Macau gaming operator MGM has announced further measures to assist small- and medium-sized enterprises (SMEs) in coping with the adverse impact of the COVID-19 epidemic.
“With a view of providing more support to its local SME vendors, MGM is introducing new relief measures after conducting a survey with over 600 local SMEs, with whom we have built long-term partnerships, to understand their needs”, MGM said in a statement sent to the Macau Post Daily on Monday.
In addition to the ‘MGM SME Anti-Epidemic Support’ programme, the newly launched measures comprise “Down Payment for Future Business” and “14-Day Fast-Track Payment,” the statement said, which described both as “the first-of-its-kind assistance” offered by an integrated casino-hotel resort in Macau.
MGM said it hoped “that these measures will increase the SMEs’ cash flow, helping them rise to the challenges ahead so that they will be able to recover when the economic condition improves.”
The statement quoted MGM China Holdings Limited CEO-cum-Executive Director Grant Bowie as saying that “MGM goes all out to offer our local SME vendors a quick relief from the hardship, including rolling out this game-changing financial assistance programme to help them keep their business afloat.”
According to the statement, MGM “became the first integrated resort to announce a 15-day rent-free period for all retail tenants.”
Macau’s casinos were closed by government order for 15 days until February 20 to stem the spread of the novel coronavirus.
MGM runs two of Macau’s 41 casinos owned by six rival operators, one in Nape and the other in Cotai.