Melco rewards staff with a one-month bonus and salary hike

Melco Resorts & Entertainment has announced a one-month discretionary bonus and a 2.5 per cent base salary increase for eligible non-management staff.

Macau.- Melco Resorts & Entertainment has announced a one-month discretionary bonus for non-management employees, becoming the fifth concessionaire to do so in Macau. 

Lawrence Ho, the company’s chairman and CEO, expressed acknowledgement of the dedication and hard work of their eligible staff. The bonus will be distributed ahead of the Chinese New Year, aligning with the industry trend of recognizing employee efforts during this period.

Additionally, Melco unveiled a 2.5 per cent base salary increase for eligible non-management employees in Macau, effective from April 1. This announcement mirrors similar measures taken by other major operators like Galaxy Entertainment Group, Wynn Macau Limited, MGM China, and Sands China in the same week.

Lawrence Ho emphasized the significance of these initiatives in recognizing the loyalty and hard work of the non-management workforce. The move is seen as part of an industry-wide response to ensure employee satisfaction and motivation, aligning with expectations set by the Macau government’s wage increase forecast for 2024.

See also: Macau GGR to rise 28% year-on-year in 2024, analysts say

Last November, Moody’s Investor Services upgraded Melco Resorts Group’s credit outlook from negative to stable. The decision followed the release of the company’s third-quarter results, in which operating revenue was US$1.02bn, up from US$947.9m in the previous quarter and up 321 per cent in year-on-year terms.

The rating agency foresees Melco Resorts & Entertainment Limited (MRE) and Studio City generating free cash flow in the next 12-18 months, aided by the market recovery and the completion of major capital spending projects.