MGM Resorts is entering the final stages of a series of layoffs that will mostly impact its Las Vegas properties and are part of a larger companywide cost-cutting initiative.
A total 1,070 positions will be eliminated, 881 of them Las Vegas employees, many in management and midmanagement roles.
MGM CEO and chairman Jim Murren sent a letter May 30 to employees detailing the last phase of cuts that began in April, three months after the company announced its MGM 2020 restructuring plan in January.
"I want to assure you the decisions of the last several months were made deliberately, carefully and with gravity," Murren said in his letter to employees. "Having done this foundational work, we will be stronger and better prepared for continued success and industry leadership in 2020 and beyond."
The cuts have reduced MGM Resorts salaried staff by 12%, Murren's letter said.
The MGM 2020 reorganization is projected to boost the company's annual adjusted earnings (before interest, tax, depreciation and amortization, or EBITDA) by $200 million by the close of 2020 and $300 million by the end of 2021, according to MGM statements.
Murren previously said the savings would be put toward additional development at Park MGM, NoMad Las Vegas, MGM Cotai in Macau and the MGM Springfield in Massachusetts as well as support the company's efforts to enter the New York and Ohio markets. MGM Resorts also has its sights set on opening a casino and resort in Osaka, Japan.