Economy

MGM Resorts laying off 18K furloughed workers

MGM Resorts laying off 18K furloughed workers”

Most but not all of the MGM Resorts properties have reopened in Las Vegas.

"Federal law requires companies to provide a date of separation for furloughed employees who are not recalled within six months".

In the separation letter, MGM CEO Bill Hornbuckle said: "Nothing pains me more than delivering news like this". Revenue tumbled 28% in the Atlanta company's most recent quarter.

On Tuesday, American Airlines said it will lay off 19,000 workers in October if there's no extension of aid provided under the CARES Act for hard-hit airlines. Bed Bath & Beyond cut 2,800 positions.

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Those numbers represent only a fraction of the carnage across the USA economy. In the week of August 22, the latest reported by the Labor Department, around one million people made new claims for unemployment benefits. There was a 61% year-on-year drop in visitors to Las Vegas in July, with hotel occupancy only 43% of what it was a year ago. They were allowed to reopen June 4 but business has not been the same.

The steady drip of job losses may have already begun to play out in other crucial parts of the economy. However, with tourism levels lower than usual and business conferences and travel down, it is a hard time for the gaming industry. Consumer spending makes up about 70% of the economic activity in the USA, and is watched closely. And workers who are brought back will maintain their seniority and have their benefits reinstated immediately.

But Heidi Sheirholz, economist at the Economic Policy Institute, is anxious that the recent wave of layoffs at big companies signals something more permanent. "The fact that jobs growth is slowing is devastating".



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