MGM China has announced new relief measures designed to shore up small businesses in Macau reeling from the economic impact of the coronavirus outbreak.
The new measures, dubbed the “first-of-their-kind” by the casino operator, are designed to aid the cash flow of small and medium-sized enterprises in Macau. They include initiatives titled “Down Payment for Future Business” and “14-day Fast-track Payment”.
The “Down Payment for Future Business” initiative is aimed at helping selected local SME vendors that are facing financial stress amid the economic slowdown. According to MGM, eligible vendors will receive an advance down payment from MGM for future orders or services.
Furthermore, all of the company’s local SME vendors will benefit from “14-day Fast-track Payment”, whereby MGM will pay them within 14 days upon receiving their deliverables.
In a statement issued yesterday, MGM said it hopes that these measures will increase the cash flow of SMEs, helping them to sustain their business while the economic conditions remain subdued. According to the statement, the measures come after MGM China conducted a survey with over 600 local SMEs that enjoy a long-term partnership with the casino operator.
The new announcements build upon earlier relief measures announced by MGM. The company was the first integrated resort operator to announce a 15-day rent-free period for all retail tenants, followed by an extension of rent-free period for tenants in need. The company also launched the “MGM SME Anti-Epidemic Support” program to help clean the shops, offices, warehouses and even business vehicles of 120 local SMEs over the next two months, assisting them to maintain a high standard of hygiene necessary to prevent a further outbreak of the virus in Macau.
Grant Bowie, CEO and executive director at MGM China, said that the casino operator regards SME venders as “important business partners,” adding that “the latest financial assistance program is a testament to our confidence in them.”
“We also strongly believe that under the leadership of the Macau SAR Government, the economy will recover after the epidemic and SMEs will stand a better chance of achieving sustainable development,” said Bowie, as cited in the company statement. “MGM goes all out to offer our local SME vendors a quick relief from the hardship, including rolling out this game-changing financial assistance program to help them keep their business afloat. We wholeheartedly hope that we can help them alleviate financial burden and ride out the storm.” DB
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