MGM Resorts International Lays Off 557 More Employees

[RAMROD 117,892]

The final wave of cuts eliminating a total 1,070 jobs at MGM Resorts International properties began Thursday.

MGM Chairman and CEO Jim Murren distributed a letter to employees saying 557 employees would learn their positions have been eliminated as part of the company’s MGM 2020 cost-cutting restructuring.

Of the 1,070 layoffs, 881 affect Las Vegas employees who are mostly in management or mid-management positions.

The company announced MGM 2020 in January and said the plan would improve cash flow by $200 million annually by the end of 2020 and an additional $100 million by the end of 2021.

A spokeswoman for MGM said most of those laid off in the most recent round of cuts will get at least two weeks of non-working severance pay, two weeks of full health care, and several months of career counseling and job-placement services.

MGM 2020, a company-wide business optimization initiative aimed at leveraging a more centralized organization to maximize profitability, is part of the company’s digital transformation to drive revenue growth. Ideas hatched four years ago and expanded upon at MGM’s Investor Day presentation in 2018 build on MGM’s 2015 profit growth plan.

When MGM 2020 was announced, Murren said cost savings and reinvestment would help with the continued ramp-up of Park MGM, NoMad Las Vegas, MGM Cotai in Macau and MGM Springfield in western Massachusetts, and enable the company to enter markets in New York and Ohio.

 

SOURCE:

https://www.reviewjournal.com/business/casinos-gaming/mgm-resorts-lays-off-557-more-employees-in-cost-cutting-move-1675527/

 

 

Remember when people used to move to Vegas because it was easy to find work. Not anymore, it seems.

[kvnrp 48,353]

I mean they lock every possible artist under the sun for hundreds of millions of dollars, that money has to come from somewhere

[JazzGa 14,654]

Well, at least 3 of them can work at Haus Beauty instead Gaga, savior of Jorbs!

[Gagz4Gaga 7,278]

We know where that $100million will go to. 

[Curunir 7,510]

45 minutes ago, Satans Ex Wife said:

Well, at least 3 of them can work at Haus Beauty instead Gaga, savior of Jorbs!

 

20 minutes ago, Gagz4Gaga said:

We know where that $100million will go to. 

A reverse Robin Hood expedition 

[Reginald 13,841]

No ones made a post about the Gaga curse yet?  lol 

[Woolfsmck 2,763]

5 hours ago, RAMROD said:

The final wave of cuts eliminating a total 1,070 jobs at MGM Resorts International properties began Thursday.

MGM Chairman and CEO Jim Murren distributed a letter to employees saying 557 employees would learn their positions have been eliminated as part of the company’s MGM 2020 cost-cutting restructuring.

Of the 1,070 layoffs, 881 affect Las Vegas employees who are mostly in management or mid-management positions.

The company announced MGM 2020 in January and said the plan would improve cash flow by $200 million annually by the end of 2020 and an additional $100 million by the end of 2021.

A spokeswoman for MGM said most of those laid off in the most recent round of cuts will get at least two weeks of non-working severance pay, two weeks of full health care, and several months of career counseling and job-placement services.

MGM 2020, a company-wide business optimization initiative aimed at leveraging a more centralized organization to maximize profitability, is part of the company’s digital transformation to drive revenue growth. Ideas hatched four years ago and expanded upon at MGM’s Investor Day presentation in 2018 build on MGM’s 2015 profit growth plan.

When MGM 2020 was announced, Murren said cost savings and reinvestment would help with the continued ramp-up of Park MGM, NoMad Las Vegas, MGM Cotai in Macau and MGM Springfield in western Massachusetts, and enable the company to enter markets in New York and Ohio.

 

SOURCE:

https://www.reviewjournal.com/business/casinos-gaming/mgm-resorts-lays-off-557-more-employees-in-cost-cutting-move-1675527/

 

 

Remember when people used to move to Vegas because it was easy to find work. Not anymore, it seems.

Actually Vegas is booming right now.

Casinos are seasonal and convention oriented...the hotel and entertainment part has slow periods but is a big money maker over all.

[Shipper 13,114]

So basically the robots are getting people's jobs huh.

[LeoFameMonster 1,592]

Now we know why Gaga has been doing so many private shows for 4 million booking fee and selling 4000 jackets. Shes trying to keep those employees jobs!!! I know she was still a queen for the people hahaha

 

[Economy 53,065]

13 hours ago, Shipper said:

So basically the robots are getting people's jobs huh.

That's not a bad thing longer term

 

Technology replacing labor has been happening since industrial revolution yet unemployment now is at a 40 year low

 

The biggest problem with automation and highly digital economy isn't the jobs being replaced in themselves... The biggest issue is that many of the new jobs are more specialized and ppl just aren't taking the right degrees to be qualified for them

[Woolfsmck 2,763]

2 hours ago, Economy said:

That's not a bad thing longer term

 

Technology replacing labor has been happening since industrial revolution yet unemployment now is at a 40 year low

 

The biggest problem with automation and highly digital economy isn't the jobs being replaced in themselves... The biggest issue is that many of the new jobs are more specialized and ppl just aren't taking the right degrees to be qualified for them

A lot of unemployment has more to do with job skills not matching job needs... yep...

robotic automation will replace mundane and unskilled positions … the transition is the painful part 

[Economy 53,065]

1 hour ago, Woolfsmck said:

A lot of unemployment has more to do with job skills not matching job needs... yep...

robotic automation will replace mundane and unskilled positions … the transition is the painful part 

Yeah that's what im saying. The economy has a skills mismatch issue ATM and this is in a lot of countries especially developed world

 

Ppl sometimes struggle to find a good paying job but companies have tones of high paying jobs sitting vacant that aren't being filled and it's just as frustrating for companies as it is for workers

 

That is also adding to the income inequality because high skills jobs end up causing a lot of competition so the top 20% are getting raised far above inflation while everyone else is lucky if their after inflation income value stays flat

 

This issue isn't about taxes or capitalism vs socialism etc

 

This is a mismatch issue and an education issue. We need to find a way to qualify ppl more easily

 

And it's not just making tuition cheaper or raising post secondary rates

 

Canada has the highest post-secondary education rate in the world (49%) and our tuition is cheaper than in the US but the mismatch issue still exists here too despite all these degrees

 

#1 people need to be educated better on what's actually in demand and encouraged to followed those paths

 

#2 more education support is required so ppl are not held back from pursuing them because of obstacles

 

More production from Technology long term always raises our quality of life. What ppl don't understand is that when a machine replaces a human, that human can find another job and he productive elsewhere while the machine does his job. The result is more economic output per person

 

We would not be able to have an economy with all these services, entertainment etc if all our labor was still being used up in farming and construction because our productivity wasn't high enough to support modern industries

 

So while automation sucks for the person in the moment that looses their job. The economy as a whole tends to benefit long term

 

But again as I said, the degital economy has been passing a threshold for years now where many more jobs available are not entry level jobs. The jobs do exist, but we need to find a way to make more people qualified!!!!!

[Woolfsmck 2,763]

1 hour ago, Economy said:

 

This issue isn't about taxes or capitalism vs socialism etc

 

 

 

 

Political type is more emotional and media driven hype I think...it also polarizes segments of society who would normally be side by side on many issues.  

Protests and public clashes are created here that really do more harm than anything...

Policy and policy makers are important tho, and balances approach has to be taken for the most productive and beneficial economy....

my way is best and you suck mentality won't get far ….

[Economy 53,065]

48 minutes ago, Woolfsmck said:

Political type is more emotional and media driven hype I think...it also polarizes segments of society who would normally be side by side on many issues.  

Protests and public clashes are created here that really do more harm than anything...

Policy and policy makers are important tho, and balances approach has to be taken for the most productive and beneficial economy....

my way is best and you suck mentality won't get far ….

As long as it's not taken to an extreme (socialism vs capitalism) I think there's a pretty wide spectrum that can work... I think it's more important how competently the government executes their economic strategy than which strategy they choose... Most things in life have more than 1 way u can do things and I strongly believe economics is not an exeption to that rule

 

That's why each election I listen to planning and platform, not JUST where on the political spectrum they are

 

Both have pros and cons but between centre wing I think u can go both left and right a bit and it's more important that the government be competent at doing it than anything

 

For example... Venezuela is poor socialism... Scandinavian countries are socialism done correctly

 

Besides well thought out policies, bigger government on the left puts more responsibility on the government to own and spend/invest a higher share of the nation's wealth competently. If a country can't be efficient and competent at managing resources it may be better to go more towards capitalism and left private sector do its thing

Also back on topic, automation exists on both capitalist and socialist nations so like I said it has nothing to do with it... The main point is ppl need to be trained for modern jobs to qualify!

 

[Woolfsmck 2,763]

Venezuela is Manduro dictatorship... 

No socialism or democracy present