Genting Singapore has cut the 1,200-strong workforce at its giant Resorts World Sentosa casino resort in Singapore by almost 400 people over the past few weeks in order to mediate the impact of falling revenues.
According to a report on Asia Gaming Brief, those recently let go via voluntary retrenchment or termination include 150 croupiers, 200 supervisors and 25 pit managers with the operator stating that the moves have been necessary so as to achieve the right size for its business needs.
“Together with the Workforce Development Agency and Singapore Tourism Board, the Ministry Of Manpower is working closely with both the company and union to render assistance to the affected employees,” read a statement from the nation’s Ministry Of Manpower.
Last month saw Genting Singapore report an 83% decrease year-on-year in first-quarter net profits to $7.9 million due to higher foreign exchange losses and debt provisions alongside increased finance costs. The operator also saw its gaming revenues for the three-month period drop by 9% to $332.6 million while earnings before interest, tax depreciation and amortization came in at $142.1 million, which represented a decline of over 15%.
“We continue to exercise caution with our VIP gaming business,” read a statement from Genting Singapore. “In this connection, we have been prudent in providing for our gaming receivables.”