Galaxy places golden handshake on the table

Macau casino operator Galaxy Entertainment (0027) has launched a new voluntary resignation scheme for employees, its second in as many years.

The offer this time will include all dealers, who will be given compensation of 270,000 patacas (HK$262,135).

The amount to be paid under the one-off compensation scheme will be based on the position of employees who resign voluntarily, Macau media said.

Directors will be eligible for a payout of 380,000 patacas while regional managers will get 520,000 patacas, regardless of their age, the report said.

Applications open from tomorrow to the 21st of this month, and can be submitted online, the reports added.

Last April, Galaxy said it was offering pit managers and supervisors compensation packages of up to 13 months' wages if they resigned voluntarily in a bid to reduce staff amid the Covid pandemic.

But the latest scheme includes dealers and is expected to draw more participants as the amount is relatively attractive for dealers.

Industry insiders said older employees who wish to retire can have a larger amount of money while young workers who want to start their own business can also benefit from the offer, the reports added.

Galaxy Entertainment was the only gainer among the six major Macau casino operators yesterday with its share edging up 0.86 percent to HK$40.9.

The gaming industry has been heavily hit by the pandemic as the travel restrictions stop mainland visitors, which contributes most of its revenues, from entering the special administrative region.

Gaming companies have launched various measures including voluntary unpaid leave programs to reduce expenses and overstaffing over the past two years, but the emergence of the Omicron variant of the coronavirus has made the road of recovery even longer.

The Macau government previously expected income from the gaming revenue this year to be 49.76 billion patacas, or only 17 percent of the pre-pandemic level of 292.45 billion patacas in 2019.