Singapore’s two casinos will remain closed until at least June 1, prompting hospitality giant Genting to propose the unprecedented step of group-wide pay cuts.
On Tuesday, Singapore Prime Minister Lee Hsien Loong delivered an address to citizens of the city-state announcing his plans to extend the month-long COVID-19 pandemic ‘circuit breaker’ through at least June 1.
Singapore’s two integrated resort operators – Las Vegas Sands (Marina Bay Sands) and Genting Singapore (Resorts World Sentosa) – have been shut down since April 7 and were supposed to reopen on May 5. But Singapore’s COVID-19 infections have soared over the past week – including 1,100 new cases on Monday alone – and the city-state now boasts the dubious honour of having the highest number of cases in Southeast Asia.
Sands announced last Friday that it was suspending its dividend program to ensure a strong balance sheet, in part so it could continue to pay its furloughed staff. On Tuesday, word spread that Genting was preparing to cut staff wages across the board, the first time in the company’s 55-year history that such a step was deemed necessary.