NagaCorp Confirms Lay-Offs, Pay Cuts as Proactive Measures

• 8 June 2021
• Local News
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The operator of NagaWorld integrated resort (IR) NagaCorp has confirmed job lay-offs and pay cuts as “proactive measures” to manage the impact of the COVID-19 pandemic, given that the casino has been closed since early March, according to its report issued yesterday.

“We have taken proactive measures to manage the situation. We launched a rationalisation program to improve cost efficiency, which will impact some of our employees,” said the report.

“To reduce the impact of these necessary changes on our employees, the Company will provide affected employees with enhanced termination compensation over and above payments required by the applicable Cambodian laws to assist their transition into other careers or business interests,” the report added.

The firm believes that it is important for the Group to maintain operational and financial flexibility to ensure that it remains focused and efficient during this period.

NagaCorp did not disclose the number of laid-off employees but stated that as of the date of the announcement, a majority of affected employees have signed mutual separation agreements. Meanwhile, meetings with affected employees are still ongoing.

NagaCorp was implementing other measures to minimise the group’s cash expenditure. These include reducing payroll expenses by limiting staff on site, and reducing employee pay since March 2021; scaling back hotel and food and beverage operations; and closing some of the property’s facilities to reduce spending on utilities.

“While our business operations remain suspended, we are not generating any revenues,” stated the group.

In May, NagaCorp said that its annual general meeting had approved a final dividend for 2020, in the aggregate amount of US$81.7 million, to be paid in July 2021.

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