MGM Waives 15 days of Rent for Retail Tenants
Supporting Enterprises with Concrete Actions
Feb 7, 2020
With the woes of coronavirus epidemic in Macau, this has been a challenging time for the local economy. MGM announces to waive 15 days of basic rent for the period of February 5 to 19 for all MGM MACAU and MGM COTAI retail tenants, manifesting its determination to support their business with practical measures.
MGM’s retail tenants include leading local brands and small and medium enterprises (SMEs), thus waiving their rents is expected to help relieve their financial stress. “We adopt stringent measures to protect our guests and team members. At this difficult time, our thoughts are also with our retail tenants, especially the local SMEs. We hope that this rent relief can help alleviate their burdens, so that they can ride out the current hardship for a swift recovery.” said Mr. Grant Bowie, Chief Executive Officer and Executive Director of MGM China Holdings Limited.
Alan Wong, Managing Director of Choi Heong Yuen Bakery, one of the oldest and most famous bakeries in Macau and a retail tenant of MGM COTAI, said, “The epidemic deterred many tourists from coming to Macau, posing an adverse impact on our industry. We are truly grateful for MGM’s relief measure as MGM itself is also hitting by the adversity. This demonstrates MGM’s dedication to fulfilling its social responsibility, and that we are living through the difficulties hand in hand.”
MGM places high importance on the health and safety of its employees, guests and all Macau citizens, and fighting against the epidemic is its current topmost priority. As a responsible corporate citizen, MGM will continue to fight the epidemic by following the government’s direction in the spirit of solidarity and cooperation, and working together with the local community.
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 MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles 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 the Macau Peninsula and is directly connected to the luxury retail shopping complex, One Central.
MGM COTAI is the latest integrated resort of MGM in China. Designed as the “jewelry box” of Cotai, it offers approximately 1,400 hotel rooms and suites, Asia’s first dynamic theater, 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. The Spectacle at MGM COTAI becomes the record holder of the largest free-span gridshell glazed roof (self-supporting) on January 19, 2019, making it the first architectural and structural GUINNESS WORLD RECORDS™ title for Macau, China. 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 mega-size complex project in Macau to achieve the China Green Building Design Label Three-Star 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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