By Ryan Nakashima, AP Business Writer
MGM Mirage Fires More Than 400 Middle Managers, Expects $75 Million in Annual Savings
LAS VEGAS (AP) -- MGM Mirage Inc., the largest casino operator on the Las Vegas Strip, told more than 400 middle management employees Monday they would be terminated immediately in a cost-saving move, the company said.
The decision will save $75 million annually and came after the company saw weakness since August at its properties, which include Bellagio, MGM Grand, Mirage and Mandalay Bay, spokesman Alan Feldman told The Associated Press.
The move is the largest and swiftest by a casino operator in the current economic downturn, although the use of so-called "extra board" employees who take fill-in shifts as needed has been down citywide.
"We were able to see the signs of trouble on the economic horizon last August," Feldman said. "The economy was beginning to worsen and clearly was not going to get better in the immediate term."
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