MGM Resorts (MGM) Hits 6-Week High After Layoff News - Investopedia
MGM Resorts (MGM) Hits 6-Week High After Layoff News - Investopedia MGM Resorts (MGM) Hits 6-Week High After Layoff News - Investopedia Posted: 31 Aug 2020 07:10 AM PDT MGM Resorts International ( MGM ) stock rose nearly 5% to a six-month high on Friday after the company announced that it would lay off 18,000 furloughed workers due to continued headwinds from the COVID-19 pandemic. The company had approximately 70,000 employees at the end of 2019, so the job cuts represent about one-quarter of the total workforce. MGM is a top Las Vegas employer, making it likely that other resorts will follow suit with layoffs in coming weeks. Key Takeaways MGM Resorts will lay off one-quarter of its workforce due to reduced visitation as a result of the pandemic. The stock has entered a major downtrend after topping out in 2018. Price action needs to mount tough resistance in the mid-$20s to improve the long-term outlook. Just prior