Casino Economy In Macau, A Black Year In 2020
2020 had been a rough year for almost all industries all due to the Corona Pandemic. While online casinos (situs judi online) thrive in the midst of crisis, traditional casinos all over the world have experienced a great decline. Casinos in Macaus wasn’t an exemption. The industry, however, is looking forward to a better year in 2021 as vaccinations are already introduced to combat the spread of the virus. While vaccinations are not a 100% guarantee that the overall global economy will become better, it is still something to look forward to.
Casino Economy In Macau
The casino economy in Macau experienced a black year 2020 due to the corona. Macau’s statistics and residents’ office published the latest figures on Friday, according to which the gaming sector employed a total of 76,300 people in the fourth quarter of 2020. Compared to the same period last year, this corresponds to a decrease of 11,200 jobs, according to the authority.
Although the office did not provide any information on the areas in which the reduction mainly occurred, industry experts in Asia’s gambling metropolis believe that the savings measures spanned the entire casino sector.
A lot of casino jobs in Macau were lost in the year 2020. Gambling events also fell considerably considering those junket providers who organize these events also declined. In January of 2020, there were 95 VIP providers however it fell to 85 by the end of the year and it continues to follow a downward trend.
Decisive for the reduction is sales declines of up to 94% in a few months of 2020. As a result of this development, the number of all exempt employees in Macau in 2020 jumped from 3,200 to 21,400. The data from the statistics agency shows that over 50% of this is in the gambling sector.
Prime Minister: Continue to support those affected
To counter the financial burdens for those affected, Macau’s Prime Minister Ho Iat Seng called on the city’s six licensed casino operators a year ago to “live up to their social responsibility”. As a result, large gambling companies such as Sands and MGM had declared that they would give their employees financial support. One of the benefits was that many employees were not laid off, but were offered a mix of paid and unpaid leave.
The openly shown dedication of casino firms is not an accident at all. The operators’ current licenses will end in June this year, 2021. So as to avoid issues with government agencies responsible for approving new permits, casino firms should seek to adhere to the government’s criteria as thoroughly as it can be.
However, Macau’s Minister of Economic and Financial Affairs also reported hopeful news late last week. Accordingly, the number of underemployed people fell slightly in the fourth quarter.
