LAS VEGAS (KLAS) — MGM Resorts have notified employees of another round of layoffs, which they say are the final for 2019. Employees were sent a letter Thursday, May 30, stating that 557 people had been let go.
An MGM Resorts representative said the eliminations are overwhelmingly management positions and those impacted will be receiving a two week non-working notice period during which health care and other benefits remain intact. Additionally, they will receive two weeks of severance for every year of service, up to 26 weeks for salaried and 13 weeks for hourly positions.
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.