Macau casino operator Galaxy Entertainment Group Ltd announced on Wednesday a salary increase for its staff. The pay rise will be effective from April, the firm stated.
“Eligible team members who have joined the company on or before April 1, 2017 with satisfactory performance will receive a performance-based salary adjustment ranging from 2.5 percent to 5.5 percent,” Galaxy Entertainment said.
The casino operator stated it had decided to bring forward this year’s annual salary adjustment review from July to April “in recognition of its team members’ valuable contributions”.
The company also confirmed that a share award scheme for full-time workers at senior manager grade and below – first announced in 2014 – equivalent to three months of such workers’ respective salary as of August 2014, would be vested on December 31 this year.
“Galaxy Entertainment will continue to frequently review team members’ pay and benefits according to the market competitiveness and the company’s business performance,” the company stated in Wednesday’s press release.
Galaxy Entertainment was the third Macau casino operator to publicly announce a pay rise in 2017. Sands China Ltd said in January it would increase salaries of all eligible full-time employees by an average of 2 percent to 6 percent, effective March 1. Last week, MGM China Holdings Ltd announced a pay rise of between 2.5 percent and 7 percent to its staff based on their current salary level.
Galaxy Entertainment paid in January what it termed a discretionary bonus to “all eligible full-time team members at senior manager grade and below”. The firm said at the time that the “majority of team members” would receive “110 percent of their monthly salary or above”.
A worker group said to represent some staff at Macau-based casino operator Galaxy Entertainment had hosted in December a press conference stating its concerns about a lack of information regarding whether the firm would offer salary increases for 2017. The group claimed to be representing about 1,000 workers employed by the casino company.
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"VIP growth [in Macau] is roaring back on the heels of last year’s economic stimulus – but we think this could stall once the effect of the stimulus and the Chinese housing bubble wears off – as it did in 2013-14"
Cameron McKnight and Robert Shore
Analysts at Wells Fargo Securities