On Monday, Paradise Entertainment Group announced a new share award system designed for its staff. The casino, which is situated in Macau decided to tow this path in order to move the company to a higher level.
Knowing fully well they need the support of their staff, the company decided to reward its workforce in order to achieve significant success.
The well-applauded plan was announced immediately after the company released Q3 results for 2019. Paradise Entertainment group reported a 9.5% fall in their total gaming revenue gotten from operations in Q3 of 2019.
The total decreased to HK$443.5 million. This also includes a 26.5% fall in the gaming table revenue at Casino Kam Pek Paradise.
Even though the number of tables working efficiently at the Kam Pek Casino is still constant during this period, the net win for each table, everyday total fell from HK$56,800 to HK$41,800 (i.e. $7,260 to $5,340).
This fall had a significant impact on the company’s books even though there was a slight rise in the GGR from LMG terminals (Live Multigame). It was an increase of HK$141,400,000 ($18.100, 000).
Although the news must have been disappointing, The Casino Waldo experienced a modest rise of about 4.6 percent in GGR to HK$39,800,000 ($5,100,000).
This rise can be attributed to an increase in LMG terminal revenue. The revenue rose to HK$38,300,000 ($4,900,000). Gaming revenue remained constant at HK$99,200,000 ($12,700,000). On the other hand, the revenue for slot machines increased by HK$2,300,000 ($290,000).
In spite of the fall in revenues, the management at Paradise believed that by awarding their staff in the form of shares, the company’s fortunes will change. They hope to keep most of their staff who have been contributing in one way or the other to the expansion and development of the company.
These shares will make the staff feel like they’re part of the company and would work hard to ensure the success of the company. Everybody, from the high echelon of directors down to the lowly employees are eligible for the program.
Everyone would receive their shares based on performance and longevity. For those who wish to purchase more shares, they are also allowed to do so.
The number of shares on offer will not be more than 10 percent of the company’s total share capital. This program is expected to last for about 10 years. The maximum stake any staff can have at a time is limited to 1 percent
This event was as a result of the proposed buyback plans by Paradise entertainment in May. The company planned to buy back shares from several shareholders and offer it as an incentive to their current staff. So far, there have been no details provided by the company. But from the look of things, it seems they’ve been able to achieve their goal.
Paradise is also planning to add robot dealers to its Waldo Casino. This is because of the law by the government that the company can only hire locals to be part of their task force. Because of this, they have had issues in meeting their manpower needs, and this has severely affected their operations.