SJM Resorts awards one-month bonus to 98% of its staff
The casino operator aims to recognise its employees for their efforts in the company’s recovery from the Covid-19 pandemic.
Macau.- SJM Resorts joined the remaining five casino operators in Macau and announced the distribution of a one-off bonus equivalent to one month’s salary.
According to the company, 98 per cent of the employees currently working there will benefit from the bonus, which will be paid out on January 31.
Daisy Ho, CEO of SJM, thanked the employees for their efforts and contributions and stated: “With the commencement of a new 10-year gaming concession in 2023, SJM has embarked on a new chapter of continuous development and innovation.
“The company sincerely appreciates the efforts and contributions of our team members, who have capitalised upon opportunities presented in the post-pandemic recovery, leading to steady growth in our business and significant progress in non-gaming realms such as culture, gastronomy, sports, and entertainment performances.”
She finally stated: “In the new year, SJM, together with all its team members, will continue leveraging the company’s strengths and networks to offer high-quality tourism and leisure products and services to visitors worldwide, injecting new momentum into the diversification of Macau’s economy.”
The week before, Galaxy Entertainment Group, Wynn Macau, MGM China and Sands China made similar announcements. Melco Resorts, meanwhile, also announced a salary increase for its employees.
SJM Holdings’ deleveraging slower than competitors: Lucror Analytics
SJM Holdings is encountering hurdles in its deleveraging efforts, displaying a pace slower than its industry counterparts, as reported by Singapore-based Lucror Analytics.
The company’s financial strain is attributed to elevated staff costs following the closure of five satellite casinos in December 2022 and a gradual operational ramp-up at the Grand Lisboa Palace.
Lucror Analytics also expressed a negative credit bias towards SJM, highlighting the company’s unique challenges in contrast to its peers.
Lucror’s credit analyst, Leonard Law, pointed out that, unlike its competitors, SJM Holdings has not yet initiated net debt reduction. Free cash flow generation in the third quarter and the initial nine months of 2023 remained neutral after accounting for interest payments and capital expenditures.
Law emphasized SJM’s weaker liquidity compared to peers, despite major debt maturities not arising until the financial year 2026.
