Sands China to pay staff bonus in January
23,000 employers of Sands China will receive a “discretionary allowance.”
Macau.- Sands China Ltd is going to pay a “discretionary allowance” equal to one month’s salary to more than 23,000 eligible full-time workers on January 18. In a statement, the Macau casino operator said that 99 per cent of its workforce will benefit from “either the discretionary allowance or the company’s sales incentive scheme”.
Wilfred Wong, president of Sands China, said in a note sent to employees that the company appreciated their effort, dedication and contribution in 2022.
“Sands China has established strong roots in Macau over the last 20 years. Looking back over those years, we have walked alongside each other, achieving brilliant milestones as we developed Sands China into the largest integrated tourism and leisure resort operator in Macau, thereby realizing the vision of the group,” he said.
Wong added: “The company has also walked alongside the broader community, supporting Macau in any way we can through good times and difficult times, dedicated to driving economic diversification and fulfilling our corporate responsibility to give back to the community.”
“These special times have tested us over and over; however, we have no doubt that we will continue to demonstrate the ability to thrive and show the ‘Sands China Spirit’ of which we are so proud,” he concluded.
Sands China extends trademark rights for three years
In December, Sands China reported that it has entered into an agreement with its US parent company, Las Vegas Sands (LVS) LLC, to continue using Sands trademarks. It will pay up to US$377m over three years from January 1 2023 until December 31 2025.
The casino operator will pay up to US$114m in 2023, US$125m in 2024 and US$138m in 2025 based on a percentage of gaming and non-gaming revenue. The group will be granted certain trademarks and service marks covering its corporate identity in mainland China, Macau, Hong Kong and Taiwan.
Sands China has announced that it will restructure the share capital of its subsidiary in Macau after it won a new 10-year gaming concession in Macau’s casino concession retender. Under the terms of the agreement, the share capital of Sands China’s royalty-retaining subsidiary Venetian Macau Limited (VML) will increase by MOP4.8bn (US$596m) to MOP5bn (US$621m).
Sun Minqi, the general manager of the company, will own 15 per cent of the franchise company’s share capital. Sands China will subscribe for shares by allotting 40.7m Class A shares to its two subsidiaries, Venetian Venture Development Intermediate Ltd and Venetian Concession Holding Ltd, at a subscription price of MOP4.07bn (US$506m).
