News: CWN UPDATE 1-Australia's Crown Resorts asks most staff to stand down amid virus-related curbs

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April 16 (Reuters) - Australia's Crown Resorts Ltd (CWN) has asked about 95% of its employees to stand down and also cut management pay to reduce costs as casino closures due to coronavirus-related movement restrictions weigh on the company.

Coronavirus cases have crossed 6,000 in Australia, prompting the government to impose strict social distancing rules that have closed businesses and confined people to their homes, and insist these curbs be maintained despite the rate of new cases holding at levels lower than in other countries.

The curbs have forced firms to lay off employees. Competing casino operator Star Entertainment Group (SGR) said last month that 90% of its staff would be asked to stand down temporarily.

Crown said it has stood down over 11,500 of its employees on a full or partial basis amid suspension of gaming and other non-essential services at its Melbourne and Perth resorts.

The company has agreed to pay two-weeks wages to its full-time and part-time employees who have been asked to stand down, excluding senior management.

Crown added in its statement on Thursday that it expects underlying operating cash costs to drop to between A$20 million to A$30 million ($12.63-$18.95 million) per month. It did not provide details on previous costs.

The company said it has secured funding to boost its capital, including bilateral facilities for a total of A$560 million and an A$450 million project finance facility, pending final approvals.

Crown's chief executive officer and other senior management have taken a 20% pay cut until June 30.

The casino operator has also registered for the Australian government's wages subsidy package.

Shares of the company were down 0.4% by 0121 GMT, in a wider market (xjo) that was down 1.7%. ($1 = 1.5833 Australian dollars)

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FACTBOX-Layoffs in corporate Australia and New Zealand as 

coronavirus crisis deepens

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