MGM Mirage Las Vegas Casino Operator 440 Management Employee Layoffs
MGM Mirage Las Vegas Casino Operator laid off 440 management employees. This week corporate and property level employees were cut due to the credit market crunch and cost benefit analysis of the corporate spending.
The staff reductions will save MGM Mirage corporate $75 million annually. The bulk of the layoffs were mostly in Las Vegas, Nevada where they manage the Project CityCenter Las Vegas and 10 other Strip resorts. Nationally, MGM Mirage, employees over 66,000.
Reports have the cost reduction started last year and not tied to the market. The employee reduction was less than one third of the total savings.
Two months ago Circus Circus Hotel and Casino laid off or reduced hours for about 150 employees. Several hotel casino operators took the cost saving measures in Las Vegas, NV.
Other cost saving measures were with advertising, and contracts with outside vendors and consultants.
Some major gaming stocks have fallen almost 20 percent since the beginning of 2008. Gaming revenues have fallen about 3 percent in Las Vegas.
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MGM Mirage Las Vegas casino operator 440 management employee layoffs.