February 23, 2012 in Business

American Airlines avoids layoffs, for now

 

DALLAS – American Airlines said that because of job-sharing and other steps, it won’t have to furlough 500 flight attendants this spring.

American said two weeks ago that it planned to cut 500 flight attendants because it’s flying less than it did a year ago.

The company and the Association of Professional Flight Attendants said Wednesday that the furloughs won’t be needed because so many workers signed up for job-sharing and voluntary leave.

The union called it “tremendous news for all of our members.”

The good news is temporary, however. The furloughs were to be on top of 13,000 jobs that American still wants to eliminate under a bankruptcy reorganization plan.

MGM Resorts revenue up, losses narrow

LAS VEGAS – MGM Resorts International said Wednesday that high costs kept it in the red in the fourth quarter, but it lost less than a year earlier.

The company’s revenue rose 55 percent to $2.3 billion from $1.48 billion, but its expenses rose slightly faster at 57 percent. Key among those costs was a $96 million write-down reflecting the tumbling value of the company’s Borgata casino in Atlantic City, N.J., which it is selling, and of its Silver Legacy casino in Reno, Nev.

CEO Jim Murren said that will help it reduce its interest payments and debt and, by next year, return to profitability.

“(Gambling) is coming back in Las Vegas. Our table play is improving nationally and internationally. Our slot business has been really, very strong,” he said.

MGM Resorts reported a loss of $113.7 million, or 23 cents per share, compared with a loss of $139.2 million, or 29 cents per share, in 2010’s fourth quarter. Excluding one-time costs and a tax gain of 9 cents per share, MGM Resorts lost 21 cents per share.

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