Good Morning. Despite receiving strong support from Macau’s operators, the city’s SMEs are struggling with the pandemic, with many expected to shut up shop. High rents, coupled with low visitation and now rising prices due to the supply chain disruptions in China are all taking their toll. In today’s Deep Dive we take a look at the problems facing the SMEs and what the government could do to help.
What you need to know
- Okada Manila’s listing on the NASDAQ has been delayed by three months following the forcible takeover of the property by Japanese billionaire Kazuo Okada on May 31st.
- Sands China said that a lawsuit filed against its president and executive director, Wong Ying Wai, will have no material adverse impact on the group or its financial position.
- Blackstone Group won regulatory approval from Western Australia and has one final step before completing its Crown Resorts takeover.
On the radar
- Macau labor association fears massive job losses after license awards.
- Macau to cut mandatory quarantine to 10 days from June 15th.
Concern is mounting in Macau over the outsized impact the ongoing Covid crisis is having on the city’s small and medium enterprises, with at least 10 percent saying they expect to shut up shop for good in the coming months. The government, which is strongly focused on maintaining local employment, has adopted several schemes to help the sector, including interest-free loans. It’s also rolling out another round of consumption vouchers to stimulate spending in the local economy, with total handouts worth MOP5.9 billion ($730.6 million). But recent statistics indicate that it may not have been enough.
- EBET announces $3.5m at-the-market private placement.
- AGA welcomes Presidental lift of indounds’ covid test.
- Soft2Bet shares video highlights at ICE London 2022.