GGRAsia – SJM Resorts awarding staff discretionary bonus in January

SJM Resorts awarding staff discretionary bonus in January

Dec 26, 2024 Newsdesk Latest News, Macau, Top of the deck

SJM Resorts Ltd, the Macau operations unit of Hong Kong-listed casino firm SJM Holdings Ltd, has announced a “special discretionary bonus” to its employees, equivalent to one month of salary, according to a social media posting by a gaming labour group.

The posting – presented as an internal memo from the company signed by SJM Resorts’ managing director, Daisy Ho Chiu Fung – said the special bonus is to be paid on January 20, 2025.

The memo said the bonus was a show of “gratitude” to the firm’s eligible employees for helping the company achieve “steady progress” in its business performance in 2024.

The document was posted to a social media page of the local gaming labour group, New Macau Gaming Staff Rights Association.

The casino company’s main gaming operations are at the Lisboa and Grand Lisboa properties (pictured) in downtown Macau, and at Grand Lisboa Palace, in the Cotai district.

GGRAsia approached SJM Resorts asking it to confirm the special bonus award, but had not received a reply by the time the story went online.

The company’s memo urged staff to continue to work together “with a positive attitude”, contributing to “expand the company’s international reputation”.

In November, the parent SJM Holdings reported a profit attributable to its owners of HKD101 million (US$13.0 million) for the three months to September 30. That was on adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of nearly HKD1.04 billion, an 83.2-percent increase from a year earlier.

In a note earlier this month, banking group Morgan Stanley said it was increasing its 2024 EBITDA estimate for SJM Holdings by 4.9 percent, to nearly HKD3.84 billion.

The institution however lowered its 2025 EBITDA estimates for the casino firm by 2.2 percent, to HKD4.42 billion. “This is because we increase our market share assumptions, though largely offset by higher operating expenses assumptions,” stated the Morgan Stanley analysts.