{"id":6225,"date":"2020-05-06T09:54:48","date_gmt":"2020-05-06T09:54:48","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=6225"},"modified":"2020-05-07T12:58:09","modified_gmt":"2020-05-07T12:58:09","slug":"macau-casino-sjm-staff","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/macau-casino-sjm-staff","title":{"rendered":"SJM will not cut staff amid Covid-19 crisis"},"content":{"rendered":"\n
Instead of cutting staff SJM is planning to transfer 1,000 employees to its soon-to-open Grand Lisboa Palace in Cotai.<\/p>\n\n\n\n\n\n\n\n
Macau.- Casino operator SJM Holdings<\/strong><\/em><\/a> has no plans to cut staff or reduce compensations during the Covid-19 outbreak despite reporting negative financial results<\/a><\/strong><\/em> for 1Q20. <\/p>\n\n\n\n According to Bernstein analysts, instead of cutting staff SJM is planning to transfer 1,000 employees to its soon-to-open Grand Lisboa Palace in Cotai.<\/p>\n\n\n\n “SJM has reduced overhead costs by about 6 per cent (from ~HK$15 million\/day to ~$14mm\/day), mostly in operating and administrative expenses [\u2026]. <\/p>\n\n\n\n “Management is very optimistic that Macau can get back to its prior levels but is uncertain around the timing of recovery (which is dependent on when border restrictions lift,” Bernstein said in a note.<\/p>\n\n\n\n