MGM Resorts cuts 254 positions; more to follow in coming weeks
MGM Resorts International has cut 254 positions companywide and there will be more to come over the next few weeks, according to Chairman and CEO Jim Murren.
The positions are being cut due to MGM Resorts’ corporate restructuring program, as the company looks to reduce its labour costs by $100m.
MGM Resorts executives revealed the cost cutting had the potential to lead to an additional $300m in cash flow by 2021.
CFO Dan D’Arrigo and Senior Vice President Alan Feldman have both announced their departure under a buy-out program, transitioning into an advisory role.
It has yet to be confirmed how many more positions will be cut.
MGM Resorts shares closed at $27.75 in trading on the New York Stock Exchange on Thursday, falling 12% since August.
Murren said: “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.”
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