Genting Singapore is seeking to cut costs by about 20 percent to 30 percent after suffering its worst quarterly loss since it opened Resorts World Sentosa.
Genting HK said it’s delaying the delivery of two new ships by about a year and cutting other costs to mitigate the impact of the Covid-19 pandemic.
Morgan Stanley said it now expects Macau's 2020 gross gambling revenue (GGR) to fall 60 percent, compared with its earlier forecast for a 55 percent decline, though has raised its forecasts for recovery for the next two years.
Macau’s six operators are likely to post the worst quarterly performance ever in Q2, with the focus likely to be on who has done the most to control operating expenditures during the period, Morgan Stanley reports in a note.
Paradise Co. is shifting gears and will implement emergency cost-cutting measures, including sending more executives on furlough and closing down oper
Dynam Japan Holdings said it didn’t expect to make a profit in the current quarter after the government ordered the closure of its pachinko parlours in Japan, but does expect to be back in the black for the full financial year, ending March 2021.
Genting Malaysia will reportedly cut jobs and reduce wages after reporting a loss for Q1 due to the Covid-19 pandemic.
Genting Singapore said its executives and senior management have agreed to pay cuts to help to offset the impact of the coronavirus on its earnings, which it warns is likely to be significant.
Genting Hong Kong, a cruise ship operator, says it expects to post an operating loss in the first half despite cost-cutting measures such as senior executives agreeing to forego their salaries until the end of the year.
Caesars Entertainment has told staff that its $17.3 billion merger with Eldorado Resorts will likely result in a reduction in headcount, though it’s too early in the process to give details.
US casino operator MGM Resorts International last week announced it will be implementing a new strategy aimed at reducing costs, improve efficiencies
The impact of tax and duty hikes on Genting Malaysia, that were announced in this year’s budget, may not be as bad as initially feared, local media reports, citing a report by UOB Kay Hian Research.
Whilst Macau’s operators have employed cost mitigation and labor shifts, any further cost cutting will prove challenging given new supply and flatti
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