Genting Malaysia Bhd is cutting 3,000 jobs or roughly 15% of its workforce, Bloomberg reports, citing people familiar with the matter.
Dismissals have kicked in after the casino giant, which had more than 20,000 staff in 2019, offered pay cuts earlier this year as a part of a group-wide salary cut, the first since its founding in 1965.
Subsidiaries of Genting, backed by tycoon Lim Kok Thay, initiated temporary salary cuts for employees based on their seniority and rank, with Genting Hong Kong Ltd suggesting up to 50% cut for those holding vice president role or higher.
Lim was the country’s richest CEO in 2018, according to the Securities Commission of Malaysia’s Corporate Governance Monitor 2019 (CG Monitor 2019).
He earned a collective payout of RM168 mil in remuneration for his job as Genting Bhd CEO, and another RM80.61 mil as chief of Genting Malaysia. Both companies have a combined market capitalisation of RM32.78 bil as of June 17.
Bloomberg said a Genting Malaysia representative did not respond to requests for comment.
Genting Malaysia shares are up 2.31% at RM2.66 after the midday break.
