Aussie casino workers stood down en masse
Australia has been one of the success stories so far in keeping the number of positive case and deaths from coronavirus to a minimum.
Australia has recorded approximately 6500 positive cases and just over 60 deaths, ranking 34th in the world for cases and even further down the chart when deaths are concerned.
Casino Aus reports that according to the Guardian’s numbers, the number of new daily cases seems to have peaked during the last week of March, almost as soon as the lockdowns went into effect.
The curve has almost steadily decreased ever since, with the last several days producing less than 50 new cases per day.
This doesn’t mean that Prime Minister Scott Morrison is easing restrictions immediately but he is leaning in that direction.
Some areas of Australia are ready to begin opening things back up cautiously by the end of April.
Schools and restaurants are likely to be the first to make those efforts.
Casinos, on the other hand, are not likely to reopen this month.
If Australia’s numbers continue to decrease, they may reopen in May.
The number of Australians out of work keeps rising though and the casino industry is not immune to the situation.
The latest report from Reuters reveals that Crown and the Star have together stood down about 20,000 employees.
Crown Resorts has laid off 95 per cent of its employees, some on a temporary basis, but some permanently.
Star stood down about 90 per cent of its employees.
SkyCity Entertainment stood down more than 1100 employees in Australia and New Zealand.
Meanwhile, Crown continues to move forward with the construction of its Sydney project, explaining it currently employs about 1300 construction-related workers and will employ approximately 2000 people when it opens.
Crown gives eligible workers two weeks pay
Crown Resorts’ latest media release addresses its workforce, or former workforce.
It says the stand down process is “substantially complete” at approximately 11500 employees out of work.
Crown did provide two weeks’ worth of pay to both full time and part time employees in all positions outside of senior management.
Eligible casual workers receive a $1000 payment.
Employees can also use any existing leave entitlements.
In the hopes of further helping those employees, Crown registered with the Commonwealth Government for a JobKeeper payment.
More updates will follow in the coming days and weeks.
The media release also noted that Crown entered into new bilateral facilities with relationship banks for $560 million.
The current cash balance is $500 million, and the company maintains the ability to secure more than $1 billion in additional debt facilities.
Crown has also been working with the Victorian and Commonwealth governments to support initiatives in communities, such as Victoria’s program to provide safe and free accommodations to those needing a reprieve from domestic violence during quarantine.
The company also donated nine tonnes of produce in Victoria for the creation of packaged meals for the Salvation Army and others feeding underserved members of the population.
Star shores up its business
The Star’s announcement focused primarily on its business side.
It is strengthening its balance sheet, preserving liquidity.
The Star, too, enrolled in the JobKeeper program offered by the federal government.
The company executed debt funding with existing relationship banks for $200 million.
It also secured agreements with debtors for a full waiver through June 30, 2020.