sunset station casino news(Image: Yahoo News)MGM, the largest operator on the Las Vegas Strip, is implementing what acting CEO Bill Hornbuckle calls “aggressive cost savings initiatives,” including a hiring suspension, layoffs, and substantial reductions in capital spending.MGM Steady For NowEarlier Friday, MGM said it’s incurring “substantial operating losses in March,” adding that it has no visibility on when its gaming venues will reopen.Under the terms of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), smaller casinos that need less than million can apply for part of 0 billion in Small Business Administration (SBA) loans.river spirit casino mapThe March IHRC meeting hasn’t been rescheduled.“The Company believes its strong liquidity position, valuable unencumbered assets and aggressive cost reduction initiatives will enable it to fund its current obligations for the foreseeable future,” said the operator.The Company estimates that 60-70% of its domestic property level operating expenses are variable and is undertaking a thorough review to significantly minimize these costs, such as the implementation of hiring freezes, furloughs, and other headcount reductions,” according to a statement.seminole casino restaurants

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