“MGM Resorts announces more job cuts, calls layoffs complete - ABC News” plus 2 more

“MGM Resorts announces more job cuts, calls layoffs complete - ABC News” plus 2 more

MGM Resorts announces more job cuts, calls layoffs complete - ABC News

Posted: 30 May 2019 10:41 AM PDT

Casino giant MGM Resorts International says it's completing planned layoffs with 779 job cuts, mostly in Las Vegas.

CEO Jim Murren told employees the last affected workers would learn Thursday their positions were eliminated.

Company spokeswoman Debra DeShong says the job cuts overwhelmingly affect managers.

A total of 1,070 company employees lost jobs since the first 254 layoffs were announced in April to cut costs and boost earnings by next year.

MGM Resorts has about 77,000 employees and is the largest employer in Nevada. The company says almost all cuts have been in Las Vegas.

It has reported first-quarter revenue up 12.6% this year compared with the same period in 2018, but cash flow in Las Vegas was down 10%.

Company stock was trading Thursday at $25.24, down 12 cents.

Former MGM executive Scott Sibella new president of Resorts World - Las Vegas Review-Journal

Posted: 16 May 2019 12:18 PM PDT

Longtime Las Vegas gaming executive Scott Sibella has been named president of Resorts World Las Vegas, the company announced Thursday.

Sibella was president and chief operating officer of MGM Grand for the past eight years. He left the company as part of MGM 2020 cost-cutting measures.

Sibella also served as president and chief operating officer of The Mirage and Treasure Island.

Sibella replaces Edward Farrell, who was named president of Genting Americas, the Genting Group's U.S.-based corporate entity that oversees development and operations in New York, Florida, Massachusetts and the Bahamas.

The UNLV College of Hospitality graduate is chairman of Las Vegas Events, the private events-scheduling arm of the Las Vegas Convention and Visitors Authority, and is a member of the board of directors of Opportunity Village.

Upon leaving MGM, Sibella last month signed on as an adviser to Resorts World Las Vegas and a consultant to its construction manager, W.A. Richardson Builders.

"Scott has a wealth of experience in both development and operations, which will ensure that Resorts World Las Vegas is successfully built and operated," said Hui Lim, deputy CEO of the Malaysia-based Genting Group, the parent company for Resorts World.

"The project is now fully financed, and construction continues to ramp up," Lim said in a statement. "As we now turn our focus to eventual operations, Scott will oversee a smooth opening and ensure Resorts World Las Vegas is run efficiently while providing a world-class guest experience."

Resorts World, being built on the former site of the Stardust, will have 3,400 rooms and an Asian theme. The project's two 59-story towers have reached 55 floors and the project is expected to be topped out this summer. A soft opening of the resort is currently set for the end of 2020.

"It's a tremendous honor to be selected to spearhead one of the most exciting developments on the Las Vegas Strip in recent memory," Sibella said in a statement issued by the company.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

MGM Springfield lays off 6 workers as part of job cuts across US operations - MassLive.com

Posted: 30 May 2019 03:01 PM PDT

SPRINGFIELD — MGM Springfield laid off six workers Thursday as part of the 557 company-wide job reductions announced by parent company MGM Resorts International.

The layoffs are part of the MGM 2020 reorganization initiative.

MGM Springfield spokesman Saverio Mancini said the jobs lost in Springfield were mostly, but not exclusively. in management. Those who lost jobs will get two weeks of severance pay and access to months of career counseling, he said.

The 557 layoffs announced Thursday bring the MGM 2020 total since April to 1,070. This is the second and final round, according to a letter sent Thursday to employees by MGM Chairman and CEO James Murren.

In April, MGM Springfield laid off two workers in an earlier round of MGM 2020 cutbacks.

In addition, MGM Springfield has also laid off five workers from its engineering and facilities departments, paring down its headcount after the expected number of workers didn't leave on their own in the nearly $1 billion casino's first nine months of operation.

Boosting local employment was a big reason why voters approved casino gambling in the state.

MGM Springfield had 2,303 employees as of March including 536 part-time workers and 1,767 full-time employees, according to MGM's most recent quarterly report to the Massachusetts Gaming Commission. That's 2,303 total is down from 2,522 in the fourth quarter of 2018.

The casino giant also reported to the Gaming Commission that vendors doing business on site at MGM —Regal Cinemas, Kringle Candle Co. — total an additional 81 jobs on the property for a total of 2,384

MGM Springfield promised state and local leaders the casino would employ no fewer than 3,000, saying no fewer than 2,200 (73%) would be either full-time or equivalent to full-time.

At this week's Massachusetts Gaming Commission meeting, MGM Springfield vice president of human resources Marikate Murren told gaming commissioners that MGM Springfield is losing employees to attrition, a trend they expect to see accelerate as Encore Boston Harbor staffs up for its grand opening. The attrition rate at MGM Springfield was 38% in 2018 counting both people who left jobs voluntarily and those who were fired. This far in 2019, that attrition rate is 16% percent.

MGM Springfield told the Gaming Commission the goal is to keep that attrition rate to 16% or less.

MGM 2020 is a corporate reorganization of MGM Resorts international's U.S. operations. The plan is to consolidate business functions at its Las Vegas headquarters.

MGM management has promised stockholders it plans to cut $100 million in U.S. payroll over the next two years and to generate another $100 million through efficiencies in sourcing goods and services and by revenue optimization.

MGM stock — trading under the ticker symbol MGM on the New York Stock Exchange — traded at $25.34 a share Thursday, down 2 cents on the day.


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