{"id":8421,"date":"2020-07-25T17:01:42","date_gmt":"2020-07-25T17:01:42","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=8421"},"modified":"2026-04-24T03:20:24","modified_gmt":"2026-04-24T06:20:24","slug":"galaxy-ent-to-pay-no-bonuses-this-year","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/galaxy-ent-to-pay-no-bonuses-this-year","title":{"rendered":"Galaxy Ent to pay no bonuses this year"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The company will extend its unpaid licence scheme and has suspended contributions to employees\u2019 pension funds.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Macau.- Galaxy Entertainment will not pay discretionary bonuses to middle management executives and below, or grant annual bonuses for top management this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a video sent to employees, Vice Chairman Francis Lui revealed a series of decisions made by the group to cope with the financial hit of the Covid-19 pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One measure is to continue to use temporary unpaid leave arrangements to diminish the impact.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Galaxy has also suspended contributions to employees\u2019 private pension funds, and will delay its annual salary reviews until April 2021.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lui said all the measures would be temporary until business recovers from the fall in revenue caused by travel restrictions and social distancing measures in Macau.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He mentioned the rise in positive Covid-19 cases in Hong Kong, with the corresponding <strong><em><a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/focusgn.com\/asia-pacific\/hk-extends-quarantine-until-september\" target=\"_blank\" rel=\"noreferrer noopener\">extension of quarantine measures<\/a><\/em><\/strong> until September, as well as the delay in the return of the Individual Visit Scheme from Guangdong province, as extending the hit on the group\u2019s finances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He said: \u201cThe company expects an unprecedented setback in 2020 earnings. Thus, it is inevitable for the company to make these difficult decisions.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts expect all Macau operators to post losses on the last quarter\u2019s financial results, with Galaxy Entertainment expected to <strong><em><a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/focusgn.com\/asia-pacific\/us1-billion-loss-for-macau-casinos-in-q2\" target=\"_blank\" rel=\"noreferrer noopener\">suffer a 134 per cent fall in earnings <\/a><\/em><\/strong>year-on-year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company will extend its unpaid licence scheme and has suspended contributions to employees\u2019 pension funds.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Galaxy Entertainment has implemented significant cost-cutting measures, including extending unpaid leave, suspending pension contributions, and withholding bonuses, to mitigate the severe financial impact of the Covid-19 pandemic. These decisions, driven by prolonged travel restrictions and an expected unprecedented setback in 2020 earnings, reflect broader challenges for Macau's gaming operators. Analysts anticipate substantial losses across the Macau gaming vertical.","focusai_entities":"Galaxy Entertainment, Francis Lui","focusai_location":"Macau, Hong Kong, Guangdong","focusai_target_profile":"ceo_executive (0.95), operator_casino (0.9), investor_analyst (0.98), journalist_researcher (0.92), regulator (0.75), supplier_vendor (0.7)","focusai_suggestions":[{"label":"Macau Operator Liquidity?","query":"What is the projected impact of these cost-cutting measures on Galaxy Entertainment's liquidity position and debt covenants, and how does this compare to other Macau concessionaires' financial resilience?"},{"label":"Regional GGR Recovery Outlook?","query":"Given the extended quarantine measures and delayed Individual Visit Scheme, what is the revised timeline for a material recovery in GGR for Macau, and what specific policy interventions are anticipated to accelerate this?"}],"footnotes":""},"categories":[157,16338],"tags":[22935,257],"class_list":["post-8421","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-galaxy-entertainment","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=8421"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8421\/revisions"}],"predecessor-version":[{"id":8448,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8421\/revisions\/8448"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=8421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=8421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=8421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}