Genting Singapore, operator of Resorts World Sentosa (RWS), says it has slashed the pay of its executive and management teams due to falling revenues amid the global coronavirus pandemic.
As part of new cost control measures, the company said it has implemented an 18% reduction in the base salary of Executive Directors, 15% reduction in non-executive directors’ fees for 1Q20 and reduction in salary of between 9% and 18% for all managerial staff. Employees have also been encouraged to take either no-pay leave or annual leave.
News of the salary cuts formed part of a dire profit outlook published by Genting Singapore on Tuesday as tourism industries across the world continue to feel the impact of travel restrictions.
“Our property, Resorts World Sentosa, has experienced a significant decrease in visitor attendance and correspondingly revenue across all its facilities, including our attractions, hotels, restaurants, MICE facilities and the casino,” it said.
“While the extent of the impact on the Group’s financial performance and operations for the full year 2020 cannot be determined at this stage as the duration and extent of the spread of COVID-19 is uncertain, the Board wishes to issue a profit guidance note that the Group expects that its financial results will be significantly and adversely impacted for the first quarter ending 31 March 2020 and the half year ending 30 June 2020, as compared to the corresponding periods in the previous year.”