenue producing, your value to a corporation is always at risk.
Whenever the vast majority of your income comes from a single source, you are at risk. Diversification works for investments. Make it work for your income as well.
Quote: rdw4potusYou work at a casino. You should know darn well that "near 0" odds aren't 0% odds:-)
<sigh> without revealing too much information, the company I work for has hundreds of non-VP level people on contract.
I did not mean to imply I am the only one in the business.
Lemme guess ...you play for the NBA?Quote: FCBLComish<sigh> without revealing too much information, the company I work for has hundreds of non-VP level people on contract.
I did not mean to imply I am the only one in the business.
Quote: Ace2Lemme guess ...you play for the NBA?
LOL, no.
