Gaming giant still plans to pay shareholder dividend despite mass layoffs. <\/p>\n\n\n\n\n\n\n\n
Australia.- Australia casino giant Crown Resorts will stand down 11,500 employees due to restrictions from the Coronavirus pandemic.<\/p>\n\n\n\n
The gaming company has made an ex gratia payment of two week\u2019s salary to full-time and part-time workers, while also giving $1,000 to eligible casual workers.<\/p>\n\n\n\n
Crown Resorts<\/em><\/strong> chief executive Ken Barton and other senior managers have taken a 20 per cent temporary pay cut.<\/p>\n\n\n\n Barton said: “We have taken the tough but necessary decision to stand down a large number of our employees.”<\/p>\n\n\n\n “I have a deep gratitude to our employees for their understanding and commitment during this painful and highly uncertain time. We are continuing to investigate ways in which we can support our employees on an ongoing basis.<\/p>\n\n\n\n “Crown welcomes the Commonwealth Government\u2019s JobKeeper scheme, which will be critical in keeping our business and our employees connected.”<\/p>\n\n\n\n The spread of Covid-19 is affecting casinos in Melbourne and Perth, but Crown Resorts still plans to pay shareholders their interim dividend.<\/p>\n\n\n\n Crown maintains that it is in a strong financial position, with around $500million in cash and the ability to borrow more than $1billion. <\/p>\n","protected":false},"excerpt":{"rendered":" Gaming giant still plans to pay shareholder dividend despite mass layoffs.<\/p>\n","protected":false},"author":2,"featured_media":4103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Crown Resorts is implementing significant workforce reductions, standing down 11,500 employees across its Australian casino operations in Melbourne and Perth due to COVID-19 restrictions. Despite these operational challenges, the company intends to proceed with its interim dividend payment to shareholders, citing a robust financial position with substantial cash reserves and borrowing capacity. Senior management has taken temporary pay cuts, and the company is providing ex gratia payments to affected staff while leveraging government support schemes.","focusai_entities":"Crown Resorts, Ken Barton, Commonwealth Government","focusai_location":"Australia, Melbourne, Perth","focusai_target_profile":"ceo_executive (0.9), regulator (0.75), compliance_legal (0.7), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.85)","focusai_suggestions":[{"label":"Dividend sustainability?","query":"Given the significant operational disruption and workforce reductions, what is the long-term sustainability outlook for Crown Resorts' dividend policy, and how might future market recovery influence this?"},{"label":"JobKeeper scheme impact?","query":"How will the Commonwealth Government\u2019s JobKeeper scheme specifically mitigate the financial burden of the stand-downs for Crown Resorts, and what are the compliance requirements for accessing these subsidies?"}],"footnotes":""},"categories":[16336,28,161,158],"tags":[7299,14657],"class_list":["post-5654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-casino-news","category-daily-news","category-slider-home","tag-coronavirus","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5654","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=5654"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5654\/revisions"}],"predecessor-version":[{"id":777008729,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5654\/revisions\/777008729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4103"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=5654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=5654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=5654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}