Integrated resort developer and operator in Macau, Sands China Ltd (1928:Hong Kong), has reportedly paid all of its eligible employees a discretionary bonus, the equivalent to a month’s wages, according to the Friday announcement.
Citing a Sands China press release, GGRAsia reports that the subsidiary of American casino giant, Las Vegas Sands Corporation, declared that it will pay the bonus on the last day of January 2019, “in recognition of their contributions in 2018, with no aggregate amount specified in the document.
Sands China additionally announced that all eligible team members could expect to receive a salary increase effective March 1, 2019. Sands China reportedly went on to communicate that 99% of the firm’s approximately 28,000 employees would benefit from the wage increase.
GGRAsia further reports that according to the press release, all eligible full-time employees of the company who earn a monthly wage of up to MOP13,000 (US$1,609), will receive a pay hike of MOP600 per month. Sands reportedly said that represents between 4.6 percent to 6.0 percent increase for employees in that specific wage bracket.
The Sheldon Adelson-led company’s eligible workers who earn a monthly salary of more than MOP13,000 will reportedly receive an average increment of 2.5%, according to Sands China.
In the pack:
The Hong Kong-listed firm that is responsible for The Venetian Macao, Sands Macao and The Parisian Macao properties, is the fifth Macau operator to publicly announce a staff bonus this year. It was, however, the very first among the former Portuguese enclave’s half-dozen operators to formally announce a salary increase for 2019.
Wynn Macau Limited just announced that eligible employees, ‘nearly 96%’ of its workforce of 13,500, at its Wynn Palace Cotai and Wynn Macau integrated casino resorts would receive a ‘winter bonus’ set to be equivalent to a full month’s salary.
“discretionary bonus and wage adjustment“
Citing a statement in the news release, GGRAsia reports that the president of Sands China, Wilfred Wong Ying Wai, said…
“Sands China is very pleased to announce this discretionary bonus and wage adjustment for our team members. Our team members are the company’s greatest asset and the key to our success, and each and every one of them has my sincere gratitude for their contributions in 2018.”
Management incentive plan:
Non-management workers who have been employed by the company for at least a year, according to the Friday release, would receive the discretionary bonus while all management team members would receive the bonus based on the firm’s “management incentive plan,” said the company.
Sands China added, “Those who have worked for Sands China for less than one year will receive prorated bonuses if they joined the company before October 1, 2018, and are still employed on January 31, 2019.”
In late November, Sands China Limited announced that it had agreed an unsecured revolving credit facility with a syndicate of lenders worth some $2 billion.