Sands China improves staff packages, Galaxy details share options

    Sands China is improving incentives for employees, while Galaxy Entertainment has detailed plans for a share option scheme amidst the tightening labour market in Macau.
    Sands said effective Aug. 1, qualified dealers will be promoted to pit supervisors and all level one pit managers will receive promotions.
    Sands said the decision had been taken following 148 communication sessions and 58 focus group sessions attended by 2,100 team members. Sands China has a total staff of 28,000.
    “Considering the large size of its workforce, the company must ensure that each phase of its team member plan is launched with careful consideration, taking into account the ever-changing business environment, the company’s competitiveness in the business, and ensuring sustainable workforce measures,” Sands China said in a statement.
    The tight labour supply in Macau, where unemployment is virtually non-existent and the government maintains strict controls on the import of foreign labour, is seen as one of the major concerns facing casino operators. The risk is likely to rise as new multi-billion dollar resorts being built on Cotai begin to come on line next year, further increasing competition for staff.
    Sands says in the first half of this year it has launched several programs, such as earlier-than-usual January pay, the payment of a bonus in February to all full-time employees, and a company-wide salary increase in March. It also announced a special award of one-month’s additional salary for all manager grade and below team members in July, to be paid annually through 2017.
    Announcing its Q2 results, LVS said adjusted property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis, and adjusted EPS would have been $0.03 higher were it not for the 14th month bonus accrual.
    Galaxy Entertainment meanwhile said in a Hong Kong Stock Exchange filing it has granted 1,568,000 share options at an exercise price of HK$62.75. Of the total, 132,000 share options were granted executive director, Chee Ying Keung, Joseph.