MGM revealed Thursday that it is burning about $270 million in cash each month its domestic properties remain closed.Ī list of the new leadership model, shared by Ahern on Friday afternoon, shows the remaining MGM executives controlling the Strip market will be in charge of two or three properties each. The company has laid off and furloughed 63,000 workers over the last few weeks in an effort to preserve liquidity. These aren’t the first job cuts at MGM since U.S.
MGM spokesman Brian Ahern said he could confirm “that property leadership has been changed,” but had no further comment.Īcting CEO Bill Hornbuckle said in an earnings call Thursday that two of those hotels - Bellagio and New York-New York - would be the company’s first to reopen after the shutdown related to the coronavirus pandemic. Sources also said other management-level positions had been cut across the company. Sources familiar with the company’s moves indicated that resort presidents Randy Morton of Bellagio, Cindy Kiser Murphey of New York-New York, Cliff Atkinson of Luxor and Eric Fitzgerald of Excalibur have been laid off. MGM Resorts International laid off several high-level executives in sweeping moves Friday, including a quartet of hotel presidents.
