Crown Resorts has stood down 11,500 of its employees because of the coronavirus restrictions affecting its casinos in Melbourne and Perth, but it still will pay shareholders their interim dividend.
The gaming company said it had made an ex gratia payment of two week’s salary to full-time and part-time workers and given $1,000 to eligible casual workers, while chief executive Ken Barton and other senior managers have taken a 20 per cent temporary pay cut.
“We have taken the tough but necessary decision to stand down a large number of our employees,” said chief executive Ken Barton.
“I have a deep gratitude to our employees for their understanding and commitment during this painful and highly uncertain time. We are continuing to investigate ways in which we can support our employees on an ongoing basis.
“Crown welcomes the Commonwealth Government’s JobKeeper scheme, which will be critical in keeping our business and our employees connected.”
Crown said it was in a strong financial position, with about $500 million in cash and the ability to borrow more than $1 billion.
It will pay its interim dividend on Friday.
At 1015 AEDT on Thursday, Crown shares were down 2.4 per cent to $8.06, in line with the broader market.
-with AAP
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