MGM Mirage Lays Off 440 Managers
MGM Mirage spokesperson, Alan Feldman, announced on Monday the cutting of more than 400 managers from property and corporate operations. The company began a round of layoffs late last year when nearly 100 employees were given a pink slip during the initial round of downsizing.
A souring national economy, evaporation of sub-prime funny money, daily increases in gasoline, soaring jet fuel prices plus the 9-11 induced airline travel inconveniences have combined to finally move the needle on the usually bullet-proof Las Vegas gambling business. Las Vegas casinos have seen declining profits, an event rarely seen on the Las Vegas strip. Rumors of additional corporate cost cutting that may void casino comps, a decades-old Vegas casino tradition for rewarding customer patronage, are being whispered in the streets.
