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Purpose-This paper sets out to examine the relationship between work performance and job satisfaction in Macao's casino hotels and to attempt to determine how job satisfaction may be enhanced to improve work performance. Design/methodology/approach-A survey was conducted among Macao casino hotels' employees to collect data on work performance and job satisfaction. Coefficients of correlations were computed to determine the relationship between the two. Job satisfaction drivers were identified through backward stepwise regression analysis. Findings-Mediocre interpersonal skills are the major weakness of the labor force and job satisfaction is significantly correlated with job performance. Training opportunities, salaries and benefits, and support from colleagues and superiors are significant drivers of job satisfaction. Research limitations/implications-The paper used convenience sampling and the survey was not exhaustive to include all possible job satisfaction drivers. Also, social desirability bias may exist in the employee survey. Future research should use probability sampling, if possible, and include more potential job satisfaction variables to find out how employee job satisfaction may be maximized. Furthermore, a study based on customer survey is desired for examining Macao casino workforce performance. While the findings are applicable to Macao casino hotels, they do provide evidence from the gaming industry to support the theory on job satisfaction drivers. The findings may also carry important implications for gaming jurisdictions with low incomes such as those in East Europe and Southeast Asia. Practical implications-The study provides an assessment of the Macao casino hotel workers' performance and job satisfaction and offers useful insights on how work performance and job satisfaction may be improved. On-the-job training is proposed for the industry to boost job satisfaction and work performance. Originality/value-Labor force performance has been a concern for the Macao gaming industry but has been thinly researched. The paper identifies problems in work performance as related to job satisfaction and proposes solutions. The identified solutions should help improve job satisfaction and workforce performance for Macao casino hotels.

This study examines the risk features of hotel real estate investment trust (REIT) firms. In particular, it investigates the systematic and unsystematic risk of hotel REIT stocks and the determinants of their systematic risk, or beta. Using the financial data of 19 U.S. hotel REIT firms from 1993 through 1999, the authors found that 84% of the firms'total risk was contributed by firm-specific, unsystematic risk. Systematic risk correlated positively with debt leverage and growth but negatively with firm size. These findings suggest that growth via mergers and acquisitions and less reliance on debt financing may help lower systematic risk and enhance hotel REITs'value.

A managerial compensation structure based on the pay-for-performance principle has been proposed as a better solution to the agency problem. Within the agency-theory framework, this study examined the determinants of cash compensation for chief executive officers (CEOs) of restaurant firms. After examining the financial data for 73 U.S. restaurant firms for 2002, the study found that restaurant CEO cash compensation was positively correlated with firm size and operating efficiency. Growth, debt leverage, profitability, and stock performance played no role in determining compensation. Large restaurant firms efficiently using assets tended to offer high cash compensation to their CEOs. Our findings have revealed that pay-for-performance was only partially practiced in the restaurant industry. To minimize the agency problem and enhance firm value, the industry should further tie CEO compensation to profitability and stock performance.