As part of an effort to better manage its costs during the coronavirus-induced economic downturn and Asian casino operator Wynn Macau Limited has reportedly announced that it will not be renewing the contracts of several unidentified senior managers.
According to a report from GGRAsia, the Hong Kong-listed firm declared that it is to pass on extending ‘a number of expiring contracts’ currently held by ‘overseas middle and senior management’ figures. The source detailed that the move comes after the operator recently chalked up a third-quarter loss of about $280.7 million as associated revenues plunged by 93.7% year-on-year to slightly over $67 million.
Responsible for Macau’s Wynn Macau and Wynn Palace Cotai venues, Wynn Macau Limited reportedly divulged that the non-renewal decision also forms part of a ‘long-term plan for management succession and localization’. This aspect is purportedly thought to refer to a wish from the local government that all area casinos begin prioritizing native candidates over their foreign-born rivals with regards to filling future senior management positions.
The government of Macau earlier this year reportedly called for local casino operators to avoid large-scale job lay-offs in response to the coronavirus pandemic although Melco Resorts and Entertainment Limited subsequently revealed that some senior-level employees had voluntarily left as it instituted cost-cutting measures to help weather the ongoing financial downturn.
Majority owned by Las Vegas-headquartered Wynn Resorts Limited, Wynn Macau Limited moreover reportedly pronounced that the two-star Golden Flower restaurant within its Wynn Macau property had been ‘temporarily closed during the pandemic period’ and would only be re-opened ‘when visitor volumes are more normalized’. It furthermore purportedly stated that it ‘still’ has ‘a couple of restaurants that are temporarily closed’ but that these are to be revived ‘in due course as business recovers.’