Senior executives will not take a salary for the rest of the year with other managers agreeing to salary reductions. <\/p>\n\n\n\n\n\n\n\n
Hong Kong.- Genting Hong Kong Ltd, the operator of casino cruise ships and investor in Asian land-based casinos, will cut salaries to reduce expected losses<\/a><\/em><\/strong> from the impact of Coronavirus<\/a><\/em><\/strong>.<\/p>\n\n\n\n The company’s senior executive team will not be paid while many of the organisation’s manager salaries will be cut by up to 50% for the remainder of 2020. <\/p>\n\n\n\n Chairman and Chief Executive Officer Lim Kok Thay, Deputy CEO Lim Keong Hui, Group President Colin Au Fook Yew will not receive a salary during 2020, while voluntary salary reductions of between 20% and 50% has been applied to managers.\u00a0<\/p>\n\n\n\n Genting HK reports that 90% of its managers have agreed to the program, which will save the company around $15 million.<\/p>\n\n\n\n Genting will be implementing further cost reduction measures, including\u00a0 a reduction in onboard crew by not renewing expiring contracts, not replacing staff that were leaving and a reduction in all expenses \u2013 especially travel \u2013 to avoid possible virus infection and voluntary no-pay leave.<\/p>\n\n\n\n \u201cThe Company expresses sincere gratitude and appreciation to all its employees, officers and crew for their resilience and hard work for battening down the hatches in these stormy seas and in particular, those involved in ensuring the guests onboard World Dream disembarked safely without a single infection incident in early February 2020,\u201d Genting Hong Kong said in a statement.<\/p>\n\n\n\n \u201cThe Group will continue to monitor its business closely during this temporary disruption and adjust its plans in the best interest of the Group,\u201d the filling added.<\/p>\n\n\n\n Genting Hong Kong has said that it expects a net loss in the range of US$140 million to US$170 million for the year ended December 31, 2019, after a net loss of US$224 million in the prior year. Senior executives will not take a salary for the rest of the year with other managers agreeing to salary reductions.<\/p>\n","protected":false},"author":2,"featured_media":4531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Hong Kong Ltd. is implementing significant cost-reduction measures, including executive salary waivers and managerial pay cuts, to mitigate expected losses from the Coronavirus pandemic. These actions, alongside crew reductions and expense curtailment, aim to save approximately $15 million, following an anticipated net loss of US$140-170 million for FY2019. The company expresses gratitude to employees for their resilience during this period of operational disruption.","focusai_entities":"Genting Hong Kong Ltd., Lim Kok Thay, Lim Keong Hui, Colin Au Fook Yew","focusai_location":"Hong Kong","focusai_target_profile":"ceo_executive (1.0), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"FY2019 Loss Drivers","query":"What specific operational segments or market conditions primarily contributed to Genting Hong Kong's anticipated net loss for FY2019, preceding the full impact of the Coronavirus pandemic?"},{"label":"Long-Term Viability","query":"Beyond immediate cost-cutting, what long-term strategic adjustments is Genting Hong Kong implementing to ensure sustainable operational viability and market positioning in a post-pandemic cruise and land-based casino landscape?"}],"footnotes":""},"categories":[160,28,16338],"tags":[29,7299,1076,1619],"class_list":["post-4486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-casino-news","category-east-asia-news","tag-casino","tag-coronavirus","tag-genting","tag-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=4486"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4486\/revisions"}],"predecessor-version":[{"id":4535,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4486\/revisions\/4535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4531"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=4486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=4486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=4486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/p>\n","protected":false},"excerpt":{"rendered":"