Gaming operator launches two financial assistance programs for SME vendors impacted by the Coronavirus crisis.
Macau.- MGM China will provide financial assistance to its SME vendors that have been impacted by the Coronavirus crisis.
MGM conducted a survey with over 600 SME vendors with business ties to the company to better understand the economic impact suffered during the virus outbreak.
As a result of the survey the gambling giant will introduce two assistance programs to support them: “Down Payment for Future Business” and “14-day Fast-track Payment”.
The “Down Payment for Future Business” initiative allows SME vendors to receive an advance down payment from MGM for future orders or services.
The “14-day Fast-track Payment” will pay them within 14 days upon receiving their products or services.
“Local SME vendors are our important business partners, and the latest financial assistance program is a testament to our confidence in them […] We wholeheartedly hope that we can help them alleviate financial burden and ride out the storm,” MGM Group CEO, Grant Bowie, said.
According to the Macau Economic Bureau (DSE), almost 2,500 SMEs have applied for financial support. Donations by the city’s six gaming concessionaires and sub-concessionaires, plus local junket operators, to assist containment efforts has reached more than MOP100 million (€11 million) .