Genting Malaysia Lays Off Over 3,000 Jobs During RMCO

Downsizing measures have already been put in place at Genting Malaysia, resulting in over 3,000 job losses.

What you need to know: Business news site Bloomberg reported that Genting Malaysia, which employs over 20,000 staff in 2019, will be removing around 3,000 jobs in an effort to recalibrate its cost structure as the hospitality and casino company tries to keep itself afloat with zero income during the Movement Control Order (MCO).

Why it matters: Genting Highlands, the popular casino and entertainment center, is owned by Genting Malaysia. During the past 3 months of MCO, Genting was completely closed, resulting in zero income for the company and an uncertain delay to its massive outdoor theme park project. However, local tourism is slowly resuming as the country gradually lifts its restrictions. Genting Malaysia appears to be minimizing as much losses as it can while waiting for the tourism industry to rebound.

How it got here: Since the founding of Genting Malaysia in 1965, the company undertook company-wide pay cuts in April in an effort to lessen overhead costs. In May, the group’s management team announced that they will be taking a further 20% pay cut. Then, on May 25, the company announced that it will be providing mutual and voluntary separation schemes for its employees.

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Report: 3,000 jobs to be slashed at Genting Malaysia Bhd (Malay Mail)