The Las Vegas-based MGM Resorts International casino company announced 254 layoffs on Thursday will reduce labor costs by $ 100 million. According to The Las Vegas Review-Journal
President and CEO Jim Murren calls for streamlining and says more jobs will be eliminated in the coming weeks.
In January, MGM Resorts announced its MGM 2020 plan to increase profits by $ 200 million by next year.
The company has approximately 77,000 employees and is the largest employer in Nevada.
Investors are under pressure to improve their profits after falling 12% of stock prices since August.
MGM shares closed Thursday at $ 27.75, down 14 cents.
