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Genting Singapore cuts senior management, managerial staff pay by 9-18% amid Covid-19
GENTING Singapore on Tuesday announced that it has cut salaries of senior management and managerial staff by 9 to 18 per cent as part of cost control measures amid the Covid-19 pandemic.
Executive directors will take a 18 per cent cut in their base salary, while non-executive directors' fees will be reduced by 15 per cent for the first quarter of 2020, said the group in a profit guidance note.
The base salary for all managerial staff has also been cut by 9 to 18 per cent. Employees have been encouraged to take no-pay and/or annual leave during this period, said the group.
This comes as Genting expects that its financial results will be "significantly and adversely impacted" for the first quarter ending March 31, 2020 and the half year ending June 30, 2020, compared with corresponding periods last year.
Its property, Resorts World Sentosa, has experienced a "significant decrease" in visitor attendance and correspondingly, in its revenue, across all its facilities, including attractions, hotels, restaurants, MICE (Meetings, Incentives, Conferencing, Exhibitions) facilities and the casino, said the group.
Genting said the extent of the virus impact on its full-year financial performance and operations "cannot be determined at this stage" as the duration and extent of the virus outbreak remains uncertain.
Genting shares closed trading at S$0.62 on Tuesday, down S$0.02 or 3.1 per cent.