Australia’s Aquis Entertainment said it was standing down 90 percent of its staff and executives are taking a pay cut after the closure of its Casino Canberra property as a result of the coronavirus.
The company said it has already laid off 190 of its 235 personnel. Only staff essential to maintenance of the property and security remain in a reduced capacity. There will also be staff to maintain the company’s payroll, it said in a statement to the Australian Stock Exchange.
Aquis says the executive team have taken pay cuts of 48 percent and CEO Allison Gallaugher will take a 50 percent reduction, saving the company $150,000.
“Allison and her team are doing a great job,” said Chairman Tony Fung. “This situation we are facing is unprecedented and we need to make tough decisions in order to ensure we can steer through and survive the crisis.”
Casino Canberra closed on March 23 to help curtail the spread of Covid-19. Other properties across Australia are also closed and Star Entertainment has detailed similar plans to stand down 90 percent of its staff.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Hyatt Hotels Corporation has announced the opening of the 1,600-room Grand Hyatt Jeju in South Korea, the largest Hyatt hotel in Asia Pacific. This hotel is part of the Jeju Dream Tower which opened on Friday.
Galaxy Entertainment Group told Macau News Agency that recent wage dispute involving workers employed at its Cotai expansion projects, originated from fee disputes between the workers and mainland employment agencies.
MGM Resorts has thrown its cards into the online gaming ring, with an attempt to buy U.K.-listed Entertain for GBP11.3 billion ($15.4 billion), which may reshape the group and reduce its focus on Asia in the longer term.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.