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MarketScreener Homepage  >  Equities  >  Nyse  >  MGM Resorts International    MGM

MGM RESORTS INTERNATIONAL

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MGM Resorts International : announces more job cuts, calls layoffs complete

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05/30/2019 | 01:42pm EDT

LAS VEGAS — Casino giant MGM Resorts International says it's completing planned layoffs with 779 job cuts, mostly in Las Vegas.

CEO Jim Murren told employees the last affected workers would learn Thursday their positions were eliminated.

Company spokeswoman Debra DeShong says the job cuts overwhelmingly affect managers.

A total of 1,070 company employees lost jobs since the first 254 layoffs were announced in April to cut costs and boost earnings by next year.

MGM Resorts has about 77,000 employees and is the largest employer in Nevada. The company says almost all cuts have been in Las Vegas.

It has reported first-quarter revenue up 12.6% this year compared with the same period in 2018, but cash flow in Las Vegas was down 10%.

Company stock was trading Thursday at $25.24, down 12 cents.

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (USD)
Sales 2019 12 987 M
EBIT 2019 1 828 M
Net income 2019 581 M
Debt 2019 13 523 M
Yield 2019 1,76%
P/E ratio 2019 29,3x
P/E ratio 2020 18,4x
EV / Sales2019 2,26x
EV / Sales2020 2,10x
Capitalization 15 799 M
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Technical analysis trends MGM RESORTS INTERNATIONAL
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 33,23  $
Last Close Price 29,41  $
Spread / Highest target 30,9%
Spread / Average Target 13,0%
Spread / Lowest Target -8,19%
EPS Revisions
Managers
NameTitle
James Joseph Murren Chairman & Chief Executive Officer
William Joseph Hornbuckle President
Corey I. Sanders Chief Operating Officer
Daniel J. D'Arrigo Chief Financial Officer & Executive Vice President
Roland A. Hernandez Lead Independent Director
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