MGM Introduces Financial Assistance Program for Local SME Vendors
Advance Down Payment and Fast-track Payment to Ease Financial Stress
Mar 2, 2020
MGM assists local SME vendors to ease financial burden after understanding how the epidemic has impacted on their operation.
A number of enterprises, particularly SMEs, are facing financial difficulties arising from the outbreak of coronavirus epidemic. With a view to providing more support to its local SME vendors, MGM is introducing new relief measures after conducting a survey with over 600 local SMEs, with whom we have built long-term partnership, to understand their needs. As an addition to the “MGM SME Anti-Epidemic Support” program, the newly launched measures include “Down Payment for Future Business” and “14-day Fast-track Payment”, the first-of-its-kind assistance offered by an integrated resort in Macau.
The “Down Payment for Future Business” initiative is aimed at helping selected local SME vendors which are facing financial stress amid the economic slowdown. Eligible vendors will receive an advance down payment from MGM for future orders or services. Furthermore, all of the Company’s local SME vendors will benefit from “14-day Fast-track Payment”, under which MGM will pay them within 14 days upon receiving their deliverables. The Company hopes that these measures will increase the SMEs’ cash flow, helping them rise to the challenges ahead so that they will be able to recover when the economic condition improves.
Mr. Grant Bowie, Chief Executive Officer and Executive Director of MGM China Holdings Limited, said, “Local SME vendors are our important business partners, and the latest financial assistance program is a testament to our confidence in them. We also strongly believe that under the leadership of the Macau SAR Government, the economy will recover after the epidemic and SMEs will stand a better chance of achieving sustainable development. MGM goes all out to offer our local SME vendors a quick relief from the hardship, including rolling out this game-changing financial assistance program to help them keep their business afloat. We wholeheartedly hope that we can help them alleviate financial burden and ride out the storm.”
Mr. Michael Fong, Managing Director of Unique Network Printing Factory Ltd. which has been a vendor of MGM for nearly 10 years, said: “The demand for printing service from different industries has decreased significantly after the outbreak of the epidemic, resulting in a sharp drop in our turnover. As our long-time business partner, MGM introduces this special assistance program under adverse market conditions to increase our liquidity. The measure has boosted our confidence to overcome the epidemic.”
Mr. Martin Yeung of Chon Wa Catering Equipment Supply Company Limited is also grateful for the assistance, “We profusely thank MGM for continuously caring for local SMEs. Last week MGM arranged workers to meticulously clean every corner of our shop and office, and the Company provides us with financial support shortly after a week. We are deeply impressed by the generosity.”
MGM continues to increase its support to local SMEs since the outbreak of the epidemic. It became the first integrated resort to announce a 15-day rent-free period for all retail tenants. This was followed by an extension of rent-free period for tenants in need. The Company also launched the “MGM SME Anti-Epidemic Support” program to help clean the shops, offices, warehouses and even business vehicles of 120 local SMEs over the next two months, assisting them to maintain a high standard of hygiene to restore the confidence of customers and employees. MGM will continue to provide local SMEs with timely and appropriate assistance whenever necessary.
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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