In the Philippines and the giant Okada Manila integrated casino resort is reportedly set to lay off at least 1,000 employees as it struggles to come to terms with its temporary shuttering due to the ongoing coronavirus pandemic.
According to a report from Inside Asian Gaming, the metropolitan Manila facility operated by the Tiger Resort Leisure and Entertainment Incorporated subsidiary of Japanese pachinko, slot and arcade games manufacturer Universal Entertainment Corporation was forced to close its doors on March 15 as the death toll from coronavirus in the Philippines topped twelve. This tally has since grown to 886 with the 993-room venue still waiting to hear when the government-enforced nationwide casino lockdown may be lifted.
Considerable cut-backs:
Inside Asian Gaming cited an internal company memo from Okada Manila President Takashi Oya as detailing that the workforce for the $2.2 billion facility located within the Entertainment City district of Manila is to be reduced via ‘a retrenchment program’ with all released employees receiving separation pay in accordance with local laws.
Reportedly read Oya’s communication…
“It is a reality that the company could not escape because of the new normal that lies ahead of us. Not having any revenues since the lockdown has been financially draining and caused severe losses to the company and if this is not addressed its losses will pile up. Okada Manila is also constrained to change the way it does business, which means it will just require a smaller workforce. For it to remain a viable business, we will have to let go of more than 1,000 employees.”
Tumbling takings:
Okada Manila opened its doors in December of 2016 complete with a 284,283 sq ft casino featuring a selection of over 3,000 slots as well as some 500 gaming tables. The giant facility recorded aggregated gross gaming revenues of about $788.91 million for the entirety of last year but the coronavirus-related lockdown is now expected to cause its combined 2020 sales to drop to just $372.5 million with associated income coming it at around $27.9 million.