The measures include an 18% reduction in the base salary of Executive Directors and a 15% reduction in non-executive directors’ fees
Singapore.- Genting Singapore, operator of Resorts World Sentosa (RWS), has confirmed that it will reduce the wages of its executive and management teams due to falling revenues relating to Coronavirus.
According to Inside Asia Gaming, the measures include an 18 per cent reduction in the base salary of Executive Directors, 15 per cent reduction in non-executive directors’ fees for 1Q20 and a reduction in salary of between 9 per cent and 18 per cent for all managerial staff.
Employees have also been encouraged to take either no-paid leave or annual leave.
“Our property, Resorts World Sentosa, has experienced a significant decrease in visitor attendance and correspondingly revenue across all its facilities, including our attractions, hotels, restaurants, MICE facilities and the casino,” the company said in a statement.
“While the extent of the impact on the Group’s financial performance and operations for the full year 2020 cannot be determined at this stage as the duration and extent of the spread of COVID-19 is uncertain, the Board wishes to issue a profit guidance note that the Group expects that its financial results will be significantly and adversely impacted for the first quarter ending 31 March 2020 and the half year ending 30 June 2020, as compared to the corresponding periods in the previous year,” it added.