Genting Malaysia to cut salaries

Genting Malaysia Bhd is planning to cut salaries to reduce costs as the impact of the Covid-19 pandemic continues.

Malaysia.- After reopening its Resorts World venues, Genting Malaysia, the promoter of Malaysia’s only casino complex, will make salary cuts for staff from March to May inclusive.

The group’s senior management team, which includes its deputy chairman, chief executive office and all vice presidents and above, have voluntarily agreed to waive 20 per cent of their salaries.

A group of employees were asked to voluntarily agree to a temporary reduction of 15 per cent or 20 per cent of their base salary depending on their rank. Others were asked to consider taking one unpaid day off work each week.

A Genting Malaysia spokesmen said: “We need to control RWG’s [Resorts World Genting] cost base to ensure the sustainability of our business and to help protect as many jobs as possible during this challenging time.”

Genting Malaysia revenue down due to the Covid-19 pandemic

The company has reported that EBITDA for full-year 2020 fell 69.1 per cent to MYR350.3m because of restrictions to contain the Covid-19 pandemic.

Operations at Resorts World Genting were suspended from March 18 until June 19 last year. The complex now operates with reduced capacity amid health and safety protocols imposed by Malaysian authorities.