Even though Macau-based casino-operating companies recorded a massive 80% drop in gross gaming revenues for March, they will not get financial support, at least not yet. As reported by several news outlets, the casino operators responsible for thirty-nine casino facilities in Macau are excluded from a $1.7 billion-worth economic stimulus program which was crafted by the government with the main goal to help struggling business and companies during these difficult times with the coronavirus pandemic ravaging across the globe
According to one report released by Inside Asian Gaming, the former Portuguese enclave’s government just recently declares that the new economic stimulus program has been carefully crafted to help companies as well as Macau residents with sustaining employment in the area as well as with stimulating local demands following the global financial downturn directly caused by the coronavirus pandemic.
As estimated on the 14th of April, there are more than 1.9 million cases of COVID-19 infections around the world while COVID-19 resulted in more than 119,000 deaths globally. At the same time, more than 453,000 infected individuals have recovered. The fatality rate was set at four percent in China, while it varies significantly across countries. The coronavirus pandemic had led to worldwide socioeconomic disruptions and it has affected every single industry in the world including the land-based casino industry.
Economic Stimulus Program Aimed at Small to Medium-Sized Companies
It was also reported by Inside Asian Gaming that the newly-designed economic stimulus program by the government of Macau is aimed to help small to medium-sized business ventures and companies. As estimated, the economic stimulus program is worth around $1.2 in addition to $450 million included as electric vouchers to help local residents. Each of these electric coupons for local residents is set to be valued at $626 and residents will be able to use it to purchase a variety of services and products excluding things such as telephone bills and utility.
Before this economic stimulus program emerged, residents of Macau received very similar electronic vouchers worth around $375 individually back in February as Macau struggled greatly with its coronavirus outbreak which eventually led to all Macau thirty-nine casinos to shut down their operations for a fifteen-day period which was extended later on.
Back to the latest economic stimulus plan, it will also see around 260,000 locals Macau employees gifted with a valuable cash subsidy of between $1,878 and $25,000. This support will be available for every one of Macau’s 40,000 small and medium-sized companies and business ventures. At the same time, Macau casino operators are not included in this new economic stimulus program.
Macau Finance and Economy Secretary Reacting to Criticism
Macau’s Finance and Economy Secretary Lei Wai Nong reacted to great criticism concerning that the brand-new economic stimulus program excludes Macau casino operators. Lei Wai Nong said that the Macau government is extremely appreciative of casino operators in the area for not laying off their employees and for sustaining their lives.
Nonetheless, he also added that Macau casino operators had accumulated great profits over the years and in the past months which gives them the ability to sustain employment and maintain operational once the coronavirus crisis passes. He concluded this official press release by saying that Macau’s government is and will be tilted in favor of small and medium-sized businesses, Macau residents and employees and he hopes that Macau casino operators understand their standing.