Directors also decide to suspend interim dividend amid pandemic pressures
Gaming giant Aristocrat Leisure on Monday announced that it would be standing down approximately 1,000 of its roughly 4,000 staff members.
As part of cut backs, Trevor Croker, CEO and Managing Director at Aristocrat Leisure Limited will take a 30 per cent reduction in his base salary.Aristocrat explained in a company statement, “Since mid-March 2020, almost all of Aristocrat’s land-based customers globally have suspended operations.
While highly uncertain, at this stage Aristocrat anticipates that venue reopenings will take place on a phased basis, with a gradual ramping up of gaming floors in line with improvements in consumer confidence and the wind back of social distancing and travel limitations over time.”
Most of the pay cuts are from 10 to 20 per cent, while chief executive Trevor Croker takes a 30 per cent reduction in his base salary.
Trevor Croker, stated, “We are very sensitive to the impact of necessary cost reduction measures on our people, and will work hard to support them through this difficult time consistent with our ‘people first’ approach. We believe that these changes will help maximise opportunities for Aristocrat’s dedicated and talented people over the longer term.
We will continue to do everything we can to restore momentum in our land-based business as quickly as possible recognising the importance of continuing to develop and deliver game content during this period.”
Nevertheless, Aristocrat still has its digital business which the company derived 40 per cent of its revenue from. This part has performed strongly during lockdown, with higher revenues and player engagement.
The company’s digital games include the fantasy role-playing game Raid: Shadow Legends as well as digital casino games.
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