New MGM Springfield could be headed toward job cuts

[TexasTowelie]

Just five months after MGM Springfield marked its grand opening, the casino’s parent company is aiming to cut costs, including $100 million spent on its U.S. payroll over the next two years.

MGM declined Tuesday to say how the cost cutting might affect its operations in Springfield, where job creation was a critical component in securing approvals for the $960 million project. MGM Springfield employed 2,865, as of mid-October.

The $100 million is part of a larger plan to cut costs and boost its operating “cash flow," essentially how much money is flowing in and out of parent company, Las Vegas-based MGM Resorts International. The company hopes to boost its cash flow by $200 million by the end of 2020 and by another $100 million by the end of 2021.

More details of how MGM’s plan will unfold are expected in six weeks or so.

Read more: https://www.courant.com/business/hc-biz-mgm-corporate-job-cuts-springfield-20190108-dblarzopcrffzn53urdiqxp7tu-story.html

[Blues Heron]

1. Casinos are giant vacuum cleaners removing money from the local economy

and sending it out to Vegas, and then the Caymans or wherever. It's insane that they are allowed. I'm seeing lots of online ads for the new one in Maryland - must mean the crowds of gamblers have failed to materialize. One's better off lighting twenty dollar bills on fire one by one while drinking a sixpack.