SkyCity is ripping off the wage subsidy system.
The subsidy was created for employers to use as an alternative to laying off staff.
SkyCity has manipulated it to make sure they can lay off as many staff as possible while getting the maximum subsidy possible.
The first thing they did was apply for the wage subsidy only for the waged staff and excluded the salaried staff. 200 salaried staff were immediately laid off without a proper process.
The company then announced it was laying off 700 waged staff as well as soon as the initial wage subsidy for 12 weeks ran out. They told all the staff they would not apply for the additional wage subsidy burn needed to simply bite the bullet and lay off staff.
After getting rid of the 900 staff in total they have now applied for the wage subsidy for the remaining staff anyway.
This company has spent decades preying on the weak and vulnerable in society and promoting addictions to make money.
A gambling licence is a legalised form of printing money since a casino ultimately can’t lose.
The executives and shareholders have rewarded themselves with profits in the billions over the two decades. Shareholder wealth has been boosted in recent years with share buybacks that weaken a company’s balance sheet while adding to the pockets of the top one percent in society.
It doesn’t make sense to me for the government to give any private company money unless they give the government a significant shareholding in return so that the government will then benefit from any recovery as a shareholder like the other shareholders will do. If these companies aren’t willing to do that then they should get nothing.