With the exception of senior management, effective March 1 all eligible employees of Macau casino operator Wynn Macau Ltd (1128:HK) will receive a salary increase. According to the firm’s press release on Thursday, nearly 98% of its workforce of 13,100 will receive the pay raise.
GGRAsia reports that eligible employees who earn a maximum monthly salary of MOP16,000 (US$1,974) are entitled to a MOP600 per month pay increase, an increase the equivalent of between 3.8% and 7.2%, the operator said. Employees who earn more than MOP16,000 a month will receive an average of a 2.5% increase, Wynn Macau Ltd added.
Currently, the Hong Kong-listed operator and subsidiary of Las Vegas-based Wynn Resorts Limited is responsible for the Wynn Macau situated in the city center, along with Wynn Palace, which is located on the Cotai Strip.
Last month, the Macau-headquartered company announced that it intended to reward all of its eligible non-executive employees with a ‘winter bonus’ worth up to one month’s gross earnings. The company’s press release on Thursday reportedly noted that the aforementioned annual bonus had been given to employees “in advance of the Chinese New Year Holiday”.
In the wake of sexual misconduct allegations and subsequent resignation of the company’s embattled CEO Steve Wynn from the gaming group, the firm announced several changes to its management on Wednesday including that the 76-year-old’s position will be filled by Matt Maddox. The 42-year-old is one of the longest-serving executives at Wynn Resorts Ltd., having joined Wynn Resorts in 2002, and after working in Macau and as CFO, serving as the company’s president since November 2013.
Following the announcement on Thursday, the Hong Kong-listed company’s share price reportedly saw an 8% spike.
The public announcement by Wynn Macau Ltd regarding the salary increase is on the heels of a similar announcement by Macau market rival Sands China Ltd which late last month informed of a salary increase to workers “of eligible grades” by an average of 2.5% to 5%, in addition to a discretionary bonus, effective March 1.
January’s end also reportedly saw employees of Macau casino operator MGM China Holdings Limited stage demonstrations on two days in protest of the firm’s refusal to grant its non-management staff a bonus payment equal to two month’s salary.