Asian casino developer Melco Resorts and Entertainment Ltd announced on Tuesday a salary increase and a bonus for its eligible non-management employees.
The company said a “one-month discretionary bonus” has been paid to all eligible non-management employees “in advance of the Chinese New Year”. “Melco has always and continues to see employees as a top priority for the company,” said the firm in a press release.
The company did not specify how many workers were eligible for the payment, nor the aggregate amount involved.
Melco Resorts operates three full-scale casino properties in Macau – City of Dreams Macau, Studio City and Altira Macau (pictured) – and City of Dreams Manila in the Philippines.
Melco Resorts said additionally that it would increase salaries of “all eligible non-management employees” by an average of 2.5 percent to 8.1 percent, with effect from April 1, 2018.
Eligible full-time employees earning up to MOP16,000 (US$2,000) per month will receive a pay increase of MOP600 per month, it stated. The casino operator said the award represented an increase in the range of 3.8 percent to 8.1 percent for workers in that wage bracket.
The firm’s eligible employees earning more than MOP16,000 per month will receive on average an increment of 2.5 percent, Melco Resorts said.
“Melco’s employees are our strongest asset, as a token of our heartfelt thanks for their unfailing dedication, contribution and loyalty, we are pleased to announce a discretionary bonus and a competitive pay increment to our employees,” said Lawrence Ho Yau Lung, Melco Resorts chairman and chief executive, in a statement included in Tuesday’s release.
Melco Resorts was the last of Macau’s six casino operators to publicly announce a bonus for staff this year. The firm was the third among Macau gaming companies to publicly announce a pay rise for 2018.
The casino firm announced last week that it was increasing its normal quarterly dividend payment by 50 percent. For full-year 2017, Melco Resorts said its net income nearly doubled to US$347.0 million, compared to US$175.9 million in 2016.
Feb 16, 2018Due to the Chinese New Year holiday, the GGRAsia team will be off between February 16 and 19. We will be back on February 20. We wish all our readers a prosperous Year of the Dog!
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”A challenge to Macau's economic model could potentially emerge over the longer term should China revise existing criminal laws that prohibit most forms of gambling in the mainland... Even in such a scenario, Fitch would expect this to occur gradually”
Fitch Ratings Inc