Posted on May 4, 2021, 6:36 am
Last updated: May 4, 2021, 06:38 h.
Melco Resorts offers something that seems too good to be true: a full year's salary for employees who quit.
The Hong Kong-based casino operator, which operates gaming centers in Macau, the Philippines and Cyprus, has announced a voluntary exit program for its employees who are interested in taking up new opportunities. The "new chapter" program offers employees 12 months of basic salary - plus guaranteed tips for some employees - if they want to leave their positions.
The second initiative - "Thinking of You" - provides employees with a monthly subsidy if they voluntarily take the leave. For those who accept Melco's offer and leave their positions for six to 12 months, they will receive a monthly salary of 40 percent of their full-time salary. For workers who take leave for 13 to 18 months, they will receive 55 percent of their basic salary.
During this special leave period, colleagues will not have to work for the company, but will be able to work elsewhere and will still be eligible to work for a specific benefit company, ”explained the announcement from Melco Resorts. "After the leave of absence, colleagues have the opportunity to return to work in the company."
Melco's portfolio includes City of Dreams and Studio City in Macau, City of Dreams Manila in the Philippines, and the upcoming City of Dreams Mediterranean in Cyprus. The casino additionally operates the non-gambling Altira Macau and eight Mocha Club electronic gambling games in Macau and Cotai.
During the Macao pandemic, China's Special Administrative Region called on its six commercial casino license holders to stop the workforce. Casino gambling is the economic heart of Macau and the gaming industry is the enclave's largest employer.
In June 2022, all six gaming concessions were set to expire. While every casino operator is expected to receive a new tender, companies are doing everything in their power to increase their chances of maintaining gaming privileges in the richest casino market in the world.
Melco is not the only casino company to hold back from firing people, but it does try to reduce its mark-ups in months and years ahead.
Last month, Galaxy Entertainment - another Macao casino operator - introduced its own voluntary exit program for some employees. Galaxy offers station managers who waive the one-time payment MOP 380,000 (US $ 47,524).
Ho Well compensated
Melco Resorts reported a net loss of nearly $ 232 million in the first quarter of 2021. Despite the ongoing challenging operating conditions, Melco announced in April that its founder and CEO will be paid approximately $ 10 million.
Lawrence Ho, whom Forbes , Received 484,956 shares worth $ 20. 68 to receive a reward of just over 10 million $.
Melco's board of directors said distribution "is for motivating him and motivating him to continue growing the Melco Resorts Group. "