The owners of a casino in Queenstown have announced 200 job losses across New Zealand.
SkyCity said another 700 jobs, at present propped up by the Government’s wage subsidy, hung in the balance.
Salaried workers were to be targeted, but SkyCity would not say at what venues.
SkyCity owned entertainment complexes in Queenstown, Auckland and Hamilton, as well as venues in Australia.
It estimated lost revenue at $90 million while its venues remained closed as part of Covid-19 restrictions.
Chief executive Graeme Stephens said staff accounted for $20 million a month and so action was being taken to reduce liabilities and protect the company’s long-term future.
"This is a storm we could, and would, weather if we were to reopen within a few months in a pre-Covid-19 world."
He expected weaker economies, lower disposable incomes and longer term travel restrictions meant "a smaller, domestically focused business".
The board of directors have volunteered a 50% cut in fees for the remainder of the financial year. The chief property officer has been made redundant and 20%-40% pay cuts for the executive team would contribute to a $1 million Employee Hardship Fund for those let go.
Mr Stephens, who has taken a 40% pay cut, said SkyCity had collaborated with essential service providers in healthcare and groceries to establish a Keep New Zealand Working Job Portal, to support staff into new work.
The 700 at-risk jobs for waged staff are dependent on business improving in the next three months.
Mr Stephens said further review would be needed should venues remain closed beyond June.
