The operator is planning salary cuts between 20 per cent and 40 per cent due to the impact of Coronavirus. <\/p>\n\n\n\n\n\n\n\n
Malaysia.- Genting Group Malaysia has made plans for a pay cut for staff due to the Coronavirus pandemic forcing the closure if its properties.<\/p>\n\n\n\n
The casino-to-hospitality conglomerate is undertaking its first salary cut since it was founded in 1965. <\/p>\n\n\n\n
Proposals suggest the figure could be as high as a 20 per cent reduction of basic salary for employees based on their ranking within the company.<\/p>\n\n\n\n
According to Bloomberg, Genting Hong Kong Ltd. will suggest\u00a0up to\u00a0a 50 per cent cut for those holding vice president role or higher.<\/p>\n\n\n\n
Genting COO, Tan Kong Han, said: “The businesses of the Genting Group have been badly affected, resulting in significant reduction in revenue.<\/p>\n\n\n\n
“When business resumes, we would expect to face challenges to regain the level of business prior to the pandemic due to the adverse impact that Covid-19 will have inflicted on the domestic and global economies.”<\/p>\n\n\n\n
Shares in the Malaysia branch of the company have fallen by 3.4 per cent, while dropping 2.2 per cent in Singapore. <\/p>\n\n\n\n
However, Hong Kong branch shares rose 11 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"
The operator is planning salary cuts between 20 per cent and 40 per cent due to the impact of Coronavirus.<\/p>\n","protected":false},"author":2,"featured_media":4422,"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 Group Malaysia is implementing substantial salary reductions, ranging from 20% to 50% for senior roles, across its workforce due to severe revenue decline caused by the COVID-19 pandemic and property closures. This marks the conglomerate's first pay cut since 1965, reflecting significant operational and financial distress. The announcement has led to varied stock performance across its regional entities.","focusai_entities":"Genting Group Malaysia, Genting Hong Kong Ltd., Tan Kong Han, Bloomberg","focusai_location":"Malaysia, Hong Kong, Singapore","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Financial Recovery Outlook?","query":"What is Genting Group's revised financial recovery timeline and projected GGR\/NGR trajectory, considering the magnitude of these cost-cutting measures and anticipated market re-entry challenges?"},{"label":"Human Capital Strategy?","query":"How will these significant workforce adjustments impact Genting's human capital strategy, operational efficiency, and ability to maintain service standards across its integrated resort and gaming verticals post-reopening?"}],"footnotes":""},"categories":[160,28,16333],"tags":[7299,1076,1619,226,169],"class_list":["post-5811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-casino-news","category-south-east-asia-news","tag-coronavirus","tag-genting","tag-hong-kong","tag-malaysia","tag-singapore"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5811","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=5811"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5811\/revisions"}],"predecessor-version":[{"id":5819,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5811\/revisions\/5819"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4422"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=5811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=5811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=5811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}