Genting Singapore Limited cut costs by reducing the wages of its senior staff. It caused by the disruption experienced in the industry due to the coronavirus outbreak.
Genting Singapore Ltd used an official filing to detail a part of the series of new cost control measures. Based on sources on online casinos, it is to involve the base salaries of its executive directors decreased by 18%. Furthermore, the non-executive directors will see their annual fee decline by 15%. Also, with re-enumeration for all members of its managerial staff set to drop by between 9% and 18 %.
Why Genting Singapore Limited Cut Costs?
Genting Singapore Ltd is the operator of the integrated casino resort, Resorts World Sentosa. They are to cut costs in light of the disruption of travel and tourism industries following the coronavirus outbreak.
The reduces salaries of its senior staff as Genting expects its financial results will significantly and adversely be impacted. It is primarily for the first-quarter ending on March 31, 2020. Also, it will be extending through the half-year ending June 30, 2020, compared with corresponding periods last year.
Moreover, it encourages its workforce to take no-pay leave or annual leave. It asks to put in procedures to streamline workflow and strengthen productivity.
According to casino reviews, Resorts World Sentosa has to experience a significant decrease in visitor attendance. Correspondingly, revenue across its facilities due to the coronavirus-related travel restrictions imposed by the local government. These facilities, including attractions, hotels, restaurants, MICE or Meetings, Incentives, Conferencing, and Exhibitions facilities, and the casino.
The impact of the virus extends to its full-year financial performance as per the online casino forum. And operations unable to determine at this stage as the duration and extent of the coronavirus outbreak remain uncertain.
On Wednesday (March 18), reported 47 new COVID-19 cases in Singapore. It was taking the total to 313 in the country. Also, it is the highest number of confirmed daily instances so far. Of the new cases, 33 were imported, including 30 returning Singapore residents.