[Macau, September 6, 2017] As part of MGM’s collective pledge from MGM China Holdings Limited, MGM Resorts International and Ms. Pansy Ho to support the rebuilding of Macau in the aftermath of Typhoon Hato, MGM announces today it has initiated a SME Relief Program to help local businesses affected by the typhoon to get back on track and recover from the resulted damages.
Immediately after the typhoon, MGM recognized that its SME vendors have been adversely affected. As a first step, MGM conducted a survey to help assess impact on their businesses. The survey covered over 220 of MGM’s SME vendors, all under the categories of micro SMEs, young entrepreneurs and Made-in-Macau as they are most susceptible to losses brought by the typhoon.
MGM’s SME Committee then held a meeting to review the survey results and formulated the MGM SME Relief Program, which aims to provide continuous support and reduce operating pressure of those affected. During the meeting, individual members of the Committee also provided industry and sector updates on the impact of the typhoon and offered recommendations to maximize benefits for SMEs.
The program consists of comprehensive measures that addresses short, mid and long-term needs of SMEs. The initiative includes: expedited payment processing and upfront payment to alleviate cash flow needs, logistics support and assistance with minor to major damages.
Mr. Grant Bowie, Chief Executive Officer and Executive Director of MGM China Holdings Limited said, “Through our survey, we understand that over 60% of our SME vendors have suffered losses in this typhoon. The government has been quick to respond to our local SME’s immediate needs, and therefore, we will utilize our collective pledge as additional support since the rebuilding will take time. Through the SME Relief Program, we are able to provide immediate assistance to our vendors, and continue in assisting them in the long-run of a sustainable recovery.”
MGM is an abbreviation for MGM China Holdings Limited (HKEx: 2282) and is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/subconcessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and is developing a second resort, MGM COTAI which is expected to more than double our presence in Macau.
MGM MACAU is a Forbes Five-Star luxury integrated resort inspired by the arts with every element of the resort infused with creativity and style. MGM MACAU has approximately 600 guest rooms and suites and boasts a number of distinguishing features, including the architecturally stunning European-inspired Grande Praça, housed under a soaring glass ceiling. MGM MACAU’s world class facilities include the MGM Art Space, dedicating over 5,000 square feet to display authentic works of art, conference and event facilities, spa, and seven signature restaurants and bars to fulfill any gastronomic craving. Our property is conveniently located on prime waterfront on the Macau Peninsula and is directly connected to the luxury retail shopping complex, One Central.
MGM COTAI is the latest addition to the MGM portfolio in China. Designed as the “jewelry box” of Cotai, it plans to offer approximately 1,400 hotel rooms and suites, meeting space, high end spa, retail offerings and food and beverage outlets as well as the first international Mansion at MGM for the ultimate luxury experience. MGM COTAI will offer Asia’s first dynamic theater and a spectacle to wow every guest who steps foot in the resort. MGM COTAI is being developed to drive greater product diversification and bring more advanced and innovative forms of entertainment to Macau as it grows as a global tourist destination. MGM COTAI is the largest property and the first private sector project ever to achieve the China Green Building (Macau) Design Label Certification.
MGM China Holdings Limited is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage.
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