According to The Edge Markets, Genting Malaysia is reportedly undertaking an “unprecedented” retrenchment exercise.
“They are retrenching about 10% to 20% of their staff force that stands at about 20,000,” said a source.
The casino operator, which has weathered several severe economic down cycles in the past five decades, did not have a lucky escape from the global outbreak of Covid-19 that has resulted in the shutdown of all its casinos.
The casino operator had faced more than two months of closure due to the ongoing Covid-19 outbreak and Movement Control Order (MCO) that was implemented since Mar 18.
According to a source that spoke to the paper, the cost-cutting exercise was inevitable as salaries make up a large portion of the operator’s costs.
Players across the hospitality and tourism industry continues to face economic impact due to the virus outbreak that had led to disruptions in the travel industry as well as restrictions in the movement control order.
However, Genting Malaysia had yet to response to any media on the above matter yet.
Source : The Edge