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.
With continued and future disruptions on land-based casino revenues, industry executives are asking whether online casino platforms, which have seen rapid growth rates, can play a role in assisting stalled revenue lines and help them move beyond these difficult times.
Hong Kong-listed R&F Properties is seeking new financing and a casino operator partner for the Midan City development in Incheon, attempting to recover from Caesars Entertainment’s abandonment of the partnership.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
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.