Australian casino operator Crown Resorts has begun an aggressive cost-cutting program following a sharp decline in its VIP gambling business.

On Tuesday, Australian media reported that over 200 employees at the Crown Perth casino had been made redundant. A Crown spokesperson emphasized that “5,500 people continue to work at Crown Perth and we have a strong commitment to their development and welfare.”

The Perth payroll won’t be the last Crown asset to face the axe. In January, Crown owner James Packer gave executive chairman John Alexander broad authority to make some “hard calls” as part of a sweeping review of Crown’s costs.

Alexander, who will also assume the CEO’s duties from the outgoing Rowen Craigie as of March 1, is reportedly considering selling Crown Perth’s $40m superyacht Infinity in order to save its annual $1m operating budget.