LAS VEGAS - Big changes are coming to MGM Resorts International properties in Las Vegas. From shakeups in leadership to investments in technology, the plan is called "MGM 2020."
It is a company-wide initiative that executives hope will reduce costs, increase profits and help MGM grow in the future. Part of the plan is centralizing employees.
MGM Resorts International says centralization of company functions will allow them to increase their earnings by $200 million by the end of 2020.
They say half of that money will be driven by labor savings so, employees will likely be impacted. This extends to company leadership, as well.
8 News Now confirmed and reported last week that Scott Sibella, president and COO of the MGM Grand, was parting ways with the company as part of a "voluntary resignation program."
The company also tells 8 News Now many other top-level executives and employees are being offered the program and many positions are being reassigned.
While it's not unusual to hear of hotel and casino staff positions re-evaluated, hospitality experts say it isn't surprising to see the same for leadership.
"I think any kind of company is always looking at how they can trim payroll and keep employment expenses down, and certainly early retirements could be one way to do that," said Associate Vice Provost David Schwartz , UNLV. "I guess it's the same thing, you know, everybody's got a salary, so I guess everybody is subject to that."
MGM 2020 also focuses on key investments in technology which the company says will lay the groundwork for its digital transformation. They expect that to add another $100 million increase in earnings by the end of 2021.
The company also tells 8 News Now, many other top level executives and employees are being offered the program and many positions are being reassigned.
MGM 2020 also focuses on key investments in technology which the company says will lay the groundwork for its "digital transformation."
They expect that to add another $100 million increase in earnings by the end of 2021.
Luxury complex to be built in downtown Las Vegasby Hector Mejia / May 21, 2019
LAS VEGAS (KLAS) -- Symphony Park's first ever residential development is now officially under construction in downtown Las Vegas.
Crews broke ground on the $60 million luxury complex Tuesday morning. The five-story midrise complex will be made up of more than 300 units with space for retail and restaurants on the corners of the first floor.
There will be a resort style pool, rooftop bar, dog park and grooming station. The name of the complex is Auric Symphony Park.Read the Full Article
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Dressbarn to close all 650 stores, including 4 Las Vegas locationsMay 21, 2019
Dressbarn, the women's clothing chain that's been around for nearly 60 years, is closing all 650 of its stores. The unprofitable business had lost "customers, sales and share" after owner Ascena Retail Group failed to invest in the brand, one analyst said.
Ascena didn't say when the stores would shutter. The chain employs about 6,800 workers. The company's chief financial officer, Steven Taylor, said Dressbarn has not been operating at an "acceptable level of profitability in today's retail environment."
Ascena, which also owns Ann Taylor and Lane Bryant, says it wants to focus on its more profitable brands. Dressbarn lost market share to rivals by failing to cater to younger shoppers or families, with rivals such as Target and H&M winning over customers, GlobalData Retail analyst Neil Saunders wrote in a research note.Read the Full Article
Government offering $1K to adopt a wild horseMay 21, 2019
UTAH (CBS) -- The government is taking a unique approach to control the record-breaking population of wild horses.
There are an estimated 88,000 of them across the country. The American icons are protected by a law passed by Congress in 1971. But too many wild mustangs can lead to big problems, like starving horses.
We met Gus Warr of the Bureau of Land Management in Utah. He told us the rapid reproduction of wild horses is creating a crisis.Read the Full Article
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