Summary
The Macau government has announced that concessionaires must fully absorb all employees from currently operating satellite casinos, which will cease operations by the end of 2025. Secretary for Economy and Finance, Tai Kin Ip, emphasised the immediate need for concessionaires—SJM, Galaxy, and Melco—to integrate approximately 5,600 local employees into their workforce as these casinos wind up operations. The decision aims to mitigate the fallout from the closure, particularly for those employed at these establishments.
Furthermore, Tai outlined the potential impact on local businesses, noting that around 320 related businesses might be affected, especially pawnshops and retail stores in the vicinity of the satellite casinos. However, he reassured that any financial repercussions related to loans taken by these casinos would not significantly impact the banking sector or Macau’s economy overall.
Key Points
- All employees from satellite casinos operating under concessions must be fully absorbed by their concessionaire employers.
- Approximately 5,600 local employees will be affected by this measure and need to transition by the end of 2025.
- The three major concessionaires involved are SJM, Galaxy, and Melco, which are closing their satellite operations.
- About 320 local businesses could see direct effects from the closure, particularly in sectors like pawnshops and tobacco retailing.
- The financial implications for banks due to loans to satellite casinos are minimal, amounting to less than 1% of total loans in the sector.
Why should I read this?
If you’re invested in Macau’s gaming industry, or just curious about the local economy, this article is a must-read! It spills the tea on the future of jobs and businesses tied to satellite casinos as the government steps in. The impacts of these changes could resonate through the economy, so keeping your finger on the pulse here might just save you from missing out on key developments!
