April 16 (Reuters) - Crown Resorts Ltd (CWN) : CROWN HAS BEEN...

April 16 (Reuters) - Crown Resorts Ltd (CWN) :

• CROWN HAS BEEN FORCED TO SUBSTANTIALLY REDUCE ITS WORKFORCE
• CROWN WILL PAY F20 INTERIM DIVIDEND ON 17 APRIL 2020.
• HAS ENTERED INTO NEW BILATERAL FACILITIES WITH RELATIONSHIP BANKS FOR A TOTAL OF $560 MILLION
• HAS PROGRESSIVELY STOOD DOWN, ON EITHER A FULL OR PARTIAL BASIS, APPROXIMATELY 95% OR OVER 11,500 OF ITS EMPLOYEES
• HAS PROGRESSIVELY STOOD DOWN, ON EITHER A FULL OR PARTIAL BASIS, APPROXIMATELY 95% OR OVER 11,500 OF ITS EMPLOYEES
• AGREED TERMS WITH THREE RELATIONSHIP BANKS IN RELATION TO A $450 MILLION PROJECT FINANCE FACILITY
• AGREED TO PROVIDE AN EX GRATIA PAYMENT OF 2 WEEKS' PAY TO THOSE FULL-TIME AND PART-TIME EMPLOYEES WHO HAVE BEEN STOOD DOWN
• EXPECTS ITS UNDERLYING OPERATING CASH COSTS TO REDUCE TO BETWEEN $20-30 MILLION PER MONTH
• CEO & MANAGING DIRECTOR ALONG WITH CERTAIN OTHER SENIOR MANAGEMENT, HAVE TAKEN A 20% REDUCTION IN FIXED REMUNERATION UNTIL 30 JUNE
• REGISTERED FOR COMMONWEALTH GOVERNMENT'S JOBKEEPER PAYMENT AND IS CURRENTLY WORKING THROUGH IMPLEMENTATION OF SCHEME
• CROWN'S CHAIR AND NON- EXECUTIVE DIRECTOR FEES HAVE ALSO BEEN REDUCED BY 20% UNTIL 30 JUNE 2020
• REMAINS ON TRACK FOR COMPLETION OF CROWN SYDNEY HOTEL RESORT BY END OF YEAR
• HAS CURRENT CASH BALANCE OF ABOUT $500 MILLION, HAS ABILITY TO SECURE OVER $1 BILLION IN ADDITIONAL DEBT FACILITIES
• IS WELL PLACED TO WITHSTAND AN EXTENDED PERIOD OF CLOSURE
• NET PROJECT COST OF CROWN SYDNEY PROJECT EXPECTED TO BE ABOUT $1.4 BILLION