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MGM announces more layoffs

Discussion in 'Casino Industry & Development' started by Ten_On_The_End, May 31, 2019.

  1. Ten_On_The_End

    Ten_On_The_End Low-Roller

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    Article here

    Mostly management. As the target of several layoffs in my career I hate to see this kind of thing.
     
    • Agree Agree x 2
  2. Don the Dentist

    Don the Dentist LV resident

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    I was involved on both sides of the issue when I was a "suit" in the corporate world. Difficult situation.

    Nowadays the only firing I do is when a casino changes (i.e. reduces) the pay table on a good video poker machine.
     
    Last edited by a moderator: May 31, 2019
  3. rooster42000

    rooster42000 Patriots #1

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    Unbelievable
     
  4. mikel123

    mikel123 Not A Lawyer

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    The worst part about this is that it's not like these cuts were actually necessary. Had they not been the originator of resort fee nonsense that spread like wildfire and made other unwise decisions (paid parking, anyone?), they would not have chased away so many people in the first place. MGM has some nice properties, but they continue to piss off their customers, more will leave.
     
    • Agree Agree x 3
  5. deansrobinson

    deansrobinson VIP Whale

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    It's another day at the office. Downsizing, rightsizing, restructuring...very common.

    I could have written that! And those severance packages are not nearly as generous as the ones we got back in the early 00's.
     
  6. mjames1229

    mjames1229 # of visits includes only trips w/ hotel stays

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    Chased off? Just the opposite. Cash is flowing freely. MGM Resorts revenue is not a problem

    They want MORE!!!!

    The PGP was so successful a few years ago that they are trying to replicate that.
     
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  7. Paul K

    Paul K VIP

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    MGM wants to cut $100,000,000 in expenses by 2020. I think PGP got Murren a $7,000,000 bonus. I'm sure there will be a multi million dollar bonus for him in this as well.

    Look at the tumbling reviews of MGM's flagships to see the toll the cuts are taking on their properties.
     
  8. spdandpwr

    spdandpwr VIP Whale

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    That's what's annoying is the C-Suite comp gets ballooned when they could've hired and retained necessary (at least some) jobs. I'm not a fan of cutting people to save money when companies over-leverage on debt to finance buy-backs and other things.
     
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  9. Ten_On_The_End

    Ten_On_The_End Low-Roller

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    There is a difference between a manager and a leader.
    I've worked for a pantload of managers. Only had one leader among them.
     
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  10. Paul K

    Paul K VIP

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    I am absolutely fine with massive C-level compensation and bonuses. However, those bonuses shouldn't be based on cost savings through massive layoffs, and they shouldn't receive a massive raise if the company isn't doing well. Pay the CEO a hundred million a year, just make him earn it!

    I've said it before and I'll say it again, look at the recent reviews of Bellagio, Aria, and MGM. They reflect the state of the company more than the stock price ever could.
     
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  11. IxAccDnf

    IxAccDnf VIP Whale

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    Apparently big layoffs at Stations are right around the corner
     
  12. spdandpwr

    spdandpwr VIP Whale

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    Yeah, I don't mind even a billion dollar salary, but it shouldn't come at the cost of massive layoffs. It's tantamount to moving balances from one credit card to the other...at the end of the day, you're still net negative.
     
  13. Don the Dentist

    Don the Dentist LV resident

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    How so? Any inside info?
     
  14. bubbakitty

    bubbakitty Doing retirement again and happily so....

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    Again, (without politics) corporations got reduced in taxes double digit %age points which in MGM's case could be sizable. i am certainly not aware of what they paid previous to the cuts but I would think they paid at least 100 million less going from 37-39% to 21.....
    Of course maybe not. It just doesn't seem belt synching is the only underlying cause to the lay-offs.
     
    Halloween vs Solidified-ween. What?
    NFL Wild Card--
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  15. IxAccDnf

    IxAccDnf VIP Whale

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    saw it at a few place poking around online...no inside info from me
     
  16. nostresshere

    nostresshere Mr. Anti Debit Card

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    First off, let me say I do not KNOW how this worked.

    Though we all complain here are parking and resort fees... most of us still go there anyways.

    So, if in the end, it pissed off a small group enough that they do not return, but it brings in millions from the rest of us, then maybe it was not a bad BUSINESS decision.

    So... no idea what amount of customers they lost.
     
  17. VegasBJ

    VegasBJ VIP Whale

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    I think they are bringing in more from the new added fees than losses from missing customers
     
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  18. hedgehog

    hedgehog Low-Roller

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    Too much fluoride in the water and antibiotics in our food have dumbed us down....we are too weak and have no will power
     
  19. hammie

    hammie VIP Whale

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    It’s always cheaper to retain existing customers than acquire new ones. You can lose an existing customer due to high prices and not get them back with discounts.
     
    Last edited: Jun 14, 2019
  20. LuckyDuckyDan

    LuckyDuckyDan Low-Roller

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    I have significantly lessened my Vegas footprint over the last few years.

    Over the past 10 years, I would average 3 trips to Vegas per year.. about 15 days total per year. One trip and a few days were a work-related conference. Two trips and the majority of the days were personal solo trips of 5-7 days each.. I'd often do one or both of these weeks on slower times at work without taking vacation and work a few hours from the hotel and then enjoy all that is Vegas.

    Looking back over only the past 2 years, in two weeks I am taking my 3rd trip to Vegas across the two years and have no plans to take another trip in 2019. I have not stayed in a MGM or CET property (in Vegas) for several years. I have not done a "Work-From-Hotel" trip in several years either.

    These policies - but particularly the paid parking situation - have absolutely contributed to the decline of my Vegas frequency and duration. I enjoy going to Hoover Dam or VoF or Red Rocks or Chinatown or the Arts District or Fremont or... the list goes on. The policies of these hotels make it untenable for me to pay to rent a car and pay for parking. I could pay it, don't get me wrong. But I end up deciding to simply not go as often.

    Instead, I've taken the family on an Orlando vacation and a Pensacola, FL vacation. And this year, we're doing a great Eastern-Half-of-America road trip... And visiting Mickey again, thanks to work covering 70% of the cost.

    It's funny. I took my wheelchair-bound mother to Sands Bethelehem (PA) a few weeks back. We approached the security checkpoint and she asked, "Do we need to pay to get in?" And I sort of laughed. But I knew that somewhere in Vegas, someone's ears started ringing in a corner office. "You know, that's not a bad idea..."