MGM Resorts International MGM 4.73% is laying off 18,000 furloughed workers in the U.S. as a global travel slowdown impedes the casino industry’s recovery from the ongoing pandemic.
The job cuts, which start Monday, represent about one-fourth of the company’s pre-pandemic workforce of 68,000 U.S. employees. After casino shutdowns and furloughs in March, the continuing spread of coronavirus in the U.S. has prevented the rebound of many industries, including hospitality, airlines and oil extraction.
U.S. employers added 1.8 million jobs in July, but the country still had about 13 million fewer jobs than in February, according to a Labor Department report in early August. The unemployment rate in July was 10.2%.
American Airlines Group Inc. said this week it will cut 19,000 workers by Oct. 1, and Delta Air Lines Inc. said it would furlough 1,941 pilots unless a deal is reached with their union on cost-cutting. Oil-field services provider Schlumberger Ltd. said in July it is cutting 21,000 jobs amid a historic oil downturn. The announcements are part of a wave of job furloughs expected to become permanent cuts this year.
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