11/13/2023 0 Comments Largest casino in the world 2019Instead, some operators have chosen not to renew contracts, or offered unpaid leave or share bonuses instead of giving full salaries.Ĭloee Chan, a labour group activist in Macau, said the lack of gamblers, coupled with the closure of VIP parlours and some casinos, posed a major challenge to the local labour market. Macau's government has urged casinos, which employ tens of thousands of local people, not to fire workers. In an April report, the International Monetary Fund (IMF) warned that it would take several years for Macau's economy to return to its pre-pandemic level, with the sharp contraction in activity exposing the city's vulnerability. The Macau Economic Association said the local business climate index will remain "poor" for the coming three months. The unemployment rate for local residents has risen to 4.5%, according to the latest government figures, up from 1.8% in 2019.Ĭiting a tough business environment and gloomy outlook for the high-end gaming segment, the Emperor Entertainment Hotel said in April it would close its casino from June 26.Īt least seven other casinos are due to stop operations by mid-year, local media reported. Cost-cutting and mounting economic losses are evident throughout the tiny territory, home to more than 600,000 people, extending to sectors including retail, industrial and commercial services.
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