Gaming giant still plans to pay shareholder dividend despite mass layoffs.
Australia.- Australia casino giant Crown Resorts will stand down 11,500 employees due to restrictions from the Coronavirus pandemic.
The gaming company has made an ex gratia payment of two week’s salary to full-time and part-time workers, while also giving $1,000 to eligible casual workers.
Crown Resorts chief executive Ken Barton and other senior managers have taken a 20 per cent temporary pay cut.
Barton said: “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.
“Crown welcomes the Commonwealth Government’s JobKeeper scheme, which will be critical in keeping our business and our employees connected.”
The spread of Covid-19 is affecting casinos in Melbourne and Perth, but Crown Resorts still plans to pay shareholders their interim dividend.
Crown maintains that it is in a strong financial position, with around $500million in cash and the ability to borrow more than $1billion.