Crown Resorts, a well-known casino, recently made the difficult decision to reduce its operating hours and lay off almost 200 employees due to a decrease in foot traffic. The new working hours for the casino are from 2 am to 10 am from Monday to Thursday, and from 10 am to 2 pm on Fridays. On weekends, the casino will be open from 2 pm to 4 am on Saturdays and from 2 am on Sundays.
The decision to reduce operating hours and lay off employees was primarily driven by the decrease in revenue at the Crown’s Barangaroo casino, which was impacted by New South Wales anti-money laundering failings and tax regulations. The company is also negotiating with the government to change the terms of its contract, as the economic and regulatory climate has changed since the initial agreement in 2013.
Mark McWhinnie, the Chief of Crown Sydney, expressed the company’s commitment to supporting the impacted employees and their union as they determine their next steps. The company also aims to redeploy as many former employees as possible in other company-owned casinos in Perth and Melbourne.
Crown Sydney operates as a VIP-only facility without poker machines and with a minimum bet of $20. The company’s efforts to survive a tough period have shown improvement, with last year’s loss of $199 million marking a significant improvement from the previous year’s almost $1 billion loss.
The casino was initially conceived as an opportunity to attract Chinese high rollers, but the company has since shifted its focus to luxury hotels and restaurants. Despite facing challenges and losses, Crown Resorts continues to navigate the complex and competitive casino industry, aiming to adapt to changing circumstances and improve its operations.