Genting MY to axe 15% staff following pay cuts and voluntary separation schemes

Hospitality company Genting Malaysia is reported to be laying off another huge chunk of its employees. According to media reports by The Star and Malay Mail, this number amount up to 3000 cut, approximately 15% of its team.

The move comes after the management team took 20% pay cuts, after a company-wide slash in pay. Not long after, the company also announced that it would take on voluntary separation schemes for employees, according to reports on MalayMail. This came after an article on Bloomberg said that Genting is looking to avoid job cuts as much as possible.

In a release dated in March, Genting Malaysia said decrease in its revenue was mainly due to a decline in the overall business volume from both the gaming and non-gaming segments following the disruptions to the business activities as a result of the COVID-19 outbreak.

A+M has reached out to Genting Malaysia.

Last year, to lure in patrons to its premises, Genting Malaysia attained the license to use certain Fox intellectual properties in its upcoming outdoor theme park. This was following a settlement over a dispute that started in November 2018. The theme park, which was initially intended to bear the Fox brand, will now be renamed.

According to a bursa filing, both parties have agreed to "fully resolving their disputes" against each other and to "dismiss all claims and counterclaims" between them. As part of the settlement terms, Genting Malaysia shall complete the outdoor theme park utilising both Fox and non Fox intellectual properties. It is currently updating its development and construction plans to do so.

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