SJM Holdings, not participate in labor competition
Ambrose So Shu Fai (pictured), chief executive of SJM Holdings Ltd, said the Macau casino operator would not join the race for workers, at least not now, as he announced a pay bonus and shared awards program to retain and attract employees.
“We have a very stable workforce. We will not have any large-scale employment until the completion of our property [Lisboa Palace] in Kotai in 2017,” Soh said on Monday.
Casino operators in Macau are maximizing employee benefits to hire employees ahead of the opening of Kotai’s new casino resort.
Galaxy Entertainment Group announced on Monday a salary bonus and equity reward that encourages senior and lower-level employees to stay at the company until the end of 2017. The company’s second-phase Galaxy Macau casino resort will open next year.
Sands China Ltd announced last month that it will pay employees a July special award bonus that will also be applied as a supplement to their 2015, 2016 and 2017 salaries. The company expects to open a new Paris Macau casino resort at the end of 2015.
Casino floor workers, however, appear dissatisfied, with protests outside Venetian Macau in Sands China last week. A second protest will take place outside Galaxy Macau tomorrow afternoon.
So said SJM Holdings is not in a hurry to hire workers, nor is staff turnover high. But the company will rate the labor market as it nears completion of the Lisboa Palace.
“We are not participating in the race today. We do not need to participate in the race until we are close to completion of the Lisboa Palace,” the company’s CEO said.
“If that date gets closer, we will look at the labor supply and make judgments before we make realistic policies to counter what will be the labor market by then,” he added.
Lisboa Palace will offer up to 700 game tables and over 1,200 slot machines. The total cost of construction will be around 30 billion Hong Kong dollars ($3.9 billion).
Mr. So acknowledged that although the Kotai project was going ahead as scheduled, securing enough construction personnel in Macau was a challenge.
“Whether there is enough construction labor… “It is a key factor in whether we can complete the project on time. We are watching the situation, but it is very tight everywhere,” he said.
“It’s just a temporary drop” in July’s gross gaming revenue (GGR), Mr So said.
Macau’s casino GGR fell 3.6% year-over-year to 28.4 billion MOPs ($3.56 billion) in July. It was the second straight decline in the GGR, following a 3.7% decline in June.
“Everything goes up and down. We can’t say two months is the beginning of the trend. We’ll probably have to watch it catch up in the last quarter,” the executive said.
Mr. So was speaking on the sidelines of the SJM scholarship ceremony. The company awarded scholarships to 38 employees’ children.
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