Galaxy Entertainment Group Ltd has joined the ranks of Macau casino operators pledging to give people below senior management grade a single turn-of-the-year payment equal to one month of salary.
In a Friday statement, the firm – which runs properties including the StarWorld Hotel in downtown Macau, and the Galaxy Macau resort (pictured) in Cotai – said the “special payment” would apply to 98 percent of its staff, and was to “thank team members for their hard work and commitment during the past year”.
Galaxy Entertainment’s payment will equal “one month of base salary and guaranteed tips if applicable,” and will be paid on January 18.
The group’s loss in terms of earnings before interest, taxation, depreciation and amortisation (EBITDA) widened sequentially in the third quarter, to circa HKD581 million (US$74.4 million), coinciding with disruption to tourism and travel amid China’s now discontinued ‘zero-Covid’ policy.
In mid-December, Galaxy Entertainment and the other five incumbent operators signed new, 10-year gaming concession contracts with the Macau government, following a public tender.
As part of that arrangement, Galaxy Entertainment has pledged to invest MOP28.4 billion (US$3.5 billion), with 97 percent of that to go on non-gaming, and exploring overseas consumer markets.
The firm said in its Friday statement about the “one-off” payment to staff, that it would under the new concession, “continue its successful creation of world class offerings to contribute to Macau’s prosperity and stability”.
Galaxy Entertainment added it had during the course of its past two decades in the Macau market, been “creating opportunities for team members to facilitate their professional and personal development through multi skilling,” and the “diversifying” of their capabilities.
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”We continue to drive every segment of the business with a particular focus on the mass business and continue to allocate resources to their most efficient use”
Lui Che Woo
Chairman of Macau casino operator Galaxy Entertainment Group