Why Macao's casinos support an unprecedented shutdown: Their futures could depend on it
The A-Ma Temple is ordinarily the first stop in the morning for buses filled with Chinese tourists, who flock to the 500-year-old site to light incense and pray for good fortune before hitting the casinos.
Gambling is so lucrative in the tiny jurisdiction — almost equal in size to Glendale and Burbank combined — that the government has given money away to residents since 2008. The so-called Wealth Partaking Scheme reached a record $1,250 last year.“This is a historical moment because this is the first time the entire casino industry has closed its doors for more than 24 hours,” said Carlos Lobo, a local attorney who previously worked for the Macao Gaming Commission. “We don’t know what’s coming.
Jockeying has already begun. The city’s six license holders, including the three American subsidiaries, Sands China, Wynn Macau and MGM China have enthusiastically supported the government’s efforts to contain the virus. They’ve each pledged millions to combat the epidemic and continue to pay employees during the casino shutdown.
The special arrangement, which was first introduced in Hong Kong in 1997 and then Macao two years later when Portugal relinquished authority, ensures the city of 600,000 maintains some autonomy from China such as separate legal and financial systems. Sands and Wynn declined to comment. The Macao government and MGM did not respond to requests for comment.
The effort appears to be working. The share of Macao’s gambling revenue derived from high rollers has dropped from about three-quarters several years ago to less than half today, Coskun said. Across the street at the Galaxy Macau complex, hotels used to having nearly full occupancies such as the JW Marriott doted on the handful of remaining guests. The desolate 1,000-room property, which shuttered all but one of its dining areas, had the eerie feel of a luxury Overlook Hotel.
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