{"id":5228,"date":"2020-04-02T22:05:00","date_gmt":"2020-04-02T22:05:00","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=5228"},"modified":"2026-04-24T06:28:23","modified_gmt":"2026-04-24T09:28:23","slug":"skycity-lay-off-200-workers-casinos","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/skycity-lay-off-200-workers-casinos","title":{"rendered":"SkyCity lays off 200 workers"},"content":{"rendered":"\n

Company anticipating losing NZ$90million (US$53million) in revenues per month until its casinos reopen<\/p>\n\n\n\n\n\n\n\n

New Zealand.- One week after closing the doors to its properties due to Coronavirus, Skycity Entertainment Group<\/em><\/strong> has announced that it will lay-off 200 workers in order to reduce costs.<\/p>\n\n\n\n

After the government raised the alert level from 2 to 4, SkyCity immediately closed its New Zealand casino<\/a><\/em><\/strong> and entertainment facilities in Auckland, Hamilton, and Queenstown. <\/p>\n\n\n\n

The company is anticipating losses of around NZ$90million (US$53million) in revenues per month until its casinos reopen and announced that it had begun the process of laying off around 200 employees.<\/p>\n\n\n\n

According to Inside Asian Gaming<\/em>, Skycity also announced that executive salaries will be cut by between 20 per cent and 40 per cent with CEO Graeme Stephens, CFO Rob Hamilton and COO Michael Ahearne all taking 40 per cent cuts. <\/p>\n\n\n\n

The board has also volunteered to cut its fees by 50 per cent in 2020.<\/p>\n\n\n\n

\u201cThis is a storm we could, and would, weather if we were to re-open within a few months in a pre Covid-19 world,\u201d Stephens said.<\/p>\n\n\n\n

\u201cUnfortunately, the impact of Covid-19 is not limited to the short-term consequences of closure. Even when we fully open, we reasonably expect that weaker economies, lower personal disposable income and changed entertainment habits, as well as longer term travel restrictions, will result in us recommencing as a smaller, domestically focused business,\u201d he added.
<\/p>\n","protected":false},"excerpt":{"rendered":"

Company anticipating losing NZ$90million (US$53million) in revenues per month until its casinos reopen<\/p>\n","protected":false},"author":2,"featured_media":4824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Skycity Entertainment Group anticipates monthly revenue losses of NZ$90 million due to the closure of its New Zealand casinos amid COVID-19 alert level 4. The company has initiated significant cost-reduction measures, including laying off 200 employees and implementing substantial salary cuts for executives and board members. CEO Graeme Stephens projects a long-term shift towards a smaller, domestically focused business due to anticipated economic downturns and altered consumer behavior.","focusai_entities":"Skycity Entertainment Group, Graeme Stephens, Rob Hamilton, Michael Ahearne","focusai_location":"New Zealand, Auckland, Hamilton, Queenstown","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Post-COVID Strategy","query":"Beyond cost-cutting, what specific strategic pivots, including potential asset divestitures or digital channel expansion, is Skycity evaluating to optimize its \"domestically focused\" business model and revenue diversification in a post-COVID landscape?"},{"label":"Liquidity & Debt Covenants","query":"With anticipated NZ$90 million monthly revenue losses, what is Skycity's current cash burn rate, available credit facilities, and projected compliance with debt covenants, particularly if the closure extends beyond initial estimates?"}],"footnotes":""},"categories":[16336,28,161,167],"tags":[29,7299,338,1137],"class_list":["post-5228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-casino-news","category-daily-news","category-news-region","tag-casino","tag-coronavirus","tag-new-zealand","tag-skycity"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5228","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=5228"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5228\/revisions"}],"predecessor-version":[{"id":777008566,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5228\/revisions\/777008566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4824"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=5228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=5228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=5228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}