Nevada casinos initially closed March 18. “This continues to show the pressure that the gaming and hospitality industry is facing during unprecedented and uncertain economic times, with no timetable in place for moving forward,” said Brendan Bussmann, a partner at gaming consulting firm Global Market Advisors. The news comes the same day Station Casinos announced that it would lay off a “significant” portion of property and corporate employees. “That will be really when the rubber hits the road as far as this new leadership move goes.” “It would be interesting to see what happens as business volumes ramp back up,” he said. While the job cuts would help reduce cash burn immediately, Swissman added that they could also help the company operate more efficiently in the long term. “In the short term, (letting go of these executives) makes sense because of the phased opening approach and because of the … lower demand that everyone’s expecting,” he said. Josh Swissman, founding partner of Las Vegas gaming and hospitality consulting firm The Strategy Organization, said it would make sense for MGM to look at cutting back the number of executives controlling regional properties next, and that he believes the move suggests “additional announcements are coming.” MGM revealed Thursday that it is burning about $270 million in cash each month its domestic properties remain closed.Ī list of the new leadership model, shared by Ahern on Friday afternoon, shows the remaining MGM executives controlling the Strip market will be in charge of two or three properties each. The company has laid off and furloughed 63,000 workers over the last few weeks in an effort to preserve liquidity. These aren’t the first job cuts at MGM since U.S. MGM spokesman Brian Ahern said he could confirm “that property leadership has been changed,” but had no further comment.Īcting CEO Bill Hornbuckle said in an earnings call Thursday that two of those hotels - Bellagio and New York-New York - would be the company’s first to reopen after the shutdown related to the coronavirus pandemic. Sources also said other management-level positions had been cut across the company. Sources familiar with the company’s moves indicated that resort presidents Randy Morton of Bellagio, Cindy Kiser Murphey of New York-New York, Cliff Atkinson of Luxor and Eric Fitzgerald of Excalibur have been laid off. MGM Resorts International laid off several high-level executives in sweeping moves Friday, including a quartet of hotel presidents.

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