Macau casino operator Sands China Ltd announced on Friday a salary increase and a discretionary bonus for eligible staff. The firm was the first among Macau casino operators to publicly announce a pay rise this year.
The company said in a press release it would increase salaries of employees “of eligible grades” by an average of 2.5 percent to 5 percent, with effect from March 1.
Eligible full-time employees earning up to MOP12,000 (US$1,500) per month will receive a pay increase of MOP600 per month, it stated. The casino operator said the award represented an increase of at least 5 percent for workers in that wage bracket.
The firm’s eligible employees earning more than MOP12,000 per month will receive on average an increment of 2.5 percent, Sands China said.
Sands China said the salary increase would benefit approximately 99 percent of the company’s staff. The firm currently has about 28,000 employees.
The company additionally stated that among its eligible employees, the ones that had completed at least one full year of service would receive a discretionary bonus equivalent to “at least one month’s salary” on February 13.
“Sands China is again pleased to announce a salary increase and discretionary bonus for its valued team members in appreciation of their contributions,” said Wilfred Wong Ying Wai, president of Sands China, in a statement included in the firm’s press release.
Parent Las Vegas Sands Corp announced on Wednesday that total net revenues for Sands China increased by 15.7 percent year-on-year to US$7.74 billion in full-year 2017. Net income for the Macau unit increased 31.1 percent to US$1.60 billion in 2017, compared to US$1.22 billion in 2016.
The parent company has pledged a US$1.1 billion investment for the revamp of Cotai facilities including a rebranding of Sands Cotai Central as the Londoner Macao. The changes to create the Londoner Macao would take until 2020 to complete, according to Las Vegas Sands.
In Friday’s release, Sands China’s Mr Wong said: “With the Londoner project in the pipeline, the future looks promising for us and I am confident that with the continued dedication of our team members, 2018 will be a year of success and fulfilment.”
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Vitaly Umansky, Kelsey Zhu and Tianjiao Yu
Analysts at brokerage Sanford C. Bernstein