Correction: Bain and Company helping MGM cut jobs, reorganize

modern times
Ethan Miller/Getty Images
modern times
Ethan Miller/Getty Images

Bain and Company, the consulting company that spun off the private equity firm Bain Capital, which was demonized by President Barack Obama and other Democrats during the 2012 election for dismantling companies and eliminating jobs, is consulting with MGM Resorts International on its “MGM 2020” restructuring, which includes the layoffs of some 1,000 employees, an MGM spokeswoman confirms.

In a somewhat ironic twist, last week, presidential candidate Joe Biden, who served as Obama’s vice-president and decries corporate greed during campaign speeches, visited Las Vegas for a fundraiser held on his behalf by MGM CEO and President Jim Murren.

Bain Capital, which was co-founded in 1984 by now-U.S. Senator Mitt Romney, was a favorite target of Democrats during Romney’s 2012 challenge to Obama, despite the fact the company contributed more money to Democratic candidates than Republicans, a trend that holds true today.  The company was a spin off of Bain and Company.

An item published in the Current relied on information from MGM Resorts International and incorrectly reported that Bain Capital was consulting for the company.  According to a public relations firm representing Bain Capital and Bain and Co. have no shared ownership today.

Dana Gentry
Reporter | Dana Gentry is a native Las Vegan and award-winning investigative journalist. She is a graduate of Bishop Gorman High School and holds a Bachelor's degree in Communications from the University of Nevada, Las Vegas. Gentry began her career in broadcasting as an intern at Channel 8, KLAS-TV. She later became a reporter at Channel 8, working with Las Vegas TV news legends Bob Stoldal and the late Ned Day. Gentry left her reporting job in 1985 to focus on motherhood. She returned to TV news in 2001 to launch "Face to Face with Jon Ralston" and the weekly business programs In Business Las Vegas and Vegas Inc, which she co-anchored with Jeff Gillan. Dana is the mother of four adult children, three cats, three dogs and a cockatoo.

1 COMMENT

  1. Laying off over 1,000 workers never bodes well for any large “so called major” company. The MGM management dumped a major amount of personnel and it is still going on. Not a good public relations policy. What happened “Jim”?Did the shootings frighten the masses from coming in or did Indian casinos take your players away? All in all the town is quickly falling apart. There is casinos everywhere now. Jack Abromoff started Indian casinos all around the country and hurt the real large Las Vegas casinos. Competition. So Jim boy says adios hosts, pit bosses . executives and casino supervisors and Las Vegas dumps over a thousand workers. executive, supervisors and any body that has a salary. No more fun, a parking charge and all sorts nickle and dime stuff. other big name casinos such as Caesers has been grinding it out also. so what to do? I would get rid of those broken down joints at old town. Condense the main strip and only hire American born and raised staff. If things continue as it going now Las Vegas will lose it reputation as a world class venue for major gaming. Your call boys.

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