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Breaking News
Apr. 15, 2008
Copyright © Las Vegas Review-Journal

Gaming stock prices fall after MGM Mirage layoffs

The stock prices of the major casino operators fell today, the day after MGM Mirage said it was eliminating 440 manager and supervisory level positions at both the property and corporate levels.

Shares of MGM Mirage, traded on the New York Stock Exchange, closed at $49.58, down $2.24, or 4.32 percent. MGM Mirage was trading at $100.50 in October. Las Vegas Sands Corp., shares fell $4.97 to close at $69.05 on the New York Stock Exchange, off 6.71 percent. In October, Las Vegas Sands hit a 52-week high of $148.76. Shares of Wynn Resorts Ltd., traded on the Nasdaq National Market, fell $2.63 to close at $98.06, down 2.61 percent. Wynn reached a high of $176.13 in October.

Most of the job layoffs took place in Las Vegas, where MGM Mirage operates 10 Strip casinos.

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    Howard Lewis wrote on April 15, 2008 08:45 PM: I work construction here in Las Vegas and at the city center project and many others as well, its a dam shame for the layoffs.....Oh!!!!Wait a minute, wait until you see what The BIG BAD MGM is building on the corner of Sahara and Las Vegas Blvd. with the $75,000,000 annually that they are saving. It makes you wonder.....


    justin wrote on April 15, 2008 05:28 PM: I question the timing.... I think this is politically motivated to scare off the movement seeking to increase taxes on the casinos... you don't hear station casinos or "smaller" properties doing mass layoffs and they would feel the pinch before the MGM mega giant would!!!!


    CAS127 wrote on April 15, 2008 03:53 PM: But LV is recession proof!