Australia’s top casinos flag big layoffs, new debt funding on virus

Crown Resorts Ltd, the country’s biggest, said it has secured A$1.01bil (US$634.38mil) in debt funding and that 95% of its employees have now been laid off either temporarily or permanently.

BENGALURU: Australia’s top two casino operators said yesterday they have laid off about 20,000 staff either temporarily or permanently and lined up about US$760mil in bank credit to survive the coronavirus crisis that has battered the industry.

Crown Resorts Ltd, the country’s biggest, said it has secured A$1.01bil (US$634.38mil) in debt funding and that 95% of its employees have now been laid off either temporarily or permanently.