Macau casino operator MGM China Holdings Ltd on Monday announced what it describes as a “discretionary bonus payout” for all non-management team members.
The bonus, equivalent to one month’s salary and to be paid this month, was “in recognition of the Golden Lion Team’s steadfast efforts and success in the past year,” said the firm, referring to the casino operator’s well-known lion branding and to the collective name for workers at the firm’s single currently-operating Macau property, MGM Macau (pictured).
The release did not specify how many workers were eligible for the payment, nor the aggregate amount involved.
“In addition, the company expects to roll out other initiatives in making careers at MGM Macau competitive and rewarding,” added the press statement.
“I would like to thank all the staff for their hard work and dedication. As we prepare for the opening of our Cotai property, we look forward to creating many opportunities for the MGM Macau team to seek promotion and career advancement,” said Grant Bowie, chief executive of MGM China.
MGM Cotai is currently under construction in the Cotai area of the territory and the company said in October it is due to be completed in “fall 2016”.
The gaming operator is expected to recruit new workers for MGM Cotai, as well as redeploying some it already has at MGM Macau. The unemployment rate in Macau stood at 1.7 percent in the October to December period of last year. It has been at that level since November 2013.
The cost of MGM Cotai – excluding land costs and capitalised interest – was described in the company’s October announcement as being “stable” at US$2.9 billion. The first phase will have capacity for “up to 1,600 hotel rooms, 500 gaming tables and 2,500 slot machines,” MGM China said at the time.
MGM China is 51-percent owned by Las Vegas-based MGM Resorts International.
Feb 22, 2024Casino operator Genting Singapore Ltd posted annual net profit of nearly SGD611.6 million (US$456.0 million) for full-year 2023, up 79.8 percent from the prior year. That was on revenue that rose...
”The upswing in visitation and gaming revenue is likely to aid Fitch-rated casino operators with a presence in Macau in reducing their debt levels”