COVID-19: Star to stand down 90pc of Gold Coast workforce and pay two weeks “pandemic leave”
The Star has announced major new measures, including offering “pandemic leave”, as it deals with the fallout of the COVID-19 crisis.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
THE Star will temporarily stand down 90 per cent of its staff and offer two weeks paid “pandemic leave” as it deals with the fallout of the COVID-19 pandemic.
The company, which has 2500 staff on the Gold Coast, made the announcement this morning after on Monday closing its gaming floors and food and beverage outlets in response to the Federal Government issuing new guidelines for social gatherings.
Its hotel accommodation, including The Darling hotel, remains open.
The Star said it will be cutting operating costs and capital expenditure as it seeks to mitigate the impact on its operations.
“As an immediate measure, The Star has taken a very difficult, but necessary, decision in relation to its workforce,” the company said.
“We are temporarily standing down over 90% of our approximately 9,000 employees.
“These stand downs include senior management.
“To assist our employees at this time, The Star has provided two weeks of paid pandemic leave. In addition, employees will be able to access any accrued annual and long service leave
entitlements.”
MORE TOP NEWS
How much you’ll be fined if you don’t vote on Saturday
DETAILS: QLD, NSW border closes at midnight
Board and senior management will also forego a “significant percentage” of their fees and salaries.
The Star said it will continue to monitor developments but is unable to advise on the financial impact because of the “uncertain duration of the current circumstances”.
CEO Matt Bekier: “We have incredible people at The Star and huge potential. We are also confronting, like the rest of society, an unprecedented challenge in the COVID-19 situation.”
Star shares were put into a trading halt on Monday pending the announcement.
They were up 1.5 per cent to $1.64 in early trade.
Chalmers the stock picker makes a bad call
The Future Fund has thrived by having the independence to make its own financial calls. The Treasurer wants to trash this with his own risky bets.
First look: Giant ‘sky-mansion’ tower on quiet residential street
Plans for a giant riverfront tower, which will boast the Gold Coast’s largest penthouse, have been unveiled for a residential street which have been high-rise free until now.