Asian casino operator NagaCorp Limited reportedly announced a series of "proactive measures" regarding its NagaWorld facility in Cambodia, which are expected to entail extensive layoffs and pay cuts.

According to a report by GGRAsia, the Hong Kong-listed company used an official notification today to specify that action is necessary to secure the future of 700-rooms amid the financial uncertainty caused by the ongoing coronavirus pandemic. The source explained that the 179-acre estate had been fully closed for 07-weeks last year before closing again from the first day of March after eleven staff members tested positive for a potentially fatal ailment. Easy to explain:

NagaCorp Limited reportedly claimed that layoffs began on March 1 and they are all part of "rationalization program"Which was designed to"cost efficiency improvement”After the outbreak of the coronavirus pandemic. The company also allegedly declared there will be a layoff under this scheme NagaWorld employees received "increased compensation for termination of employment", That is, to be" over payments required by applicable Cambodian law "To help them with"a different career or business interests ”.

Apparently, I have read the statement of NagaCorp Limited ...

“We believe these and other changes we have made as part of our coronavirus strategy will help you quickly return to business normality and help ensure continued financial stability in the long term ”.

National Domination:

NagaCorp Limited opened the 23rd story of NagaWorld development in 2003 with a casino offering a selection of over 1,400 slots alongside some 124 gaming tables. The operator recently signed an agreement that extended the exclusivity clause attached to the gaming license for another ten years means that no other facility of this type will be allowed to open within a 60 - mile radius of Phnom Penh by at least the end of 2003.

Large layoffs:

The local union reportedly told GGRAsia in April that it up to 1,179 jobs may be at risk if NagaCorp Limited decides to implement such significant cost cutting. However, the operator has since allegedly been

reluctantly discloses the specific number of anticipated layoffs and was only ready to announce today that interviews with those concerned are "are going on ”.

NagaCorp Limited's reported report reads ...

“As of the date of this notice, most of the employees concerned have signed mutual separation agreements. "

Crowded trunks:

NagaCorp Limited reportedly concluded with an announcement that the cost cutting program is expected to reduce NagaWorld's monthly operating costs by approximately 11% to approximately USD 6.6 million and lowered the associated costs by 23% for something like that $ 2.3 million . In addition, he allegedly stated that he currently has cash and deposits in the amount of $400.7 million which, according to the Commission, is sufficient to "withstand more than six months of operating and interest expenses. "