SkyCity is slashing about 200 jobs in New Zealand with immediate effect, as it attempts to reduce costs.
The casino giant has also stood down about 90 per cent of its Australian workforce at its Adelaide riverside property.
The company says the Covid 19 crisis has caused "an unprecedented impact on people, businesses and the global economy".
"We will need to reduce our headcount to a level more commensurate with our anticipated levels of trade once we reopen. This will lead to redundancies for approximately 200 of our people and we will be starting this process with immediate effect," the business just said.
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"At present, all casinos, hotels, restaurants, bars and attractions are closed across the five SkyCity properties in New Zealand and Adelaide, South Australia. We have over 5000 people on our payroll and we are a tight knit team – even more so after dealing with the fire at the New Zealand International Convention Centre late last year," the update said.
"During the closure, we face almost $90m in lost revenue per month whilst still incurring significant costs such as utilities, lease payments and labour, with labour costs alone around $20m per month," it said.
Executive salary cuts ranging of 20 per cent to 40 per cent have been volunteered by the leadership team at group and property level for the remainder of the June 30, 2020 financial year.
The salaries of Graeme Stephens, chief executive and chief financial officer Rob Hamilton will be cut by 40 per cent for the remainder of the financial year and SkyCity directors have had their fees halved.
And one chief's role has simply been axed: "We have restructured the senior leadership team and the role of chief property officer, held by Peter Alexander, has been made redundant."
Alexander has had a stellar property career, heading property for a number of businesses including Auckland Airport.
SkyCity gave a grim outlook on the business.
"This is a storm we could, and would, weather if we were to reopen within a few months in a pre Covid-19 world. Unfortunately, the impact of Covid-19 is not limited to the short- term consequences of closure," it said.
Even when it was fully open again, the company could reasonably expect that weaker economies, lower personal disposable income and changed entertainment habits, as well as longer term travel restrictions, would result in us recommencing as a smaller, domestically focused business, it said.
Its lucrative VIP gaming market, particularly out of China, also looks severely damaged.
"Our international business activities might recover reasonably quickly once travel restrictions are lifted, but the parts of our business driven by corporate travel and by tourism, such as our hotels and the Sky Tower, will take longer to recover," its statement said.
"Given that our business has fundamentally changed for the foreseeable future, we need to take action now to address this."