Cambodia: Job cuts expected at NagaCorp
NagaCorp has announced plans to cut more than 1,300 jobs in Cambodia as a result of the continued impact of the Covid-19 pandemic.
Cambodia.- Casino operator and developer NagaCorp has said it will cut 15 per cent of staff, equivalent to 1,300 jobs, as it continues to struggle with the impact of the Covid-19 pandemic.
The news has been severely criticised by unions. In June around 200 workers began a protest after NagaWorld stopped paying salaries for suspended workers.
NagaCorp told local media it has worked hard to keep employees on the payroll and to avoid redundancies. The company reported Gross Gaming Revenue of US$878.7m for 2020, down from US$1.8bn in 2019.
The casino operator started to show some signs of recovery in the first three months of the year after reporting a 99.4 per cent increase in average daily mass table game buy-ins, but growth was abruptly interrupted by new restrictions.
It suspended its operations in March after 11 staff members tested positive for Covid-19.
Cambodia’s prime minister, Hun Sen, has announced the end of the latest restrictions in the capital Phnom Penh from May 6. The current curfew will be replaced with new measures aimed at preventing the spread of the Covid-19 pandemic.
