Senior Managers To Lose Their Jobs In Wynn Macau
As part of efforts to manage resources and reduce costs in the wake of the coronavirus economic nosedive, Asian casino operator Wynn Macau Limited is letting some of its staff go. The casino operator has announced that it will not renew the contracts of its senior managers.
Sources close to the upper management of the Asian casino said that the firm has mentioned it won’t be extending the contracts of overseas middle and senior management figures. This move is a response to the enormous losses suffered by the firm in the third quarter of 2020. The third-quarter loss was around $281 million, with associated revenue plummeting by 94% year to year to just over $67 million
Wynn Macau Limited is responsible for Wynn Palace Cotai and Macau’s Wynn Macau venues. The firm mentioned that the non-renewal stance is part of its plan to reform its management structure by encouraging localization and succession. This move is in line with the local government’s wish to have more of its indigenes in various positions within the casino. The fact that Wynn Macau Limited is not offering a new contract to its senior managers is a sign that it is following the government directives.
Response and Recovery
Earlier this year, the government of Macau asked local casino operators to shun large-scale job lay-offs as a way of combating the economic downturn caused by the coronavirus pandemic. Although some casino operators have adhered to the rule, others have had to let go of some staff. Melco Resorts and Entertainment Limited mentioned that some of its senior staff voluntarily left their positions as a cost-saving technique to help navigate the current financial crisis.
The coronavirus pandemic has been a thorn for lots of businesses in various industries. The casino industry has suffered the worst in the past few months. Wynn Macau Limited has already closed parts of its casino in response to the pandemic. Restaurants and entertainment centers are some of the areas that have been completed during this period. A rep from the casino said, “we’ve temporarily closed certain parts of the casino during the pandemic period, and we would reopen our doors when visitor volumes are more normalized.”
With the news that a vaccine is already in production, there is hope that casinos like Wynn Macau Limited would open all of its doors to customers sooner rather than later.