Murren added, “MGM 2020 is much more than a cost-cutting plan. It truly changes the way we operate and positions us for continued growth and success.”<\/p>\n
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While the majority of the MGM layoffs are expected to be “managers and above,” the company is considering reducing jobs that can be replaced with certain technologies. In March, MGM said it might replace back of house bartenders \u2013 those who don’t interact with guests \u2013 with automated dispensers waitstaff would operate.<\/p>\n<\/div>\n
“We will \u2026 leverage technology for greater efficiencies,” Sanders told investors. “We are setting up the company to operate in a much more nimble way.”<\/p>\n
Asia Focus<\/b><\/h2>\n
Despite analyst expectations that GGR in Macau will be flat or single-digit growth in 2019, Murren says the company is bullish on the world’s richest gambling hub. The CEO said it’s been a frustrating experience bringing MGM Cotai’s Mansion Villas to market. They only opened last month, despite the $3.4 billion property opening in February 2018.<\/p>\n
\nWe’ve been frustrated at MGM that we haven’t been able to deliver the entire suite of products that people expect of us, particularly in the high end. Now with the Mansion open \u2026 we’re finally on our footing that we can really grow some significant share in a very strong market,” Murren explained.<\/p>\n<\/blockquote>\n
Along with Macau, MGM of course is set on entering Japan. Three forthcoming commercial gaming licenses are up for grabs.<\/p>\n
MGM announced last month a partnership with Japanese financial services group Orix<\/a> in its bid for an integrated resort in Osaka, the third largest city in Japan. Murren said the firm is just one of the companies MGM plans to include in a consortium to win licensure.<\/p>\n","protected":false},"excerpt":{"rendered":"MGM Resorts shares on NASDAQ fell this week after the company revealed its quarter one earnings that came in far below expectations. The consensus among Wall Street analysts called for Q1 adjusted earnings per share of 23 cents. The casino operator reported just 12 cents a share. Revenue topped estimates at $3.18 billion \u2013 higher […]<\/p>\n","protected":false},"author":25,"featured_media":103947,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
MGM Resorts Stock Drops on Q1 Earnings, Layoffs Confirmed<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n