23,000 Sands China employees receive annual bonuses
23,000 Sands China employees receive annual bonuses
Sands China Ltd. will give its 23,000 eligible full-time staff a “discretionary allowance.” January 18 will bring the one-month wage allowance.
Discretionary allowance:
One of Macau’s six major concessionaires claimed the bonus is “in recognition of team members’ efforts and contributions in 2022” in the press statement. The corporation claimed that most employees will receive a discretionary stipend or sales incentive. Sands did not disclose the overall cost of such benefits and incentives.
Sands China president Wilfred Wong Ying Wai said the business was “supporting Macau in every manner we can through good times and difficult times” and “dedicated to pushing economic diversification and fulfilling our corporate obligation to give back to the community”.
Market improvement:
Wai reminded Sands employees of China’s central government and local authorities’ goal of diversifying Macau’s economy beyond gambling and tourism. Sands China lost more in the third quarter than in the April to June period due to COVID-19-related casino closures and lower sales and income.
However, China’s recently suspended “zero-Covid” policy helped the operator regain some revenue.
Concessions:
Sands China and five other Macau concessionaires won a 10-year casino gaming concession in December. The corporation operates Sands Macao on the peninsula and a group of casino resorts on the Cotai Strip, with the latest concessions allowing them to run the most gaming tables and games in Macau. The new concession will allow the company improve operations to continue offering bonuses and sales incentives to its employees.
Sands China Staff loyalty:
For years, all Macau operators have paid personnel extra at calendar or Chinese New Year, regardless of their economic performance. Macau periodically grants discounts to the six largest operators to maintain casino tax income. To retain full-time personnel for years, businesses can give “discretionary allowances” regardless of financial performance.
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