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Layoffs Begin at Mandalay Resort Group

LAS VEGAS — Mandalay Resort Group began laying off workers Tuesday, with a top executive attributing the move to the economic turmoil created by last week's terrorist attacks on the World Trade Center and Pentagon.

Mandalay Senior Vice President John Marz could not say how many workers were affected by the cuts, but did say they were at the company's five Strip megaresorts — Mandalay Bay, Luxor, Excalibur, Circus Circus and Monte Carlo — and two Reno properties.

"It's a work in progress," Marz said, of the elimination of jobs held by hourly frontline workers.

Shares of Mandalay Resort Group were off $2.21, or 12 percent Tuesday, to close at $16.70 on the New York Stock Exchange. The company's shares were down nearly 25 percent Monday.

MGM Mirage has reduced the hours of many of its employees, but company executives say layoffs are not expected any time soon. Park Place Entertainment executives have declined to discuss whether they are considering similar moves.

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