The rest of the job losses around 10,000 positions are largely being incurred at MGM s casinos on the Las Vegas Strip. Among the company s Strip portfolio are Aria, Bellagio, Mandalay Bay, The Mirage, New York-New York, Park MGM, MGM Grand, Excalibur, and Luxor. MGM s Beau Rivage and Gold Strike casinos in Mississippi have also slashed jobs.Returns Hopeful
In his letter to terminated employees, Hornbuckle said he s optimistic that the US gaming industry can rebound quickly after COVID-19, and that the current reduced workforce is not permanent.
Federal law requires workers to be given a formal termination date if they ve been furloughed for longer than six months. August 31 marked six months of administrative separation for the MGM furloughed employees. Those fired will continue to receive health benefits through September.
If the industry rebounds and those fired are offered their jobs back and rehired, they will return to their former seniority level should that occur before the end of 2021.
Investors last week welcomed the news regarding MGM slashing 18,000 jobs, shares climbing some seven percent. But today, those shares dropped six percent. Like nearly all casino stocks in the US, MGM has lost significant value during the pandemic. Shares were trading at $33 in early January, and closed today at $22.50, a 32 percent loss.
