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While some Strip operators have been cagey about layoffs, firings and other employee moves during this time of economic turbulence, MGM Mirage appears to be going the route of full disclosure.
The company, which earlier this year disclosed it would lay off more than 400 managers as part of a streamlining effort, on Monday announced that executives wouldn't receive any cash bonuses or non-equity incentive compensation for 2008.
Both awards are tied to performance. The company's performance targets are confidential, but company spokesman Gordon Absher said the announcement is an early acknowledgment that the company won't be hitting those targets this year.
Better that employees know now rather than discover the elimination of the awards at the end of the year, when they are normally received, Absher said.
Some of that thinking seemed to apply to the layoffs announcement in April, which was preceded by internal discussion about whether to release the information publicly.
Better to be up front rather than have it seep out, in an ugly cloud, by disgruntled workers, the thinking went.
Other companies have acknowledged layoffs since that announcement.
MGM Mirage won't be the lone company to eliminate bonuses on the Strip this year, where business has so far been down in the double digits, worse than insiders and experts predicted.
The days of plenty are truly over for Vegas
After 20 years as a visitor I stopped coming out to Las Vegas from Ohio 2 years ago. It was at the point that it was very expensive to eat. get a decent room if you came on a weekend. Weekdays were not bad but it soured me but I will be back but not as often.
This company is the worst for employee relations, They will cut their mothers heart out for a few extra bucks. Couldn't have happened to a more greedy, heartless company. May you rot!!!I hope your greed causes your partners to take you over and put you on the street in the gutter where all you PIGS belong.
I just returned back to Ohio after my fall 7 day trip to Vegas and the problem with profits seems to be that the Hotel / casinos are trying to attrack the younger crowd. I was with my daughter who gambled little as she was saving her money to buy $200 a bottle vodka at a $400 table in the clubs. As I understand it, these clubs are not owned by the hotel/casino, but by outside interests who pay rent and a cut of the profits. My daughter stayed in a room with 3 others to save on expenses,ate at McDonalds, and will not buy a drink at the pool as its too expensive. Stop catering to these folks who do not spend money in the casino or the hotel but only want to party where the hotel gets a cut rather than the whole amount. If you start catering to the middle class gambler again, I'm sure you will see profits rise.
The economy of Las Vegas was the economy of a get away. No one has the ability to spend when the non jackpot slots called gas pumps take all their money. Gas is dropping but will rise again with the Obama carbon tax plan and no new American resources used for energy. Obama will empty this great city and we are helping him do it. I don't understand.
Its good that the MGM atleast gave their employees advance notice of what would be happening.
Restraint: Vegas has never been known as a city noted for restraint in personal decisions however someone who eats in a fast-food restaurant while on an exciting vacation trip surely has problems with their economic value system. A $200 bottle at a $400 club? What absurdity.
Trendy Nightclubbers look great and dance the whole night away but they don't go to the casino much.
Vegas has ONE profit center: the casino. The hotels, restaurants and night-clubs are not profit centers and the bean-counters have to re-learn that lesson. Soon!!
"Gas is dropping but will rise again with the Obama carbon tax plan and no new American resources used for energy."
With Obama, we will soon be driving cars that don't use gasoline. Nobody will care about the cost of gasoline and we wont need to do business with countries that hate us for manipulating their governments for our own benefit.
"Gas is dropping but will rise again with the Obama carbon tax plan and no new American resources used for energy."
With Obama, we will soon be driving cars that don't use gasoline. Nobody will care about the cost of gasoline and we wont need to do business with countries that hate us for manipulating their governments for our own benefit.
Excuse me, but I find this post, "knee slapping funny!" I guess we'll afford the car, when Obama, wants to take from the rich, to pay to the poor? Like in, "Spread the wealth?"....
The casinos do try to attract a young crowd. I mean, who else would be so stupid as to spend $200 on a bottle of $20 vodka and then pay $400 to be led to a "VIP" table at a club, where a minimum-wage waitress pours drinks for you? These younger people are so incredibly stupid that they eagerly fork over their money so that they can look important to a lot of strangers. LOL. And they wonder why nobody with an IQ over 60 has any respect for them.
Sandman hit it on the head! It's amazing what we find entertaining. I just hope the next time I'm out, I get a chance to just get a glimpse, even a little one of Paris,Lindsey or whoever our current heros are
I've worked the past 30 years on the LV strip and 5 of those years for MGM-Mirage. Great company to work for (the best in my opinion) and it's sad to see what's happening because of this economy. When the media mentions "bonuses" people think of multi million dollar CEO type bonuses, but the truth is most of the bonuses go to salaried supervisors/managers who work their butts off all year and rely on those bonuses to pay for X-Mas, pay bills and raise a family. I don't get a bonus but I see the people who do everyday and believe me they earn it!
Way to go "Brownln4""I cannot believe that Vegas Casino's have turned their back on the middle-aged/ middle-class gamblers that made Vegas what it is today.
I have 3 adult kids in their 20's and have gone out to Vegas with us at least twice each. They all come back saying it was OK, but way too expensive and doubt they will go back. Eating at the Casino's has gotten outrageous and out of whack with what the average person can afford. Why do they continue to "Up-Scale" their restaurants and hotels to the point of only being able to attract customers that make over $200,000 a year?
I am so tired of seeing on the Travel Channel about Vegas and "The Whales", just how many of those do they think are out there? Vegas was for the middle-class masses, but now all's they want is the young crowd that can barely afford the plane ticket and are living at home in record numbers until they are in their middle 20's because they cannot afford to move out.
You are absolutely correct and Vegas should pay attention. Get back to the basics of Casino adult gambling fun and try promotions that will bring the middle-class/middle-aged customer back and you will see Vegas thrive again.
These are the types of customers that come 2 and 3 times a year and actually "Gamble". The Strip Casino's have all but lost this business, these customers in record numbers are going downtown and to the local Casino's to gamble. I have been coming for over 15 years and have changed to this type of gambler myself.
I use to love Steve Wynn's properties "The Gold Nugget" and "The Mirage", but when we visited his new "Wynn", well"it's obvious he has gotten so rich off of the "Middle-Class" that he has also left us behind. His new Casino was cold and so up-scale that I will never go back. This is a lesson that all the Strip Casino's should realize. The middle-class are the ones who made Vegas, if you turn your back on them, they will turn their back on YOU!
Yes, I've always said that stupidity does not impress me.
Vegas needs to wake up and get back to basics. And these big-whig casino execs - well, hell they make enough with the annual salary - they can certainly live just fine without the bonuses. Maybe the casino should consider giving bonus's to the lowly workers who really bust their rear-ends trying to make the experience a success instead of paying them min. wage - then customers wouldn't feel so obligated to tip everyone from the valet to the person who says gazuheit (sp) when you sneeze.