Melco Resorts and Entertainment Ltd. is giving some of its employees a little new year’s bonus. It announced yesterday that it is going to be distributing some extra cash to all eligible non-management employees and that the money should be distributed ahead of the upcoming Chinese New Year.
How much will be doled out and how many employees will receive the bonuses was not revealed.
The amount will be equal to one-month’s salary. The company’s chairman and CEO, Lawrence Ho, explained, “Today’s announcement is in recognition of the dedication, loyalty and hard work of our non-management team, who are highly valued and integral to Melco Resorts’ every achievement.”
Melco operates three casino properties in Macau – Studio City, City of Dreams and Altira Macau. It also operates a second City of Dreams, which is located in Manila, Philippines.
In making the announcement, Melco becomes the first of Macau’s casino operators to issue bonuses to its non-management employees this year. It’s common for the operators to issue bonuses to their staff ahead of the Chinese New Year Period, with the holiday falling this year on February 5. On many occasions, the operators will also provide a second bonus toward the end of the summer.
The bonuses come at a time when Melco has had to struggle somewhat financially. According to its profit report for the third quarter, its profit dropped a staggering 91.7%, falling from $115.9 million to $9.60 million year-on-year.
Last year, Melco increased salaries for a number of eligible, non-management employees. They received a bump up of between 2.5% and 8.1%, depending on longevity and other factors, and also received a bonus prior to the Chinese New Year. The salary increase became effective as of April 1 and was a result of what Ho said was “a token of our heartfelt thanks for their unfailing dedication, contribution and loyalty.”
Despite the boost, staff at the City of Dreams Macau took to the streets in August to protest their wages. They sought an additional increase, as well as the guarantee of bonuses twice a year – once in the winter and another in the summer.