Bets keep flowing as NagaWorld Employee Protest Continues
Gambling went on as usual at NagaWorld, Phnom Penh’s only licensed hotel-casino, Monday, despite an ongoing strike by employees who claim that more than 400 of them have been fired following weeks of protest. About 300 workers sat outside the casino with banners on Monday in a demonstration that has been ongoing since it began June 13, when employees demanded that the lowest pay for staff be raised from $80 per month. … Also protesting was operation supervisor Um Botum, who said that NagaWorld continued to operate without the striking staff because new employees were being brought in, contrary to the Labor Law’s rule prohibiting such practice. “The company just keeps recruiting new staff coming from Bavet City, Poipet and Preah Sihanouk province [which also have casinos],” she said. … The casino made a net profit of $113.1 million last year. There are early signs that the industrial strife may be impacting investor confidence in the casino. Before the strike for higher pay began, shares in the company’s Hong Kong-listed parent company, NagaCorp, were on June 11 selling at 6.12 Hong Kong dollars, or about $0.79. Yesterday, according to Reuters, NagaCorp shares were worth 5.50 HKD, or $0.71, a drop of more than 10 percent. It is unclear whether the fall seen in the past is linked to the strike, and the share price is still far above its value of 4.74 HKD, or about $0.61 at the start of 2013. …
Hul Reaksmey and Simon Lewis
http://www.cambodiadaily.com/news/bets-keep-flowing-as-nagaworld-employee-protest-continues-31881/
