Drastic measures will reduce operating costs by A$20-30 million per month
The Australian government forced closure of venues such as pubs, clubs, cinemas and casinos in March.
This measure has also hit Crown Resorts, one of Australia's largest gaming and entertainment groups, making the company take the decsion to stand down 95% of its 11,500 employees.
Only those with “business critical functions” remain on. With the suspension of all non-essential businesses Australians have now resorted to online gambling as means of entertainment.
Crown expects its underlying operating cash costs to reduce to between A$20-30 million per month.
CEO Ken Barton explained, “We have taken the tough but necessary decision to stand down a large number of our employees. I have a deep gratitude to our employees for their understanding and commitment during this painful and highly uncertain time. We are continuing to investigate ways in which we can support our employees on an ongoing basis.”
Ken Barton was appointed Chief Executive Officer on the 24th of January 2020 and Managing Director on 3rd March. Crown Resorts will provide full-time and part-time staff – other than senior managers – two weeks’ pay on top of their existing entitlements. Casual workers will get a $1,000 payment. Employees will also be able to access their annual or long service leave entitlements.
About SiGMA Expo:
In order to bring key players of global iGaming and emerging tech sectors together, SiGMA Group will host an online conference in partnership with ICE Asia, taking place on June 8-10th, 2020. Register for free here. SiGMA Manila will be now held on the 27th and 28th of May 2021. To become a part of the fastest paced Asian iGaming event, book a pass or sponsor & exhibit here. SiGMA Group will also bring together operators, suppliers, and affiliates, facilitating new business opportunities for both existing and emerging markets at their signature show happening in Malta on November 17-19th, 2020. Book a pass or sponsor and exhibit for SiGMA Malta now.
For those planning to attend the summits this is the buzzing business environment to be expected: