MGM Resorts, the well-known casino company in the USA, has opted for a staff-restructuring program that will result in the loss of 557 job positions. The company laid off 254 staff members in April. The company is aiming to reduce labor costs through these measures. MGM Chairman and CEO Jim Murren said:
“I want to assure you the decisions of the last several months were made deliberately, carefully and with gravity. Having done this foundational work, we will be stronger and better prepared for continued success and industry leadership in 2020 and beyond,” said the CEO.
This will help the company reduce staff costs by US$100 million. This is expected to bring MGM an extra US$300 million in cash flow by 2021. “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,” said Murren back in April.
