Okada Manila Casino Resort to lay off more than 1,000 workers amid continuing COVID-19 lockdown
Okada Manila Integrated Casino Resort has been reportedly preparing to lay-off more than 1,000 workers due to adverse business conditions caused by the continuing corona virus pandemic-induced shutdown.
Carved on forty-four hectares of scenic oceanfront, Okada Manila is the city’s iconic integrated casino resort, claiming to offer the best entertainment and gaming facilitates in the entire Philippines. The entertainment facility in the metropolitan Manila is being operated by the Tiger Resort Leisure and Entertainment, a subsidiary of Japan-headquartered slot and arcade games manufacturer Universal Entertainment Corp.
Takashi Oya, president of Okada Manila, said in a press release that the workforce at the entertainment facility would be decreased via a ‘retrenchment program’ with all affected workers receiving separation pay in line with local laws. He explained that the company took the unpleasant decision as the COVID-19-induced lockdown has financially drained the company, causing severe losses.
Announcing the potential lay-offs in a press release, Mr. Oya said, “It is a reality that the company could not escape because of the new normal that lies ahead of us. Okada Manila is also constrained to change the way it does business, which means it will just require a smaller workforce. For it to remain a viable business, we will have to let go of more than 1,000 employees.”
Mr. Oya stressed that it was essential to take some really tough, unpleasant decisions for the company. Inability to address the company’s issues would only lead to piling up of the losses. It may be noted here that casinos around the globe have been struggling to deal with hefty losses due to corona virus pandemic.
The $2.2 billion entertainment facility opened its doors to the public in December 2016. The 284,283 sq. ft. casino features more than 3,000 slots and 500 gaming tables. It generated nearly $788.91 million in aggregated gross gaming revenues during last year but the COVID-19-induced lockdown is expected to cause its 2020 revenues to slip to merely $372.5 million.
Okada Manila casino resort has been closed since 15th of March this year as the death toll from corona virus in the country topped twelve. The death toll has since grown to 886, making nonessential businesses like Okada Manila casino resort to desperately waiting to hear when the government-imposed countrywide lockdown may be lifted.
New Zealand News
- German automaker Volkswagen invests $620 million in Northvolt to secure EV battery supply
- Top places to see in Singapore
- Xpeng enjoys 483% year-over-year jump in May 2021 deliveries; thanks to robust sale of P7
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars