Casino opposition Malaysia payrolls cut in March-May
Genting Malaysia Bhd, the promoter of Malaysia's only casino complex, Resorts World Genting (pictured), plans to cut staff salaries in March and May, several financial media outlets reported, citing company data.]
The resort's World Genting, located in the highlands outside Kuala Lumpur, Malaysia's capital, only reopened on Feb. 16 after being closed for more than three weeks due to COVID-19 measures.
Citing a company memo, Malaysia's The Edge reported that "senior management" including "above vice-president, chief executive and all vice-president" of Genting Malaysia had voluntarily agreed to waive 20% of salaries from March to May.
The casino company has also asked some other employees to cut their base salary by "15 percent to 20 percent" or take one day of unpaid leave per week, depending on their positions from this month to May, The Edge and Bloomberg reported separately, citing company internal communications.
GGRAsia approached Genting Malaysia for comment on the report, but did not hear back until this story went online.
News outlets said internal communications cited the need to control "the cost base of Resort World Genting" to ensure the "sustainability" of the business as well as protecting existing jobs. The commentary went to Genting Malaysia's president and chief operating officer, Lee Chung Yan.
In mid-June, Bloomberg reported that Genting Malaysia planned to cut about 15 percent of its workforce, or about 3,000 jobs, which had already announced pay cuts earlier that year. At the time, the organization had no comment on the report.
In its fourth-quarter and full-year results filed in February, Genting Malaysia, which also controls some casino businesses in Britain and Egypt, the United States and the Bahamas, said "pay and related expenses fell" in the three months to Dec. 31.
Resort World Genting was suspended from March 18 to June 19 last year as part of a national effort to prevent the spread of COVID-19. Since then, the casino resort complex has been operating at reduced capacity as a safety precaution.
For all 2020, Genting Malaysia reported a net loss of just over 2.26 billion yuan ($558.1 million), compared with a profit of 1.4 billion yuan a year earlier. That was revenue of 4.53 billion yuan, down 56.5% from a year earlier.
BY: 릴게임
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