Thread regarding MGM Resorts layoffs

MGM Resorts plans shedding 1,000 jobs by June

Free Press

Tuesday, April 30, 2019 | 9:48 a.m.

Las Vegas-based c-sino company MGM Resorts International says it expects to cut about 1,000 jobs by June.

The layoffs include the 254 jobs the company said last week it would cut as it works to reduce costs and boost earnings.

Chief Financial Officer Corey Sanders says 35 executives have already taken voluntary retirement as part of the MGM 2020 plan — an effort to increase annual earnings by $300 million by 2021.

The company reported revenue was 12.6% higher this first quarter than in 2018, but its cash flow in Las Vegas dropped by 10%.

MGM Chairman and CEO Jim Murren says the company's regional properties reported improved performance.

by
| 2299 views | | 5 replies (last August 19, 2019)
Post ID: @OP+YQJ2Pnl

5 replies (most recent on top)

@YQJ2Pnl-3sms: The Tax Cuts and Jobs Act was passed to pay off the billionaire donors that backed
Trump. If you will think back, Trump wanted to call the bill Tax Cuts Cuts Cuts. Hiring new workers was just the slogan to sell it. Remember that corporate taxes were made permanent and worker tax cuts expire in five years. We all had better wake up to the manipulation and lies that are being used to pit all of us against each other!
Was the swamp drained? Were any infrastructure bills passed to rebuild our crumbling roads and utilities? If we don’t hang together, we will hand separately!

by
|
Post ID: @1Mpmv+YQJ2Pnl

The Corporate Tax breaks are intended to allow the corporations to "create new jobs"- in theory this benefits the middle class. The problem arises when you get a greedy corporation (like MGM Resorts) who uses the extra money to invest in technology to eliminate jobs. By 2020 they will be displacing thousands of workers as they implement machines that replace bartenders, cashiers, room service attendants, etc. A corporation like MGM Resorts that uses its tax beaks to ELIMINATE jobs instead of CREATING jobs should lose its tax breaks!

Keep in mind that as they are laying off all of these people they are raising prices for the consumers too. ( Beware of the $4 hidden charge many of the outlets add on to the price of your drink without your consent!) TRUE CORPORATE GREED!@#!! ZERO REGARD FOR THE WORKING OR CONSUMING MIDDLE CLASS!@#!

by
|
Post ID: @4ikg+YQJ2Pnl

What I don't understand is why the hell the "tax cuts and jobs act" was passed in the first place. This tax law slashed corporate tax rates from 36% to 21% in order for corporations to hire more workers. This stupid law did away with personal exemptions and virtually all itemizations a middle class worker could get away with. Our country has turned our government into a charity for the rich. Why the hell are we helping those who don't need it. Before this tax act was passed mgm seemed to have no problem making money....should have left the corporate tax rate alone.

by
|
Post ID: @3sms+YQJ2Pnl

I personally think that this is horrible. I personally know someone who works for the MGM who has not yet been affected but who knows that that time is near because the position they're in is a manager position and as the article stated specifically managers or higher are the ones that are the ones that are going to be affected. I think it's so sad because these people have invested so much time into this company are going to be without a job who have families to support, mortgages to pay, and Midway into the year they're going to be without a job so sad.

by
|
Post ID: @2muk+YQJ2Pnl

Charging for parking per day , a resort fee everyday on top of hotel stay price. Cost of eating and drinking going up all the time, ummgh is that helping the company growth or is it impacting it in a negative manner. Usually it’s the top guys way in the top making those decisions. They don’t care.only care they have is making sure they get a paycheck and salary bonuses. Plus if they quit or better yet they resign only to do the same thing they’ve always do at their next job. After all it’s not them that the customer sees it’s the hard working understaffed team

by
|
Post ID: @1yhn+YQJ2Pnl

Post a reply

: