MGM Resorts to Lay Off 18,000 Employees Amid Financial Struggles

MGM Resorts, one of the largest gaming companies, has announced layoffs of 18,000 employees across the country. The company has been facing significant financial struggles due to the pandemic, which forced the closure of all its casinos in the US for nearly two months.

In the first month after the quarantine, casino revenues in Las Vegas dropped by 45.5%. This significant decrease in revenue has had a profound impact on the company's operations. Bill Hornbuckle, the CEO of MGM Resorts, stated that the industry and the entire country are still suffering from the pandemic, which has affected the company's ability to operate at full capacity.

MGM Resorts had previously sent 67,000 employees on leave in March, warning that some might lose their jobs if the situation did not improve. The layoffs are expected to primarily affect the gaming market in Las Vegas, where the company has the majority of its establishments.