This year is proving to be a rollercoaster ride for the gaming industry.
Right according to its MGM 2020 plan, MGM Resorts just last week finished its finishing round of layoffs.
CDC Gaming Reports executive editor, Howard Stutz, stated how many of the layoffs were from the central management employees, as a means to effectively make the decision making in the company more concentrated.
Stutz added how this was a way for the company to raise its revenue, to lessen their expenses. He stated how the company was under an approximately $15 billion debt and are coming with ways to pay it off.
Howard Stutz said that the MGM Resorts is intending to raise their inflow of cash, in the upcoming few years, by $300 million.
Meanwhile, MGM Resorts is greatly dedicated to its plan of inaugurating a resort in Japan. They hope to make it such that it comes only second to Macau’s gaming revenue. A reason why Japan may be so significant is that the company does not hold a similar presence in Macau as Wynn Resorts.
Gaming profit, most significantly on the Strip, is on a decline for the fourth consecutive month.
This might come as a bit of a chock, but Howard Stutz stated that in Las Vegas, a resort makes 65% of its earnings from non-gaming proceeds such as shopping, cafes, etc.
Even though gaming has made its place in nearly every state, people still prefer coming to Las Vegas for the very renowned ‘Vegas experience.’
Even though the number of visitors has continued to remain steady, a sexual harassment scandal that shook the industry about a year ago has not generated the kind of response people were looking for.
Updated harassment regulations are yet to be agreed upon by the Nevada Gaming Commission, even though Wynn Resorts, in February, was fined a whopping $20 million.