Despite the decent third quarter performance on VIP business at Crown Macau, indications are that fourth quarter figures will not be so rosy thanks to economic gloom and China’s travel restrictions.
Employees at Crown Macau have been asked to work fewer hours in a bid by operator Melco Crown Entertainment to cut the venue’s running costs, according to The South China Morning Post.
The paper says that instead of cutting jobs, Crown Macau gave its 2,000 staff three options: take three to six months’ unpaid leave; take an extra two days’ unpaid leave every month; or work two days a week and attend an unpaid three-day re-training programme.
It says the majority voted for the second option, which will reduce the wage bill by about seven percent. The casino is also said to be looking to cut capital expenditure by USD25 million. Melco Crown co-chairman Lawrence Ho has pledged to cut his own pay by 35 percent, a gesture that should be enough to pay for a few jobs in its own right.
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