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Melco employees set for a pension boost

Mon, May 13, 11:50am by Staff Writer

Melco Resorts and Entertainment is supporting Macau’s non-obligatory pension plan that is designed to give employees better benefits in their old age and to offset any possible reductions in the government’s social security program.

Calvin Ayre reports that Melco is following the lead taken by Wynn among others, who announced the same move just weeks ago.

The “non mandatory central provident fund system” was created in January 2018 and Macau has stressed that businesses are not required to participate.

The city hasn’t hidden the fact that it would be in casino’s best interests to join the program though, especially when it came time to consider things such as concession renewals.

Melco will join the program in July.

All new employees from July 1 will have the option of enrolling in the program, while existing eomployees that are in one of the company’s only pension plans can opt to switch or keep going with their current enrolments.

Melco’s boss Lawrence Ho explained in a press release that, “our colleagues are integral to the company’s achievements, and we are pleased to support the Macau SAR Government’s Non-Mandatory Central Provident Fund for our Macau resident employees.”

Those employees enrolled in the plan have to contribute at least five per cent of their basic salaries each month to the fund and employers are required to match it.

Mohegan joining the fold in South Korea

South Korea’s casino market is set for a shake up, with Mohegan Gaming and Entertainment President and CEO Mario Kontomerkos announcing the tribal casino provider has secured everything it needs for its upcoming Inspire project in South Korea.

GGR Asia reports that Mohegan expects the resort to be ready to open in 2021, with a second phase due in 2022.

“We have begun to mobilise construction at our development site in Incheon, South Korea, having completed our negotiations with our general contractor and following the receipt of all necessary construction permits and approvals,” the CEO said.

The resort will be located near Incheon International Airport, the main hub of the country and not far from the capital city Seoul.

The operator has also announced a deal with Live Nation, an events and venue operator, as well as a partnership with Paramount Studios for a theme park.

Inspire will be another foreigner-only casino, as most of the casinos in South Korea are.

Mohegan Gaming swung to a net loss in the second fiscal quarter ending March 31.

The loss was just under US$12.4 million, compared to a profit of US$28.6 million in the prior year period.

The group said income from its existing US operations fell 60.4 per cent to US$22.2 million versus US$56.1 million in the prior year period.

The group has also previously expressed interest in acquiring a gaming licence for a regional location in Japan.

A maximum of three licences are to be issued by Japan in the first phase of casino liberalisation.

Mohegan’s Inspire scheme will need to draw its casino customers from countries neighbour South Korea, as only one gaming venue in the country is allowed to offer gambling to locals.

It will compete with the likes of Paradise Co, who have enjoyed tremendous recent success.

Caesars Entertainment is set to get in the act as well, with a $700 million plan for South Korea.

Chief financial officer Eric Hession said, “we have to secure financing [for the South Korea project]. We have to get agreements and have the project come on budget, and so there’s always risk associated with any project of that type.”

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