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Macau casino open for players

Posted on by Admin

01-10-2020 |  

Macau is making every effort to revive the post-Covid economy

Macau began to bustle again as more residents with vouchers from the government began shopping and major casinos in the city were waiting for the return of gamblers.

To boost the economy's rapid recovery, the region will release 2.2 billion patasin (about $275 million) as shopping vouchers for people, each of which is about 8,000 patasin (about US$1,014).

The relief package is divided into two batches, the first from May to July is 3,000 patasin and the second from August to December is 5,000 patasin.

Longtime residents will receive a voucher worth 3,000 patasin, which lasts for three months and can only spend 300 patasin per purchase.

This voucher is used for food and beverage needs, daily living, household goods purchase and is only available in Macau. The move will help businesses survive.

Macau casino open for players

The Macau government is actively stimulating consumer demand, as well as restoring casinos.

According to government figures, retail sales fell 45 percent in the first quarter to $1.41 billion, while total revenue from casinos fell 93.2 percent to $1.76 billion in May.

To increase sales, in addition to support from the government, casinos also introduce other promotions, such as discounts at restaurants and free parking for up to 5 hours at their center.

Compared to Hong Kong, Macau casino providers are also willing to lower rents for tenants who can offer new experiences to shoppers. That's because their primary income creator is from gambling instead of mall rentals.

Galaxy Macau (MGM), a key unit of Galaxy Entertainment Group, had revenue of HONG$151 million from its shopping center in the first quarter. This is only 4.3% of Hong Kong's $3.52 billion.

MGM in late February offered to extend rent waivers for retail tenants to help them through the crisis.

According to CafeLand

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