Ever since MGM Resorts moved to layoffs to raise their revenue, the danger of facing the axe was looming large on over 75,000 employees. A total of 779 job cuts were announced with the last of them being announced on Thursday. Most of the 779 job cuts were in Las Vegas. CEO Jim Murren had informed employees that the last list of axed member’s names will be announced on Thursday.
According to Debra DeShong, the job cuts have mostly affected the top higher posts in the hierarchy including managers. Another 254 job cuts had been announced in April this year to take the number of job cuts to 1,070. The step was taken in order to cut down the spendings and increase the earnings by next year. MGM Resorts is Nevada’s largest employer with around 77,000 employees. The job cuts will have a severe impact with hundreds of managers now without a job. MGM Resorts is one of world’s top casino companies and has been pivotal in Las Vegas’ popularity around the globe. It has reported an increase in company revenue by 12.6 per cent this year when compared with the same period last year. However, the cash flow in Las Vegas had slumped by 10 per cent. As for the stocks are concerned, the company was trading at USD 25.24 on Thursday registering a downfall of 12 cents.
Talking of job cuts, Ford Motor has been at the forefront with around 7000 job cuts to be announced by August this year. A leading auto industry analyst though believes even that won’t be enough as another 15,000 jobs are required to achieve the company’s goals. On the other hand, Ford’s Kumar Galhotra stated that the job cut had to be slow despite the suggestions coming in from the Wall Street experts.
With a degree in Astrophysics, Michael Graves started his writing career as a freelance writer and now, with hard work and dedication, is working as a full-fledged writer. He is given the accountability to write news articles and blogs associated with the new inventions & innovations in Science world, galaxies and outer space, new satellite & spacecraft liftoffs, findings & discoveries, and much more. Michael, in spare time, aspires to take on different courses and acquire deep knowledge about the space worlds.