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MGM Mirage Lays Off 400 ManagersLAS VEGAS (AP) — MGM Mirage, the largest casino operator on the Las Vegas Strip, told more than 400 middle management employees Monday they would be terminated immediately in a cost-saving move, the company said. The decision will save $75 million annually and came after the company saw weakness since August at its properties, which include Bellagio, MGM Grand, Mirage and Mandalay Bay, a spokesman, Alan Feldman, said. The move is the largest and swiftest by a casino operator in the current economic downturn, although the use of “extra board” employees like dealers and busboys who take fill-in shifts as needed has been down citywide. Budget-tight guests have shown a tendency to spend less in all major segments of the business, Mr. Feldman said. “Instead of four days, people stay for three. Instead of a five-star experience, they are going for four stars. Instead of two shows, they’re going to one,” he said. “There certainly is the possibility that there are people who are also making a decision to gamble less.” The cutbacks were at the middle-level corporate and property management areas in all departments from marketing to accounting and affected employees in Michigan and Mississippi, though the bulk were in Las Vegas. MGM Mirage opened the joint venture MGM Grand Macau in December and is constructing another joint venture, the $8.1 billion CityCenter complex, which is set to open on the Las Vegas Strip in late 2009. Tag CloudExternal InformationAdditional InformationRemarks on Housing Reverse Early Rally...Executive Says Imus Deserves Another Chance... Friends Provident unveils incentives in Resolution fight... Federal Regulators to Ease Rules on Fannie Mae and Freddie Mac... Where Am I?News Main Page - Business - MGM Mirage Lays Off 400 Managers |
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