Crown axes 5pc of Sydney workforce as it shuts one gaming floor
Crown Resorts will axe almost 100 jobs in its Sydney casino after weak economic conditions made one of the two VIP gaming floors unviable.
The Blackstone-owned company began a voluntary redundancy program on Thursday after unveiling plans to close its Mahogany floor until market conditions improved. About 95 casino and support workers – nearly 5 per cent of its 2000-strong Sydney workforce – are expected to lose their positions as part of the changes just one year after opening.
If there are not enough people to volunteer for redundancy, Crown will move to a mandatory process. It will redeploy staff where possible.
The Crown Sydney employs about 2000 staff. Peter Rae
“Crown has made a decision to consolidate its two VIP casino floors in Sydney in response to the current macroeconomic challenges facing our industry alongside other Australian businesses,” a Crown spokesperson said. “Our priority is to support our people through this process, and manage these changes with care and respect.”
Crown opened its flagship Sydney casino in Barangaroo just over a year ago following three separate state government inquiries. It had been prevented from opening its high-roller facility in Sydney since late 2020. The company has since overhauled its board, and management and implemented programs to ensure it is complying with state regulators.
In July last year, Blackstone acquired the wagering business, paying $8.9 billion and pledged to commit significant capital to rebuild the entity. Last month, it agreed to pay one of the biggest financial penalties in Australian corporate history, with the Federal Court imposing a $450 million fine for the group’s anti-money laundering and counterterrorism failings.
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