Casino operator MGM Resorts is laying off 18k staff as the US land-based gambling market struggles to regain its pre-pandemic form.

On Friday, MGM CEO Bill Horbuckle issued a memo to staff advising them on what most of them already knew: “our industry – and country – continues to be impacted by the pandemic, and we have not returned to full operating capacity.”

The specific cuts won’t be detailed until Monday, the official ‘date of separation’ under federal law for staff not recalled to work after six months’ furlough. Investors apparently liked what they heard, as MGM’s shares are currently trading up around 5% from Thursday’s closing price.

Hornbuckle informed staff that the company would continue to pay health care benefits to affected staff until the end of September. Laid-off staff who are recalled will retain their seniority, although it remains to be seen what level of customer activity would have to be reached before any recall notices would be issued.