Genting Singapore on Wednesday said it would be laying off staff as part of cost-cutting measures brought on by the coronavirus pandemic.
In a company statement, Resorts World Sentosa said it made this “difficult decision” to carry out a one-off retrenchment after a “thorough process of careful deliberation and consultation.”
“Over the past few months, we have reviewed all costs, eliminated non-essential spending, and reduced the salaries of management by up to 30 percent,” said the operator.
The company said it has worked with the union to retain a vast majority of its local staff and would be working with the Ministry of Manpower, the Attractions, Resorts and Entertainment Union (AREU) and the Singapore National Employers Federation to ensure that the retrenchment is carried out in a responsible, transparent and sensitive manner.
The company told local media that entrenched staff was offered “fair compensation terms.”
Resorts World Sentosa is the home of one of two of Singapore’s casinos, as well as Universal Studios Singapore and a number of hotels.
The integrated resort reopened, with restrictions as of July 1, 2020. Its casino has been open to its Genting Rewards members and Annal Levy Holders. Whilst it has also opened S.E.A Aquarium and Universal Studios with reduced hours of operation.
The announcement came after reports of Singapore having now entered a technical recession after its economy contracted 41.2 percent in the second quarter of 2020 compared to the preceding quarter.
Singapore authorities said they expect GDP to shrink between 4 and 7 percent this year.