This could lead to job losses. However, Lei warned that, despite all reassurances, no one will know what the impact is until after the SAR introduces its new gambling laws.<\/p>\n
SJM Holdings Executive Director Angela Leong On Kei stated that the casino operator would provide support for employees affected by the closing of satellite casinos. In addition, the company established Macau-led protocols to prepare for a change in employment structures.<\/p>\n
Concessionaires in Macau are in a good spot to weather liquidity concerns related to COVID-19 and border restrictions. A note from brokerage Bernstein on Friday, in which analysts Vitaly Umansky and Louis Li assess the individual liquidity position of each concessionaire, reflects a positive outlook.<\/p>\n
Operators have been able to have covenants waived into 2023 (and 2024 for MGM China) and there are no near-term debt maturities that raise concerns. If covenant waivers need to be extended, we expect banks to give such waivers. The ability to reduce cash expenses from current levels is limited, although operators could potentially cut further back on (CapEx) and some other minor costs<\/strong>,” said Bernstein analysts.<\/p><\/blockquote>\nThere was one exception. The analysts note that SJM Holdings has yet to confirm its long-awaited bank refinancing. However, it may only have enough cash to stay afloat for three months if it doesn’t bring in new revenue.<\/p>\n
This could essentially mean the closure of Macau’s casinos and borders. However, more realistic scenarios show a brighter picture.<\/p>\n","protected":false},"excerpt":{"rendered":"
Macau and its casinos continue to look for ways to free itself from the grasp of COVID-19. It’s not easy, and a drop in both employment and GDP from February to April are indicators of the struggle. The total employment for Macau during the period was 370,400, Macau Daily Times reports. Of that figure, 278,800 […]<\/p>\n","protected":false},"author":64,"featured_media":215354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62],"tags":[],"acf":[],"yoast_head":"\n
Macau Employment, GDP Dip, But Casino Operators Show Resiliency - Casino.org<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n