Sands China has laid off 3,000 non-local employees during Covid-19 pandemic
Wilfred Wong Ying Wai, president of Sands China, has revealed that the company has dismissed more than 3,000 non-local employees since the start of the pandemic.
Macau.- The Covid-19 pandemic has impacted the entire tourism and gaming industry in Macau, and Sands China was no exception. The company has revealed that it has laid off more than 3,000 non-local employees over the past two years.
The information was revealed by Wilfred Wong Ying Wai, president of Sands China, to the Chinese-language newspaper Macao Daily. He also said the company’s investments in non-emergency construction projects will be delayed if the economic impact of the Covid-19 pandemic continues.
He predicted no significant increase in the number of tourists for the upcoming Labour Day Golden Week due to Macau’s strict entry policy and the recent surge of Covid-19 cases in mainland China. He added that only by strictly implementing epidemic prevention measures can Macau persuade mainland tourists to consider it a safe tourist destination.
The Statistics and Census Bureau (DSEC) has reported that at the end of 2021, the gaming industry had 54,839 full-time employees, a decrease of 1,774 from the same period in 2020. The number of dealers fell by 758 and the number of service and sales workers by 410.
The Labour Affairs Bureau (DSAL) reported that by the end of 2021, the number of non-local workers employed by all six gaming operators in Macau had fallen by 32 per cent during the Covid-19 pandemic.
Sands China draws down US$201m from existing credit facility
Sands China has drawn US$19m and HK$1.42bn (US$182m) from an existing 2018 line of credit for general corporate purposes. The company made the announcement in a recent filing.
The company said it has a “strong balance sheet and sufficient liquidity in place.” This includes the remaining available borrowing capacity under its 2018 revolver facility of US$1.54bn.
The casino operator added: “Based on the current forecasts, the group believes it is able to support continuing operations, complete the major construction projects that are underway and respond to the current Covid-19 pandemic challenges for at least 12 months.”
