• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 24 March 2023
    • 中文
    • 日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

NagaCorp confirms staff cuts among cost-saving initiatives at NagaWorld

Ben Blaschke by Ben Blaschke
Mon 7 Jun 2021 at 13:43
NagaCorp confirms full gaming operations now up and running at NagaWorld

NagaWorld

62
SHARES
1.6k
VIEWS
Print Friendly, PDF & Email

Hong Kong-listed NagaCorp has confirmed recent reports of substantial staff cuts at its Cambodian integrated resort NagaWorld, citing a need to maintain operational and financial flexibility.

The news follows media reports suggesting NagaCorp was laying off around 600 employees due to financial hardships brought about by the COVID-19 pandemic, with NagaWorld having now been closed for more than three months due to the nation’s worsening pandemic situation.

In a Monday filing, the company said it has taken “proactive measures to manage the situation” including a rationalization program to improve cost efficiency. While it didn’t outline how many employees would be affected, NagaCorp said it was providing affected employees with “enhanced termination compensation over and above payments required by the applicable Cambodian laws to assist their transition into other career or business interests.”

The majority of affected employees have signed mutual separation agreements, it added.

NagaCorp is looking to save up to US$2 million per month in run-rate operating costs, which the company said stood at around US$8.6 million prior to the suspension of operations on 1 March 2021 – almost half of NagaWorld’s average monthly expenditures of US$19.7 million in January and February.

Aside from the reduced workforce, it is scaling back of hotel and food and beverage operations, and closing other facilities as required.

NagaCorp also announced Monday plans to issue additional notes, to be consolidated with US$350 million original notes issued in July last year. The offer price and aggregate amount of the additional notes has yet to be determined.

Pointing to its current cash and deposits of US$451.7 million as of 30 April 2021, and taking into account dividends of US$81.7 million due to be paid in July, NagaCorp said it has enough liquidity to survive for at least six months on minimal revenue before it may need to access the proceeds of the additional offering.

RelatedPosts

South Korea, Australia among notable absentees as China resumes group tours to 40 more nations

South Korea, Australia among notable absentees as China resumes group tours to 40 more nations

Tue 14 Mar 2023 at 06:30
Visitor arrivals up, GGR down in Macau’s October Golden Week on soft VIP

COVID test no longer required for people transiting from Hong Kong to mainland China via Macau

Tue 14 Mar 2023 at 04:51
Century Entertainment to relocate Sihanoukville VIP room to Dara Sakor investment zone

Century Entertainment says Cambodian gaming table operations not targeting mainland China customers

Wed 8 Mar 2023 at 05:06
NagaWorld

Moody’s to review NagaCorp for downgrade pending action to address looming US$472 million bond repayment

Sun 5 Mar 2023 at 14:02
Load More
Tags: Cambodiacovid-19NagaCorpNagaWorldPhnom Penh
Share25Share4
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial: Corporate punishment: When is enough, enough?

Editorial: Corporate punishment: When is enough, enough?

by Ben Blaschke
Fri 3 Mar 2023 at 03:15

I’ll start this column with full disclosure: I’m a shareholder in Star Entertainment Group, so what I’m about to say...

Cashless is King

Cashless is King

by Ben Blaschke
Fri 3 Mar 2023 at 02:57

With mandatory cashless gaming now a hot topic in the Australian state of New South Wales amid moves to make...

Problem or Panacea?

Problem or Panacea?

by Paul Newson
Fri 3 Mar 2023 at 02:41

Former NSW gaming regulator Paul Newson examines the pros and cons of the state government’s current push to introduce mandatory...

Hidden Enemies

Hidden Enemies

by Ben Blaschke
Fri 3 Mar 2023 at 02:11

Ahead of this year’s “Regulating the Game” gambling regulation education program, to be held at ICC Sydney from 6 to...

Softswiss
Evolution Asia
Aristocrat
Solaire
Solaire
Beter

Related Posts

Private: Philippines police arrest five Chinese nationals found holding kidnapped man in room at Okada Manila

Universal Entertainment Corp says affiliate now planning to develop land near Okada Manila following collapsed sale

by Ben Blaschke
Fri 24 Mar 2023 at 05:21

Japan’s Universal Entertainment Corp (UEC) said Thursday that an equity-method affiliate that owns a 9.4-hectare parcel of land alongside its Philippines integrated resort Okada Manila now plans to develop the land following the collapse of a previously agreed sale. The...

We’re Back!

Singapore Tourism Board agrees one year extension to start of US$3.3 billion MBS expansion project until April 2024

by Ben Blaschke
Fri 24 Mar 2023 at 05:03

The operating entity of Singapore’s Marina Bay Sands revealed Friday morning (Asia time) that is has signed a supplemental agreement with the Singapore Tourism Board granting it an additional 12-month extension, until April 2024, to the deadline for commencing its...

Sportradar detects 49% rise in suspicious sports matches across Asia in 2022

Sportradar detects 49% rise in suspicious sports matches across Asia in 2022

by Newsdesk
Fri 24 Mar 2023 at 03:43

The number of suspicious matches reported across Asia jumped by 49.1% in 2022, giving it the second highest number of suspicious matches behind only Europe. According to the Annual Report: Betting Corruption and Match-fixing in 2022 by Sportradar Integrity Services,...

On the Run by Andrew W Scott, the IAG CEO Vlog

On the Run by Andrew W Scott, the IAG CEO Vlog

by Newsdesk
Thu 23 Mar 2023 at 20:04

Episode 23 of “On the Run” by Andrew W Scott, the IAG CEO Vlog. Andrew talks about his travels around the Asia Pacific region, and provides some commentary on stories published by IAG in the past week, see the links...


Evoplay

IAG

© 2005-2023
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About

© 2005-2023
Inside Asian Gaming.
All rights reserved.